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Anyone heard of Saver Nation?

savernationI have been looking into a new benefit that is supposed to put dollars into your retirement or bank account just for shopping through this website (like Amazon). The company is called Saver Nation https://savernation.org/. If you shop through their portal it acts like a cash back credit card; but the cash back will go directly into your IRA, 401K or bank account if you don't have a retirement set up.

It's a no cost benefit to the employer. I was curious if anyone uses it or has heard of it and can offer any feed back.

Answers

Anonymous
(CFO) |

I don't even have to research saver nation further than what you have written.

The tax implications are dubious at best. And, even if this complies with the income tax laws regarding retirement accounts, you would be hitching your corporate sponsorship to a shopping site that employees would have to use to earn retirement plan contributions. Fiduciary responsibility should dictate otherwise.

Dan Ryan
Title: CFO
Company: Privately held
(CFO, Privately held) |

I'm with Anon. This sounds like a way to save a few bucks on fees for your company, and royally (how do I say this gingerly) work over your employees. I can only imagine the fees being forced on your employees, and the red tape - to say nothing of exclusions, deadlines, etc. I would be skeptical to the extreme on this one.

Topic Expert
Christie Jahn
Title: CFO
Company: Prime Investments & Development
(CFO, Prime Investments & Development) |

Interesting points. I was looking at this from a completely different perspective. From the online demo it is very similar to the program Discover started. If you shop at your regular online shops that you normally shop at Discover gives you cash back. Instead of going directly to American Eagle, for example I log into Discover and go to American Eagle from their portal and earn cash rewards. I figured the stores who participate with Saver Nation would be paying a marketing fee, which would pay the cash back to your IRA/bank account.

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