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Jason Ewas, senior policy manager, Commonwealth

New policy guidance from the Consumer Finance Protection Bureau (CFPB) opens the door for employers to automatically enroll their workers in short-term emergency savings accounts, also known as Autosave. This guidance clarifies what was previously a major barrier to allowing this type of automatic enrollment, and may allow employers to expand their role in addressing the financial security of their workforce.

For employers, this is an opportunity to make enrollment in a savings program as automatic as 401(k) enrollment is; that is, a certain percentage of the employee’s check is deposited into a savings account by default, with certain conditions, and the employee needs to take action to opt out.

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Emily Payne

Emily Payne is managing editor at BenefitsPRO. A Wisconsin native, she spent the past eight years writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.

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