Benefitfocus expands its partnership with Transamerica to incorporate seamless pension plan registration
CHARLESTON, SC, December 10, 2020 / PRNewswire / – Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefit technology platform that simplifies benefit management for employers, health insurers, and brokers, today announced an expanded partnership with Transamerica that provides integrated retirement benefit registration directly Benefitplace enables ™. This simplified registration experience allows employees to quickly enroll in the 401 (k) and 403 (b) retirement plans offered by Transamerica without the need for multiple logins or usernames.
Benefitplace is the first integrated benefits management solution that directly supports the registration and management of 401 (k) and 403 (b) for Transamerica’s plans in all market segments. Employers can manage these plans along with other employee benefits with the simplicity of Benefitplace. Employees have a streamlined user experience and can sign up for and manage plans directly on the platform.
“Every aspect of our technology solutions is designed to minimize the complexity of managing employee benefits for our employer customers. This means developing a broader range of tools, integrations and partnerships that reduce the administrative burden for benefit administrators,” said Steve Swad, Benefitfocus President and CEO . “Most Americans think of financial security today, and this partnership with Transamerica will help employers give their employees easier access to investment plans that will help protect their futures.”
Benefitfocus developed innovative real-time integration solutions with Transamerica to improve the plan registration and administration process. In this way, combining seamless pension plan registration with traditional employee benefits within Benefitplace has been an important step forward in solving key employee engagement challenges such as: B. Low participation in pension plans and contribution rates. By helping employers increase the wealth in their retirement plans, their investment and management fees as a percentage of total investment will be reduced.
Increase participation in retirement plans
The Bureau of Labor Statistics’ National Compensation Survey (NCS) data shows that participation in retirement plans has not really changed in recent years. In 2018, the NCS shows that 81% of full-time employees were offered a retirement plan and only 61% participated.
One of the biggest barriers to participating in retirement plans identified in industry surveys is ease of access. Access to two different platforms for access to health care and separately to retirement benefits is an obstacle to increasing employee engagement and participation, as well as accessing employees to deferral rates that will help them secure a better financial future.
“Transamerica is excited to expand our relationship with Benefitfocus. Your customers can now easily enroll for their company’s Transamerica retirement plan and other employee benefits that we offer,” said Transamerica Kent Callahan, CEO of Workplace Solutions at Transamerica. “We focus on the link between wealth and health to help people achieve lifelong financial security. Transamerica’s retirement program and supplementary group insurances provide workers financial protection from the unexpected hurdles of life as they build their retirement savings.”
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Benefitfocus (NASDAQ: BNFT) unites the entire service industry through innovative technology solutions that bring efficiency, cost savings and simplicity to employee benefits management. Our powerful cloud-based software, data-driven insights, and thoughtful services help employers, insurance brokers, health insurance plans, and suppliers manage the complexities of benefit registration and engagement, while allowing easier access to world-class health, wealth, and lifestyle products Experience. Our mission is simple: to improve life with benefits. Learn more at www.benefitfocus.com, LinkedIn and Twitter.
With more than 100 years of history, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers in the United States. Transamerica’s dedicated professionals recognize the need for health and wellbeing during peak working life and help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves almost every customer segment and offers a wide range of high quality life insurance and investment products, pension plans for individuals and groups, and asset management services. In 2019, Transamerica fulfilled its customer promises and more than paid for it $ 50 billion in relation to insurance, retirement and pension entitlements and benefits, including the repayment of the pension premiums paid by the customer. Transamerica is headquartered in Baltimore, Marylandwith other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Aegon, based in the Netherlands, is one of the world’s largest providers of life insurance, pension solutions and wealth management products and operates in more than 20 markets worldwide. For the full year 2019, Aegon managed over $ 1 trillion in sales generating investments. More information is available at www.transamerica.com.
Certain products available on the BENEFITFOCUS BENEFITPLACE ™ platform may be regulated as insurance products by various government agencies. Regulated insurance products are offered through brokers affiliated with BenefitStore, Inc. (operating as 627 Benefits Insurance Agency in) California and 627 Insurance Broker Agency in new York), a licensed insurance agency and a wholly-owned subsidiary of Benefitfocus or, if applicable, through yours, the association of your association or your employer. All insurance coverage is subject to the issuer’s underwriting standards, fees and other terms and conditions in connection with certain offers or services as may be determined by the issuer or provider.
DISCLAIMER OF LIABILITY WITH RESPECT TO FUTURE STATEMENTS
Except for historical information, all statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results or performance could differ materially from the statements expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; our ability to compete effectively; Risks associated with changes in healthcare and other applicable regulations; the immaturity and volatility of the market for our products and services; our ability to maintain our culture and to recruit and retain qualified personnel; Privacy; Security and other risks associated with our business; Management of growth; and the other risk factors that are listed from time to time in our SEC filings. Copies of these are available free of charge in the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or on request from our Investor Relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements unless required by law.
SOURCE Benefitfocus, Inc.