Hassle Free Guarantee Terms and Conditions

Effective April 1, 2024

The Betterment at Work Hassle-Free Guarantee (“Guarantee”) is available only to 401(k) plans established using Betterment at Work-authorized plan documents (“Plans”) that are funded on the Betterment at Work platform by December 31 of the preceding calendar year and meet all of the eligibility criteria set forth in these Terms. 

Under the Guarantee, a plan sponsor for a qualifying Plan (“Plan Sponsor”) will receive a refund of up to $1,000 on their Base Fee (the “Refund”) if Betterment for Business LLC (“B4B”) fails to make the Audit Package (defined below) available to Plan Sponsor via the Plan Sponsor dashboard by May 31 of the year in which the Plan’s audit takes place (the “Deadline”). B4B satisfies the Guarantee when it: (i) prepares the Audit Package, and; (ii) notifies Plan Sponsor that the Plan’s Audit Package is available within the Plan Sponsor Dashboard on or before the Deadline. It is Plan Sponsor’s responsibility to download the Audit Package. For the avoidance of doubt, in the event that B4B makes the Audit Package available prior to the Deadline, but Plan Sponsor does not access or download it until after the Deadline, Plan Sponsor shall not be entitled to the Refund.

Pursuant to the Guarantee, B4B agrees to provide a materially complete audit package (“Audit Package”) as described in the 401(k) Administrative Services Terms, which typically consists of the following documents (as applicable): Certification Statement; Plan and Participant Master Reports; Schedule of Assets; Plan- and Participant-Level Investment Activity Reports; Participant and Payroll Contribution Summary Reports; Census Report; Distribution Report; Loans Report; Suspense, Forfeiture, and Cash Account Reports; Fee Summary and Details Reports; Corrections Report; and SOC-1. The contents of the Audit Package are subject to change, and B4B’s omission of a particular document from a Plan’s Audit Package shall not entitle Plan Sponsor to the Refund. Additionally, the Guarantee is limited to the Audit Package as defined in these Terms. The Plan’s auditor may require additional documents that B4B does not provide. B4B’s failure to furnish Plan Sponsor with any document, other than those specified herein, shall not entitle Plan Sponsor to the Refund.

Each Plan Sponsor remains responsible for engaging an auditor, identifying and obtaining additional documents that may be required as part of the Plan’s audit, and providing the Audit Package and any other such documents to the Plan’s auditor. Additionally, B4B is not responsible for the results of the ensuing audit, and this Guarantee does not apply to any revised or supplemental documents that may be required in order for the Plan to satisfy audit requirements.

This Guarantee is only available to Plans who pay an annual Base Fee under the Betterment at Work Master Services Agreements and meet the other eligibility criteria set forth in these Terms. Plans that do not pay an annual Base Fee are not eligible for the Guarantee or the corresponding Refund. The Refund is limited to $1,000 or the amount of the Plan’s Base Fee, whichever is lower. This means that if a Plan’s Base Fee exceeds $1,000, B4B will refund $1,000 and Plan Sponsor will be responsible for the remainder of the Base Fee. If a Plan’s Base Fee is less than $1,000, B4B will refund the Base Fee in full, but will not refund any other fees. The Guarantee is limited to the Refund of the Plan’s Base Fee (or portion thereof) for the applicable Plan period and does not cover any other fees, losses, or damages.

This Guarantee is only available to Plans that are legally required to undergo an annual audit under the Employee Retirement Income Security Act of 1974 (ERISA), consistent with information provided to B4B by Plan Sponsor prior to the start of the calendar year in which the audit takes place. If a Plan Sponsor provides inaccurate or incomplete information (including regarding the Plan’s participant count), or does not provide information in a reasonably timely manner for B4B to complete the Audit Package by the Deadline, B4B is under no obligation to produce an Audit Package, and the Plan Sponsor will be ineligible for a Refund under this Guarantee.

This Guarantee applies only to service failures directly attributable to B4B’s actions or inactions and does not cover failures due to external factors beyond our control, including but not limited to natural disasters, force majeure, regulatory changes, or third-party service failures.

This Guarantee does not favor highly compensated individuals and cannot be applied to individual participant accounts. This Guarantee is non-transferable, available to Plans only in the U.S., and can be revoked by B4B at any time. Tax information provided by B4B is not a substitute for the advice of a qualified tax advisor. You should consult with your tax advisor to discuss tax-related concerns. B4B reserves the right to modify the Terms of this Guarantee at any time within its discretion. B4B reserves the right to limit the discounts, credits, or refunds you are eligible to receive, and to refuse or recover a discount if B4B determines that it was obtained under wrongful or fraudulent circumstances, that inaccurate or incomplete information was provided, or that any terms of the Betterment at Work Master Services Agreements, Betterment at Work Participant Terms & Conditions, and/or other Betterment or B4B agreements have been violated.