Can I Join the Waitlist and Open a StorkFund If My Employer Does Not Offer StorkFund As a Benefit?
Absolutely. We're on a mission to deliver financial security to families navigating life's most important milestones; and that includes families employed by organizations which are yet to offer StorkFund as a benefit. Without an enrolled employer, you will still have access to all of the benefits, resources, earnings, and discounts provided to holders of employer-sponsored StorkFund accounts; however, funds you contribute will not be matched by your employer. We'll do everything in Stork's power to consistently encourage your employer to support you on your path to financial security, as you choose to save early and regularly for your family's milestones.
I'm an aspiring parent, with an unpredictable parenting future. What happens to the funds in my StorkFund in the event I don't have children?
Given the significant power of compounding, we recommend opening a StorkFund and funding your future possibilities, even if you’re still considering the possibility of having or raising a family of your own or the particular path you may take to expand your family. We believe it's unfair to penalize aspiring parents for proactively planning for an uncertain future, so all funds held within your StorkFund are yours to keep and access, however and whenever you see fit; with a few key caveats. To encourage long-term financial growth and to discourage parents and aspiring parents from withdrawing funds for "non-family life-cycle expenses", each StorkFund must remain open for at least one year (including a 90-day cancellation period when the StorkFund is initially created) and funds withdrawn for "non-family life-cycle expenses" after this period will be subject to penalties, depending upon the age of the StorkFund.
Can I have both a StorkFund investment account and a StorkFund high-yield savings account?
Absolutely. With StorkFund, you can invest your funds, save, or do both, depending on your risk appetite and your family's needs. You can also easily change how your contributions are allocated between your StorkFund investment account and your Stork-Fund high-yield savings account at any time. Whether you're contributing 100% of your funds to your StorkFund investment account, or are allocating your funds equally between each of your StorkFund accounts, contributing to your StorkFund each paycheck will enable you to leverage the incredible power of compounding and maximize your family's financial well-being.
A family life-cycle expense is any parenting expense arising during any stage of a family's growth and development. We've provided an indicative list of potential family life-cycle expenses for which funds from your StorkFund may be used, but as many parents and aspiring parents are aware, the list of family life-cycle expenses is exhaustive, personal, nuanced and (potentially) never-ending. We believe we have the broader expense categories and uses identified, including expenses relating to arrival and preparation, fertility and medical, leave and flexible working, childcare and enrichment / extracurricular activities, and future financial planning. However, to achieve our mission of delivering financial security to families navigating life's most important milestones, we'll continue to flexibly apply an expanded assessment of "family life-cycle expenses." If there are any life-cycle expenses which you are particularly passionate or concerned about and which you want to ensure are considered family life-cycle expenses, we'd be happy to hear from you and provide direct eligibility confirmation.
How much will I contribute to my StorkFund each month?
The amount you contribute to your StorkFund each month is entirely up to you; there is no minimum or maximum contribution amount. When you open your StorkFund, you will decide to contribute a fixed percentage (such as 3%) or a fixed amount (such as $500), to be deposited into your StorkFund on each of your pay dates. If your employer is providing StorkFund as a benefit and is therefore matching some, or all, of your contributions, we'd strongly suggest you consider contributing at least as much as your employer will match. Doing so will maximize the total contributions to your StorkFund account each pay date and will enable you to take full advantage of your employer's StorkFund benefit, leaving no "free money" on the proverbial table.
Can I change the amount I contribute to my StorkFund each month?
Absolutely. The amount you contribute to your StorkFund each month is entirely up to you and you will be able to notify your employer each time you'd like to increase, decrease, or cancel your contributions. If your employer is providing StorkFund as a benefit and is therefore matching some, or all, of your contributions, we'd strongly suggest you consider contributing at least as much as your employer will match. Doing so will maximize the total contributions to your StorkFund account each pay date, together with the power of compounding, and will enable you to take full advantage of your employer's StorkFund benefit, leaving no "free money" on the proverbial table.
How is StorkFund different from existing employer-sponsored savings benefits?
StorkFund is the only employer-sponsored financial well-being platform which (i) enables your employees to proactively and easily save (ii) for a broad range of existing and future family life-cycle expenses, (iii) utilizing a combination of high-yield and investment options, (iv) without any eligibility, income, contribution, or portability restrictions and, most importantly (v) with platform oversight to ensure funds are exclusively withdrawn for family life-cycle expenses, supporting your employees when their families need it most, and during the financial events which are most likely to impact your organization’s success. Whether you are considering offering, or are already offering, your employees HSAs (Health Savings Accounts), FSAs (Flexible Savings Accounts), LSAs (Lifetime Savings Accounts), or ESAs (Emergency Savings Accounts), StorkFund's innovative design directly and uniquely addresses your employees' and organization's needs, making it a perfect complement to your existing benefits. In adopting a unique approach and centering its design around an employee's ability to successfully navigate family-life cycle expenses, StorkFund enables families to build wealth and employers to fuel the engines powering their organization’s success.
How does Stork approve and distribute family life-cycle withdrawal requests?
StorkFund manages all of the administration, communication, and compliance relating to StorkFund accounts and, in particular, employee withdrawals from StorkFund accounts. Your employees may request to withdraw funds to cover their fertility, parental leave, childbirth, childcare, education, enrichment, and medical expenses, and provide the supporting documentation relating to the request, by submitting a request on StorkFund's platform. StorkFund will release the requested funds upon prompt verification of the expense; handling the entirety of the review process, so you don't have to. Additionally, to ensure the funds you've contributed and earmarked for family life-cycle expenses are used accordingly, and to discourage parents and aspiring parents from withdrawing funds for "non-family life-cycle expenses", each StorkFund must remain open for at least one year (including a 90-day cancellation period when the StorkFund is initially created) and funds withdrawn for "non-family life-cycle expenses" after this period will be subject to penalties of 0% - 5%, depending upon the age of the StorkFund.
How much will I contribute to my employee's StorkFund each month?
Contribution amounts and conditions vary significantly, based upon an organization's size, industry, and strategic objectives. However, the amount you choose to contribute to your employees' StorkFund accounts each month will be entirely up to you. When you partner with StorkFund and design your program, you will determine the contribution amounts and contribution conditions (such as vesting and eligibility criteria) which you believe align with your organization's financial objectives and needs. Investing in, and providing a match to, your employees encourages employees to prioritize their financial wellness. As a result, we strongly suggest employers provide a meaningful contribution match, to take full advantage of the strategic advantages offering a StorkFund can provide.
Will StorkFund integrate with our existing payroll system?
Integrating with your existing payroll system, to facilitate automated payroll deductions and contributions, is essential; leveraging this integration enables Stork to deliver StorkFund seamlessly and to effectively nudge your employees to co-invest in their family's existing and future life-cycle expenses. StorkFund's integration process is to designed to work smoothly with your existing payroll system, and we will closely with your HR and payroll partners to provide as easy and effortless an integration process as possible.
Can StorkFund be tailored to fit our organization's needs?
Absolutely. StorkFund's platform is highly adaptable and we work with organizations of all sizes and types, designing programs with various contribution amounts and contribution conditions (such as vesting and eligibility criteria) which aligns with their financial objectives and needs. Whether your organization is an early-, growth-, or mature-stage organization, is interested in supplementing its existing suite of well-being benefits, or is considering launching a financial well-being platform with StorkFund at its core, we're committed to creating an impactful solution that aligns with your organization's and employees' needs.