Businessolver, a provider of benefits administration technology, announced a new strategic collaboration with Transamerica to offer integrated enrollment in retirement plans alongside employer-provided medical and voluntary benefits on the Benefitsolver platform.
Through this collaboration, the firms suggest, 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, the firms explain, 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,” the firms point out. “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.”
Businessolver President and CEO Jon Shanahan says the joint solution will help resolve two of the largest barriers to retirement plan participation—ease of access and perceived affordability.
Within the agreement, Transamerica serves as the retirement plan recordkeeper, 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. The solution is available now in Benefitsolver and includes advanced integrations that allow employees to 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,” adds Transamerica Chief Distribution Officer, Dave Paulsen.
More information is available at www.businessolver.com/transamerica.