Employers Can Help Retirees Continue Benefits with New Tool

Loss of employer-provided benefits can cause budget issues for retirees.

The RetireeZone Web portal from Buck Consultants at Xerox gives employers the ability to offer voluntary benefits coverage to retirees, without increasing company payroll and benefits costs.

“Retirees need to replace coverage they had as active employees, but often have budget issues as they plan their retirement lifestyle,” says Jim Gallic, a principal with Buck Consultants at Xerox. “Employers usually don’t have the time, knowledge or ability to address these needs. RetireeZone offers a strategy to deal with these pressing concerns.”

RetireeZone gives employers a strategy to provide retirees with access to voluntary benefits—life, dental, vision, travel, and legal insurance—without adding any administrative or financial burdens. Retirees have the ability to individually compare coverage options side by side, purchase insurance coverage at their discretion at preferred rates, read current news of interest to retirees, and view topical videos.

Buck says voluntary benefits coverage is the first key component of RetireeZone, but it plans to add wealth, lifestyle, and administration capabilities that will ultimately provide retirees with a full complement of services designed to help them easily learn, make decisions, and obtain important services throughout retirement.

RetireeZone joins the growing Retirement Readiness suite of solutions that has been developed by Buck. Other solutions include Savings InSight and SavIncent. Savings InSight provides an automated retirement savings plan for defined contribution (DC) retirement plan participants. SavIncent assists plan sponsors in incentivizing their workforce to create a sound financial future.