Can employees choose a different option from goal-based investing?

Yes. Employees are always in control of and responsible for making their investment selections, and they can make changes at any time by logging into their Vestwell account. Employees will have access to our goal-based investing feature (also known as managed accounts), which gives participants more insights through our proprietary technology to help them maximize the likelihood of achieving their savings goals.

What is the Emergency Savings Account (ESA) Vestwell is offering as part of this transition?

The Emergency Savings Account (ESA) is a separate savings account designed for unexpected expenses, available directly within employees’ Vestwell retirement portal. It lets employees set aside money for emergencies without tapping into their long-term retirement savings or turning to costly debt. Once your plan transitions to Vestwell, eligible employees will be able to activate and fund the ESA from a linked bank account, view it alongside their retirement savings, and withdraw funds quickly when needed. There is no additional cost to you as the employer for this built-in ESA feature.

Is there a cost to employers or employees for the built-in ESA, and how do withdrawals work?

There is no additional cost to employers for the built-in ESA and no ongoing account fees for employees. Employees set their own contribution amounts (subject to a small minimum per deposit) and can withdraw money for emergencies without penalties, as long as there are sufficient funds in the account. Withdrawals are generally available as fast as the next business day, helping employees handle unexpected expenses while keeping their retirement savings focused on long-term goals.