Advanced Integration Enables Users of the Benefitsolver Platform to Make Holistic Decisions for Medical, Voluntary, and Retirement Benefits
WEST DES MOINES, IOWA (March 6, 2018)—Businessolver®, a leader in SaaS-based benefits administration technology, today announced its strategic collaboration with Transamerica, a leading provider of insurance, retirement, and investment solutions, to offer integrated enrollment in retirement plans alongside employer-provided medical and voluntary benefits on the Benefitsolver® platform. This industry-first, ‘one wallet’ approach, provides employees with a holistic view of their overall wealth and health when electing their workplace benefits.
Through this collaboration, employees using Businessolver’s proprietary benefits administration platform, Benefitsolver, will be able to enroll in or update their Transamerica retirement plan during the open enrollment period when they are also selecting the core medical and voluntary benefits offered through their employer. This can help employees see how various retirement plan contribution levels affect their near-term take-home pay, as well as their long-term retirement income goals.
Research from the Pew Charitable Trusts shows that the majority of Americans save for retirement through an employer-sponsored plan. Participation rises to nearly 80% when a workplace retirement plan with employer contributions is available. Yet, 39% of employees surveyed say that affordability is a major consideration in whether or not to enroll in their workplace retirement plan, according to Pew.
“We’re excited to work with Transamerica to bring retirement solutions integration to Benefitsolver and help resolve two of the largest barriers to retirement plan participation: ease of access and perceived affordability,” said Businessolver President and CEO Jon Shanahan. “We believe in a ‘one wallet’ approach to drive employee education about how benefits fit into basic budgeting and financial planning. Transamerica, with its more than 100-year history helping Americans meet their financial and wealth creation goals, is a great like-minded partner to propel that holistic approach.”
Within the agreement, Transamerica serves as the retirement plan record keeper, while Businessolver manages the retirement plan enrollment in Benefitsolver. When employees elect their wealth, health, and voluntary benefits, they will be able to see the total cost of their benefits package, as well as what their employer is contributing toward their total rewards – all from one system, with real-time connections for all contribution changes. This new solution is available now in Benefitsolver and includes advanced integrations that allow employees to easily view their ongoing investment balance and link to Transamerica to select and manage their investments.
“We believe the intrinsic relationship between wealth and health is essential to providing employees with tools to make better benefits decisions, and fulfilling our promise to the more than 20 million people and families we serve to help them live better today and worry less about tomorrow,” said Transamerica Chief Distribution Officer, Dave Paulsen. “We are excited to join Businessolver in providing this seamless experience.”
Learn more at www.businessolver.com/transamerica.
Since 1998, Businessolver has delivered market-changing benefits administration technology supported by an intrinsic responsiveness to client needs. It creates client programs that maximize benefit program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefit selections. Founded by HR professionals, Businessolver’s unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight. Learn more at www.businessolver.com.
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica’s dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2017, Transamerica fulfilled its promises to customers, paying more than $35.6 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica’s corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world’s largest providers of life insurance, pension solutions and asset management products, operating in more than 20 markets worldwide. For the full year of 2017, Aegon managed $982 billion in revenue generating investments. For more information, please visit www.transamerica.com.