Leading Custom Storage Company California Closets of Tennessee Announces Collaboration with Award-Winning Savings Enterprise Sunny Day Fund
First-of-its-kind partnership in Tennessee expands California Closets’ already robust benefit plan and creates path of positive savings for 60+ local employees; a model for local businesses to follow
NASHVILLE, Tenn., February 15, 2023--(BUSINESS WIRE)--California Closets of Tennessee, the nationally recognized local franchise of the leading luxury and premium space management brand, has announced it is taking its benefits program to the next level. By pioneering a first-of-its-kind collaboration in the state of Tennessee with national savings enterprise, Sunny Day Fund, California Closets of Tennessee will offer this exclusive savings benefit to all its local employees.
While California Closets of Tennessee is the first company in the state to partner with the award-winning savings program, Sunny Day Fund has existing partnerships in 20 states nationwide showcasing a track record of proven results.
In 2022, the SECURE Act 2.0 was passed to expand access to workplace savings plans at companies large and small to create offerings for their workers. This opened the door for the Sunny Day Fund to develop custom emergency savings programs for employers to offer employees.
Sunny Day Fund leverages behavioral economic principles to drive long-term change in participants' financial habits by promoting thoughtful savings for immediate needs, such as Christmas, home improvement, travel, and auto maintenance. According to a 2022 study from the Transamerica Center for Retirement Studies, less than half (48%) of employed workers in the United States indicated having savings in 401(k), 403(b), and similar retirement accounts.
Kurt Schusterman, local owner of California Closets of Tennessee, first read about Sunny Day Fund’s workplace emergency savings program in the Wall Street Journal and was inspired to provide an opportunity for his employees to invest in themselves.
"We are in the people business, and I believe if we take care of our people, they will deliver quality to our customers, who will then come back and take care of us with repeat and referral business. This program allows our employees to invest in themselves and build healthy saving habits that will follow them throughout the trajectory of their lives," said Schusterman.
California Closets of Tennessee's Sunny Day Fund serves as a complement to a 401(k) rather than in place of, and unlike a 401(k), employees have access to their savings via immediate withdrawals without the worry of minimums or penalties. Workplace participation is completely voluntary.
"California Closets of Tennessee is living up to its reputation by choosing to put its employees first and believing the rest will follow. We know that when businesses invest in their people, employees respond with better morale and loyalty," said Sid Pailla, CEO & Founder of Sunny Day Fund.
A consistent innovation leader within California Closets, the most renowned brand in its industry, California Closets of Tennessee won Top Franchise of the Year in 2020 out of more than 150 showrooms throughout North and South America.
Most recently, California Closets of Tennessee announced an expansion to East Tennessee with Knoxville-based and Chattanooga-based designers.
In addition to the Sunny Day Fund, California Closets of Tennessee offers employees a 401(k), a 401(k) match, employer contribution to HSA and access to personal financial planning.
About California Closets of Tennessee
California Closets of Tennessee has been serving Tennesseans since 1998 and is a top Tennessee closet, organization, and storage company with the highest ranked customer satisfaction scores in North America. All closet and organization systems are made locally at their Middle Tennessee Center of Excellence and carry a lifetime warranty.
To learn more, visit www.californiaclosets.com/nashville.
About Sunny Day Fund
Sunny Day Fund partners with employers to provide their employees an easy, accessible, and rewarding path to save for emergencies and future life events. By providing payroll-deducted, employer-rewarded Emergency Savings Accounts, we enable all workers to pay themselves first and strive to end the paycheck-to-paycheck cycle. We are on a mission to truly enable financial well-being for all 152 million American workers by partnering with the organizations that employ them. Learn more at www.sunnydayfund.com.
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Ann Marie Anderson