Businessolver, a provider of SaaS-based benefits administration technology and services, has introduced Goal Accounts (GA), its latest product innovation within the MyChoice Accounts suite of solutions.
Like current MyChoice Accounts products, GAs are elected and managed within the Benefitsolver employee benefits platform. The solution automatically deducts funds from an employee’s paycheck, after taxes, and deposits them into an account in an amount specified by the employee. Funds are available any time without penalty via a debit card or electronic transfer. Employees can establish a GA as part of their benefits enrollment process since the accounts are integrated with Benefitsolver.
“We’re excited to build this relationship with Businessolver and be part of an innovative solution that will help individuals further contribute to their financial wellbeing,” Chief Operating Officer and Director of UMB Healthcare Services Phil Mason says. “Adding this vehicle to existing items like HSAs and 401(k)s is one more way employers can help support employees in achieving their overall savings goals.”
Rae Shanahan, Businessolver’s chief strategy officer, says, “With our MyChoice Accounts products, saving for both short- and long-term goals is automated and simple, and employees can see their ‘one wallet’ of compensation and savings from our Benefitsolver platform and the MyChoice Mobile App, with which they are already engaging. Additionally, employers can communicate with and educate their employees about the importance of their overall benefits package and financial health from one cohesive solution.”More information may be found here.
« ERISApedia.com Offers Benchmark Reporting for 403(b)s