Alerus Makes Emergency Savings Accounts Available for Retirement Plan Participants
MINNEAPOLIS (Aug. 11, 2022) – As part of its commitment to provide plan sponsors and their trusted advisors with the tools and resources necessary to achieve holistic financial wellbeing, Alerus Retirement and Benefits is pleased to offer the availability of its Emergency Savings account product to retirement plan participants.
Alerus Emergency Savings accounts provide a simple and convenient way for individuals to build a liquid asset for unplanned expenses. With just a few clicks, participants can open an account online and establish regular direct deposits via employer payroll deductions. Accounts are available at no cost to participants. Interest is paid monthly, and regular deposits earn additional interest rewards. Account balances are FDIC insured through Alerus’ banking division.
“Staying prepared for financial emergencies is an essential component of financial wellness,” said Mark Alley, national market president at Alerus. “A general rule of thumb is to have at least three months’ of income saved for those unexpected expenses, yet research has shown more than half of us would struggle to come up with an extra $500 if the need arose. By providing retirement plan participants a seamless way to set money aside through payroll deductions, just like they do for retirement plans, they can build emergency savings at their own pace, preserve their retirement savings, and easily access funds when they need them. Saving for the short term can improve their long-term financial health, benefiting both the employee and their employer.”
Alerus (Alerus Financial, N.A.) is a diversified financial services company that provides innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments — banking, retirement and benefit services, wealth management, and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology.
Alerus has banking, mortgage, and wealth management offices in Grand Forks and Fargo, North Dakota, the Minneapolis-St. Paul, Minnesota metropolitan area, and Phoenix, Scottsdale, and Mesa Arizona. Alerus Retirement and Benefits plan administration hubs are located in Minnesota, Michigan, and Colorado.