Emergency Savings

Financial Emergencies Can Happen to Anyone.

Create some financial protection by building emergency savings and feel more in control of your finances when you hit a speed bump. 

AutoNation offers three different ways to help you save for the unexpected. Each plan offers different advantages based on your needs.

Choose the option that best helps you meet your goals.

OPTION 1: 401(k) In-Plan After-Tax Account

Add an emergency savings plan attached to your AutoNation 401(k) Plan! Log on to your account from DealerCentral or at AutoNation.voya.com and click After-Tax Account to choose your payroll deduction.

This option Allows You To:
  • View your savings all in one place
  • Invest your savings to help them potentially grow
401(k) In-Plan Emergency Savings After-Tax Account
The 401(k) In-Plan Emergency Savings After-Tax account is a special account separate from your other retirement accounts in the AutoNation 401(k) Plan. It shows your account balances all in one place and allows you to invest your savings.

Goal:
This option is designed to help you grow your emergency savings by allowing you to invest the money you contribute.

Type of Savings:
Your after-tax contributions come out of your paycheck after federal, state, and local taxes are deducted. When you make after-tax contributions, your taxable income is not reduced by the amount you contribute to the Plan. You pay income taxes on these contributions today.

Savings Growth Potential:
You choose how to invest your contributions. You may want to consider choosing a stable value fund to help grow your savings while potentially avoiding the ups and downs of the market.

Making Withdrawals:
You can make withdrawals at any time and will receive your money within two business days if your 401(k) Plan account is linked to your bank account.

Example:
Assume you have built an emergency savings fund of $1,000 and want to withdraw $100 for an unexpected car repair. Assume you are not yet age 59 1/2 and your tax rate is 25%. After paying tax on your earnings and the related penalty, your withdrawal would be $101.30.

Contributions to account
$1,000.00
Earnings
$20.00
Account balance
$1,020.00
Withdrawal of contributions
$100.00
Earnings subject to tax
$2.00
10% penalty on earnings
$(0.20)
Tax on earnings at 25% tax rate
$(0.50)
Net withdrawal
$101.30

Use of Funds:
Withdrawals can be made for any reason.

Fees:
A $48.00 per year participant maintenance fee is allocated monthly ($4.00) between your Voya accounts (i.e., your Pre-tax and/or Roth 401(k) accounts, and your After-Tax Emergency Savings account) based on the size of each balance.

How to Monitor Your Account:
You can monitor your contributions, earnings, and withdrawals by logging into AutoNation.voya.com and clicking on After-Tax Account on your dashboard.

How to Get Started:
Go to your Voya dashboard and click on After-Tax Contributions.

OPTION 2: ADP Wisely Paycard and App

Deposit a portion of your paycheck into an ADP account with a pay card and companion app. Sign up at myADP.com. Go to Pay then Manage direct deposit. Click “+Account” and choose AN Wisely Pay account from the drop-down box.

This option Allows You To:
  • Access your savings instantly with your ADP Wisely debit card
  • Monitor your savings on your ADP Wisely app
  • Create “wallets” for different savings needs

ADP Wisely Pay Card and App

The ADP Wisely Pay card and companion app is a separate savings account you can set up through ADP. Contributions are deducted directly from your paycheck and deposited into your account after you’ve paid taxes.

Goal:
This option is designed to provide you with easy access to your money when you need to cover an unexpected expense.

Type of Savings:
Your after-tax contributions come out of your pay after federal, state, and local taxes are deducted. When you make after-tax contributions, your taxable income is not reduced by the amount you contribute to the Plan. You pay income taxes on these contributions today.

Savings Growth Potential:
The ADP Wisely account does not provide an ability to invest your savings.

Making Withdrawals:
When you open an ADP Wisely account, you will receive a debit pay card that can be used at any time to pay for expenses.

How Withdrawals Are Taxed:
Since your contributions were already taxed, you do not have to pay additional taxes when using your debit card.

Use of Funds:
Withdrawals can be made for any reason.

Fees:
You will not be charged any fees for opening or using your ADP Wisely account or for using the debit card. Fees may apply if you use your debit card at an out-of-network ATM.

How to Monitor Your Account:
You can monitor your contributions and withdrawals by accessing the ADP Wisely App. You can create “wallets” to save for emergencies and other categories of expenses.

How to Get Started:
Click here to log in to MyADP. Go to Pay then Manage direct deposit. Click “+Account” and choose “AN Wisely Pay” from the drop-down box.

OPTION 3: Split Deposit

Take advantage of a savings account you may already have at your favorite bank or credit union. Deposit a portion of your paycheck directly into this account to save for emergencies. Even a small amount per paycheck will help you build a cushion for unexpected expenses. Sign up at myADP.com. Go to Pay then Manage direct deposit. Click “+Account” and choose an additional bank account from the drop-down box.

This option Allows You To:
  • Use an existing savings account
  • View your cash account balances in one place
Split Deposit

Set up a separate savings account at your favorite bank or credit union for emergencies.

Goal:
This option is designed to give you the flexibility to direct emergency savings to an existing account with a trusted bank or credit union.

Type of Savings:
Your after-tax contributions come out of your paycheck after federal, state, and local taxes are deducted. When you make after-tax contributions, your taxable income is not reduced by the amount you contribute to the Plan. You pay income taxes on these contributions today.

Savings Growth Potential:
The ability to invest your savings depends on the terms and conditions established by your bank or credit union.

Making Withdrawals:
Check the terms and conditions established by your bank or credit union.

How Withdrawals Are Taxed:
Since your contributions were already taxed, you won’t have to pay taxes again on those contributions when withdrawing them from your account.

Use of Funds:
Withdrawals most likely can be made for any reason, but you should check the terms and conditions established by your bank or credit union for any limitations on withdrawals.

Fees:
Check the terms and conditions established by your bank or credit union.

How to Monitor Your Account:
You can monitor your contributions and withdrawals by accessing your account through your bank or credit union.

How to Get Started:
Click here to log in to MyADP. Go to Pay then Manage direct deposit. Click “+Account” and choose an additional bank account from the drop-down box.

Features
Voya After-Tax
ADP Wisely Paycard and ADP
Split Deposit
Easy Payroll Deduction
Start and Stop Saving at Any Time
Low or No Fees
Immediate Fund Withdrawl
ACH Fund Withdrawl in 48 hours
Ability to Earn Investment Income
Savings Account Linked to a Debit Card
Access to my Emergency Savings Account if I leave AutoNation