Benefitfocus Expands Its Partnership with Transamerica to Provide Seamless Retirement Plan Enrollment
Benefitplace is the first integrated benefits administration solution to directly support 401(k) and 403(b) enrollment and management for Transamerica's plans across all market segments. Employers will be able to manage these plans along with other employee benefits with the simplicity of Benefitplace. Employees will have an optimized user experience, with the ability to enroll in and manage plans directly in the platform.
"Every aspect of our technology solutions is meant to minimize the complexity of employee benefits administration for our employer customers. This means designing a wider range of tools, integrations and partnerships that reduce the administrative burden faced by benefits administrators," said
Driving Greater Retirement Plan Participation
One of the largest barriers to retirement plan participation cited in industry surveys is ease of access. Having two different platforms to access health care benefits and, separately, retirement benefits, is an impediment to increasing employee engagement and participation, as well as giving employees access to deferral rates that help them secure a better financial future.
"Transamerica is pleased to be expanding our relationship with
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Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry through innovative technology solutions that bring efficiency, cost savings and simplicity to employee benefits administration. Our powerful cloud-based software, data-driven insights and thoughtfully designed services help employers, insurance brokers, health plans and suppliers address the complexity of benefits enrollment and engagement, while bringing easier access to health, wealth and lifestyle products through a world-class benefits experience. Our mission is simple: to improve lives with benefits. Learn more at www.benefitfocus.com, LinkedIn and Twitter.
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 2019, Transamerica fulfilled its promises to customers, paying more than
Certain products available on the BENEFITFOCUS BENEFITPLACE™ platform may be regulated through various state agencies as insurance products. Regulated insurance products are offered through brokers affiliated with BenefitStore, Inc. (doing business as 627
DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results or performance might differ materially from those explicit or implicit 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 related to changing healthcare and other applicable regulations; the immature and volatile nature of the market for our products and services; our ability to maintain our culture and recruit and retain qualified personnel; privacy; security and other risks associated with our business; management of growth; and the other risk factors set forth from time to time in our
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