Ted Benna Joins Salt Labs as Strategic Adviser

Salt Labs, an employee rewards and incentives platform for frontline employees, announced that Ted Benna, the “Father of the 401(k),” has joined the team as a strategic adviser, driving the firm’s market strategy on supporting hourly workers.

“I’ve been thinking about how to address the savings issue with hourly workers for a long time, since the 401(k) requires a salary reduction that lower-paid hourly workers simply can’t afford to put away each month,” Benna said in a statement. “When I heard about what Salt Labs was doing, I knew they were onto something. We need novel and modern solutions to solve for a pending retirement crisis and Salt Labs has built just that for the most essential workers in our economy.”

As a strategic consultant at Salt Labs, Benna will focus on developing a market strategy tailored for employers seeking to support their frontline staff with a rewards and incentives platform. He will also support the startup’s goal of helping employers achieve optimal outcomes with minimal expenditure.

Salt Labs aims to help frontline workers receive additional assets on top of their regular wages called “Salt,” which are earned with each hour worked. As this balance grows over time, workers can exchange their Salt for items of personal value, including investments such as individual retirement accounts, vacations or other items they may not have otherwise been able to afford.

“Financial wellness plans have been about helping employees brace for unexpected expenses or save for retirement; there hasn’t been anything in between,” Jason Lee, founder and CEO of Salt Labs, said in a statement. “I’m thrilled that Ted has chosen to work with us to help improve financial wellness outcomes for everyday Americans.”

According to Salt, its solution supports frontline workers’ financial wellness by creating a daily savings habit and a goal-setting framework. The firm found that 65% of current Salt users report they are working toward long-term saving objectives. Additionally, 91% of employees said they feel more financially secure after earning Salt.

The firm stated that the 401(k), which requires a salary reduction, was not designed as a savings mechanism for the hourly worker in mind. This employee population needs their salary for necessities like rent, food and bills, leaving no surplus for dedicated savings.