A Case Study in Workplace
Emergency Savings

How UPS and Voya Designed a Solution Resulting in $10 Million in Savings

Categories: Emergency SavingsEmployer BenefitsWorkplace

Providing an emergency savings option through the workplace is key to improving financial security and ultimately building wealth for low- to moderate-income (LMI) workers. Emergency savings can provide an essential buffer for employees, resulting in a softer financial landing during an unexpected, near-term emergency expense. It can also help mitigate financial insecurity that fosters chronic stress among workers, which costs $250 billion a year in reduced productivity.

Employers (plan sponsors) and recordkeepers are uniquely positioned to provide quality emergency savings products to employees (plan participants). UPS recognized this opportunity to improve its employees’ financial security as part of its commitment to a strong and productive workforce. Through BlackRock’s Emergency Savings Initiative, Commonwealth, UPS, and Voya collaborated to develop an emergency savings program for UPS’ nearly 100,000 non-union employees. We chose the after-tax option of UPS’ 401(k) Plan, administered by Voya, as the high-quality emergency savings solution.

Read the case study to learn more about the solution and impact on UPS employees.