We Partner With Recordkeepers
Commonwealth’s work with employers to build and scale financial security and wealth building solutions often centers on the companies’ existing platforms and infrastructure. For traditional employees, we partner with retirement plan recordkeepers and other infrastructure providers. Retirement plan recordkeepers play a critical role in ensuring widespread implementation and adoption of emergency savings and other tools and innovations advancing financial security for millions of low- to moderate-income (LMI) workers.
In 2019, 41% of households headed by a person aged 35 to 64 were projected to run out of money during retirement.”
EBRI
With 36% of Americans unable to manage a $400 emergency using savings—and lower-income households, particularly Black and women-led households disproportionately affected—the issue of emergency savings and financial insecurity is an urgent one for much of America. Employers and retirement recordkeepers can play a pivotal role in improving the financial security of U.S. workers through initiatives that enable short-term, liquid savings as well as other programs.
The chronic stress associated with worrying about short-term finances is disruptive for employees, resulting in lower productivity at work, which costs companies up to $250 billion per year. Those employees who have retirement savings often use them as de facto emergency funds, further disrupting their long-term financial goals.
Addressing the issue of short-term savings and other financial insecurity challenges has benefits not only for workers, but for employers and recordkeepers alike. Employers and recordkeepers who partner to provide accessible savings vehicles for employees can increase employee engagement, strengthen existing benefits programs, increase employee savings rates, and reduce early retirement withdrawals.
Forward-looking recordkeepers partnering with Commonwealth are playing a pivotal role in employee financial security in the workplace–designing and scaling innovations to enable their plan sponsors and participants to improve financial security. We collaborate with recordkeepers, retirement associations, and others to provide research-backed insights and innovations that address the unique needs of employers and their workers living on low-to-moderate incomes to strengthen overall financial security.
Through initiatives such as our partnerships with BlackRock’s Emergency Savings Initiative, we engage in cross-sector collaborations with employers and retirement recordkeepers, payroll providers, and other workplace solutions firms to provide access to tools and resources.
Partner with us
Our partnerships enable retirement recordkeepers to deliver both short- and long-term financial security innovations and benefits to their plan sponsors and participants.
Be part of changing the financial landscape for your plan sponsors and participants. Contact us or sign up for our newsletter to learn more about how we partner to advance financial security and your organizational success.
How We Collaborate With Partners
- Partner on research-backed innovation testing and pilot programs;
- Conduct original quantitative and qualitative research of your workers and/or customers;
- Advise on financial security best practices to leverage our research and insights;
- Amplify our partnership, learnings and results through media campaigns
- Develop scaling strategies to extend the reach of solutions; and
- Join us in conversation as a speaker, panelist or participant in Commonwealth-sponsored events.