Press Release

Betterment's 401(k) Partners with Zenefits to Strengthen Retirement Readiness and Financial Wellness for Small and Mid-sized Businesses

Issued by Betterment

Mar. 4, 2021

Partnership expands Betterment's commitment to making high-quality retirement savings plans simple and affordable for companies of any size

NEW YORK, March 4, 2021 -- Betterment's technology-led 401(k) provider today announced a partnership with Zenefits, a leading people operations platform that provides payroll, HR, and benefits solutions for small and medium-sized businesses. Through this partnership, Zenefits customers will benefit from a full integration with the Betterment platform, providing seamless access to Betterment's industry-leading 401(k) plan and wider suite of employee financial wellness tools. Betterment's 401(k) offering will be available to customers via the Zenefits marketplace beginning March 3rd, 2021. Easy to implement and highly affordable, Betterment's 401(k) is positioned to be attractive to startups and businesses across various industries due to its low fees, seamless onboarding process, and intuitive user experience for both employers and employees.

"Small businesses and startups make up the backbone of America, and have been faced with countless challenges during the ongoing pandemic. We firmly believe that supporting the financial well-being of their employees is vital to help them continue to grow and flourish, and want to make great benefits packages attainable and affordable for everyone," said Kristen Carlisle, General Manager of Betterment for Business. "By partnering with leading platforms like Zenefits, we hope to create a new gold standard for financial wellness programs that will support businesses and their hardworking employees."

By giving workers the ability to plan for retirement in full view of their other financial goals, Betterment helps companies set their employees up for near- and long-term financial success by making it easy to make smart decisions across every step of their financial journey. With a Betterment 401(k), businesses get more than just a 401(k). Employees also receive access to personalized advice, managed accounts, goals-based investing portfolios including socially responsible options, no-fee‡ checking and high-yield cash accounts, and additional retirement accounts like IRAs, through Betterment's investment advisor, all of which can be tax-optimized to help employees make the most of their money.

"Betterment's 401(k) has an impressive roster of tools that complements Zenefits' financial wellness focus perfectly," said Andrea Shannon, Vice President of Business Development at Zenefits. "Small and mid-sized businesses have been historically underserved by the retirement industry, but companies like Betterment break the mold to make sure they have high-quality, affordable options available. We're excited to give our customers access to not only their 401(k), but the full Betterment platform."

Betterment's 401(k) business has seen significant growth over the past year, with over 600 plans now on the platform. Serving the needs of America's small and medium-sized employers, Betterment's 401(k) platform can be seamlessly integrated into the HR or payroll system of any employer, including those with as few as two employees. In addition to Zenefits, Betterment is integrated with other top payroll providers. For more information on what a Betterment 401(k) could do for your business or payroll organization, visit www.betterment.com/401k.

About Betterment's 401(k) offering
Betterment for Business is a 401(k) service built from the ground up with the needs of the modern employee in mind. It's selected by employers who want to offer their employees tailored and smart financial advice that will help them create a more secure future. Betterment's 401(k) offering is powered by Betterment's proprietary, smart technology that automates and optimizes asset allocation to enhance financial wellness. As a fiduciary that is independent of the funds it invests in, Betterment believes that everyone has the fundamental right to expert financial advice. Headquartered in New York City and created by the largest independent robo-advisor, Betterment's 401(k) is used by leading employers like Casper and Boxed. For more information, visit www.betterment.com/401k.

About Zenefits
Zenefits helps thousands of small and mid-size companies drive performance by streamlining people operations: the workforce, compliance and performance issues that are the difference between success and failure. Zenefits' People Operations Platform delivers the most comprehensive, easy to use, mobile HR experience on the market. Its HR, Benefits, Payroll, Wellness, Engagement, Performance and People Analytics apps are intuitive and interoperable. Combined with advisory services and tightly integrated partner apps, Zenefits enables better business agility and performance for emerging businesses. To learn more, visit Zenefits.com and find SMB news, how-to's and resources at zenefits.com/workest.

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