Q: Is a 401(play)™ plan simple to administer?
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. At the end of the plan year, we will issue a renewal
invoice based on the amount of staff in your organization.
Q: How much does a 401(play)™ plan cost an Employer?
A: The cost of a 401(play) Plan depends on the size of your organization. The price breakdown can be seen HERE.
Q: As an employer offering a 401(play)™ plan, do I need to do anything when an employee leaves?
A: No, direct deposits will cease after their final paycheck. Their 401(play)™ online profile, as well as their Visa prepaid debit card, will stay active. It will be up to the departing employee to link their 401(play)™ with a new employer.
Q: Will a 401(play)™ plan conflict with other benefits that my company already offers?
A: No. A 401(play)™ plan is completely independent of any other plan that your company offers.
Q: How does a 401(play)™ plan encourage an employee to take vacation time and travel?
A: The Vacation Savings Accounts that contain the funds saved under the 401(play)™ plan are integrated into our online social platform. Our online social 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.
Q: Where are the funds deducted under the 401(play)™ plan held?
A: Funds in your 401(play) Vacation Savings Account (or “VSA”) are held at First Savings Bank (Beresford, S.D.), an FDIC insured financial institution.
Q: Are the 401(play) accounts individual accounts or one large account under 401(play)?
A: Each account is an individual prepaid debit card that is in the account holder’s name.
Q: What benefits will employer experience when offering a 401(play)™ plan?
A: There are numerous ways that offering 401(play)™ benefits an employer. For example, 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.
Q: Can an employee easily access his/her funds?
A: Yes, they may access their saved funds to use for any reason with their Travel Savings Card, a
prepaid debit card that can be used to pay for goods and services anywhere Visa is accepted. It
can also be used at participating ATMs for cash withdrawals. (Fees may apply for cash
withdrawals.)
Employees
Q: What is 401(play)™?
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 Savings account (or “VSA”). You may elect to set aside a dollar amount or a percentage of your paycheck into your VSA.
Q: Are 401(play)™ contributions to my VSA tax-free or tax-deferred?
A: No. All 401(play)™ contributions to your VSA are made from your net earnings (after taxes have been withheld by your employer).
Q: Where are my funds deducted under the 401(play)™ plan held?
A: Funds in your Vacation Savings Account (or “VSA”) are held at First Savings Bank (Beresford, S.D.), an FDIC insured financial institution.
Q: Is my money FDIC insured?
A: Yes, First Savings Bank is an FDIC insured financial institution located in South Dakota. All of your saved funds are insured by FDIC.
Q: How do I access my money?
A: Your saved funds are easily accessed by using the Visa prepaid debit card that is mailed to you 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.)
Q: Can I use my 401(play) Card outside the United States?
A: Yes. You can use your prepaid debit card to purchase goods and services everywhere Visa debit cards are accepted. ATM withdrawals are prohibited in Jamaica and Dominican Republic.
Q: Do I earn interest on the funds in my Vacation Savings Account?
A: No. It is a Prepaid debit card that does not accumulate interest.
Q: My employer does not currently offer a 401(play)™ plan. Am I still able to participate?
A: Yes, but only in the planning and booking of travel, not the savings feature. If you wish to have a 401(play)™ for vacation savings then you need to inform your employer about the program so that they can sign-up.
Q: If my Employer offers a 401(play)™ plan, does it cost me anything as an Employee?
A: Typically, the cost of your 401(play)™ plan is paid by your employer. Although in some cases, the employer can request the annual fee be paid directly by the participating employee.
Q: What happens if I quit or am terminated?
A: Your account and Visa prepaid debit card will continue to work but your deposits will no longer work unless your new employer enrolls into a 401(play)™ Plan for their organization.
Q: Will a 401(play)™ plan conflict with other benefits that my company already offers?
A: No, a 401(play)™ plan is completely independent of any other plan that your company offers.
Q: Do I need to wait for my company’s open enrollment to sign up?
A: No, you are eligible to sign-up at any time during your participating employer’s plan year for the remainder of that year.
Q: Do I have to use the 401(play) website to book travel using money saved in my 401(play)™ plan or can I book elsewhere?
A: You may book travel with any provider that you choose. However, one of the benefits of a 401(play) account is having free access to a wholesale travel provider that, in many instances, is much cheaper than booking with other online travel providers.
Q: Are there any limitations regarding deposits or balances in a VSA?
A: Currently, a 401(play) account user is allowed to maintain a maximum of $10,000 in their VSA at any given time. Please see the Prepaid Cardholder Agreement that was provided via an email from your employer and also available when setting up your 401(play) profile.
Q: Am I required to use my 401(play)™ prepaid debit card for travel expenses only?
A: No. The funds on the prepaid card can be spent however you prefer.
Q: What if my prepaid debit card is lost or stolen?
A: If you believe your Card has been lost or stolen, call 1-855-99BLAZE (1-855- 992-5293), or write to BlazePays Customer Services, PO Box 85416, Sioux Falls, SD 57118-5416. You should also call the number or write the address listed above if you believe a transfer has been made using the information from your Card or PIN without your permission.
