CHARLESTON, S.C., Dec. 10, 2020 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), an industry-leading benefits technology
platform that simplifies benefits administration for employers,
health plans and brokers, announces today an enhanced
partnership with Transamerica that enables integrated retirement
plan enrollment directly through Benefitplace™. This simplified
enrollment experience allows employees to quickly enroll in 401(k)
and 403(b) retirement plans offered by Transamerica, without the
hassle of multiple logins or user names.
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 Steve Swad, Benefitfocus
President & CEO. "Financial security is on the minds of most
Americans today and this partnership with Transamerica will help
employers offer their employees easier access to investment plans
that help them protect their future."
Benefitfocus developed innovative, real-time integration
solutions with Transamerica to improve the plan enrollment and
management process. In doing so, pairing seamless retirement plan
enrollment alongside traditional employee benefits within
Benefitplace represented a major step forward in solving important
employee engagement challenges, such as low retirement plan
participation and contribution rates. Helping employers
increase assets in their retirement plans lowers their investment
and administrative fees as a percentage of the total
investment.
Driving Greater Retirement Plan Participation
Bureau
of Labor Statistics National Compensation Survey (NCS)
data shows no real change in retirement plan
participation in recent years. In 2018, the NCS shows that 81% of
full-time employees were offered a retirement plan and only 61%
participated.
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
Benefitfocus. Their customers can now easily enroll in their
organization's retirement plan with Transamerica, as well as other
employee benefits that we offer," said Kent
Callahan, CEO of Workplace Solutions at Transamerica. "We
focus on the connection between wealth and health to help people
achieve a lifetime of financial security. Transamerica's retirement
program and supplemental group insurance policies offer workers
financial protection from life's unexpected hurdles as they build
their retirement savings."
Connect with Benefitfocus
Find out more about Benefitfocus' solutions for employers.
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About Benefitfocus
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.
About Transamerica
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
$50 billion in insurance,
retirement, and annuity claims and benefits,
including return of annuity premiums paid by the customer.
Transamerica is headquartered in Baltimore, Maryland, with other major
operations in Cedar Rapids, Iowa and Denver, Colorado. 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 2019, Aegon managed over
$1 trillion in revenue generating
investments. For more information, please
visit www.transamerica.com.
INSURANCE NOTICE
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 Benefits Insurance Agency in California and 627 Insurance Broker Agency in
New York), a licensed insurance
agency and wholly owned subsidiary of Benefitfocus, or through
your, your association's, or your employer's appointed broker
as applicable. Any insurance coverage is subject to the issuer's
underwriting standards, fees and other terms and conditions
associated with specific offering or services as determined by the
issuer or provider.
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 SEC filings, copies of which are
available free of charge within the Investor Relations section of
the Benefitfocus website
at http://investor.benefitfocus.com/sec-filings or upon
request from our investor relations
department. Benefitfocus assumes no obligation and does
not intend to update these forward-looking statements, except as
required by law.
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SOURCE Benefitfocus, Inc.