A: Yes, after completing the enrollment form, the initial employee onboarding process is simple and easy. New hires during the plan year need only enroll by clicking on a link that will allow them to sign-up on the 401(play) platform.
A: The cost of a 401(play) Plan depends on the size of your organization. Please contact 401(play) for pricing.
A: No, direct deposits will cease after their final paycheck. Their online profile, as well as their 401(play) Prepaid Mastercard®, will stay active. It will be up to the departing employee to link their 401(play)™ account with a new employer.
A: No. A 401(play)™ plan is completely independent of any other plan that your company offers.
A: The Vacation Funding Accounts that contain the funds saved under the 401(play)™ plan are integrated into our online social platform. Our platform has easy-to-use trip planning, budgeting, social collaboration and booking tools that also allows users to invite friends and family to join them. We have discovered that one of the biggest challenges to taking a vacation is the allocation of money toward such trips. 401(play) solves this by helping individuals travel in a financially responsible way.
A: 401(play) Vacation Funding Account (or “VFA”) are held at Pathward, N.A., an FDIC insured financial institution.
A: Each account is an individual 401(play) Prepaid Mastercard that is in the account holder’s name.
A: There are numerous ways that offering 401(play)™ benefits an employer. SHRM in a recent article titled, Employee Vacations Are Good for Business, states employees who use most or all vacation time enjoy a remarkable improvement to their health, including reduced stress, which ultimately leads to taking fewer sick days. Employees that take more vacations experience reduced burn-out, are more efficient, have stronger workplace morale, and are more productive. Implementing a 401(play)™ plan speaks volumes about the culture of an organization. By encouraging employees to vacation, you are telling them that you care about them as individuals. This, in turn, increases employee retention rates and ultimately provides a distinct competitive advantage in attracting highly desirable talent.
A: Yes, they may access their funds to use for any reason with their 401(play) Prepaid Mastercard, a prepaid debit card that can be used to pay for goods and services anywhere Mastercard is accepted. It can also be used at participating ATMs for cash withdrawals. (Fees may apply for cash withdrawals.)
A: 401(play)™ is a Program that we have developed to help you save for your travel. It allows you to set aside a portion of your paycheck into a Vacation Funding Account (or “VFA”). You may elect to set aside a dollar amount or a percentage of your paycheck into your VFA.
A: No. All 401(play)™ contributions to your prepaid account are made from your net earnings (after taxes have been withheld by your employer).
A: Funds in your 401(play) Vacation Funding Account (or “VFA”) are held at Pathward, N.A., an FDIC insured financial institution.
A: Yes, Pathward, N.A., is an FDIC insured financial institution and all of your funds are insured by FDIC.
A: Your funds are easily accessed by using the 401(play) Prepaid Mastercard that is mailed to you or provided by your employer after enrollment. You may spend them for travel or any other purchase that you would like to make. You may even withdraw cash at an ATM. (Fees may apply for cash withdrawals.)
A: Yes. You can use your 401(play) Prepaid Mastercard everywhere Mastercard debit cards are accepted.
A: No. It is a prepaid debit card that does not accumulate interest.
A: Yes, but only in the planning and social collaboration parts of the application. If you wish to have a 401(play)™ for vacation funding & booking travel then you need to inform your employer about the program so that they can sign-up.