Small Business Benefits Package Enhancement
February 20, 2025

Small Business Benefits Package Enhancement

Jeffrey Cila | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Human Interest

As a medium sized Christian School (non-profit) putting together a competitive benefits package for full-time teachers and staff can be challenging. Pay itself is below public school levels, group life and health insurance sources take some investigating, and not having a retirement option further compounds attracting and retaining talented spirit-filled educators. Human Interest provided an easy to acquire tax-deferred option to add to our benefits package. A solid investing tract record or well sourced funds, a large client base, to enable solid market returns, and easy to add as a payroll function. Our employees quickly came on board with only 2 who had used passed offerings from local sources to 76% of our faculty and staff participating. The participants have full control of their contribution through an easy to navigate investor portal and Human Interest email correspondence. They truly appreciate the school adding this to the overall benefits package.

Pros

  • Easy sign-up for the company
  • Investor web portal gives full control to status and investing preference.
  • Integrates with normal payroll operations with flexible upload verification of employee contributes for on and off schedule contributions.

Cons

  • Payroll cycles in small business can be a weekly on-cycle evolution which is not automatically recognized.
  • The Annual Census verification, and IRS requirement, is cumbersome as a resubmission of data already known.
  • Email to new participants can go unaddressed without notification to the company administrator. Better to illicit early follow-up than wait till their emails expire do to participant non-action.
  • Very positive with our faculty and staff to have a tax deferred option.
  • We feel more competitive as an organization during recruitment and hiring.
The administrative and participant user interface is clean, well organized, and assistance and help functionalities are extremely user friendly.
We just found the cost to participate in the mass marketed investing options were beyond the administrative and financial capacity of our small business.

Do you think Human Interest delivers good value for the price?

Yes

Are you happy with Human Interest's feature set?

Yes

Did Human Interest live up to sales and marketing promises?

Yes

Did implementation of Human Interest go as expected?

Yes

Would you buy Human Interest again?

Yes

Two types of participants at our institution have found this to be a very positive benefit. New teachers entering into Christian Education like having a tax-deferred, fully transferable investment account. Secondly, our established teachers with a dual income household choose this product which its tax-deferred method as a way to keep their household net taxable in the lowest tax rate possible by varying their level of contributions. As the business we like the option we have to match contributions as an offset to those years of capital necessities we may do so in lieu of an annual salary adjustment.

Human Interest Feature Ratings

401(k)
9.7
Administration and Recordkeeping
9
Payroll Integration
10
Compliance Maintenance
9
Plan Flexibility
10
Filings and Disclosures
10
Ease of Enrollment
10

Comments

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