Transamerica has partnered with Businessolver, a benefits administration software as a service provider, to offer an integrated platform where employees can enroll in their workplace retirement, medical and voluntary benefits plans.
As part of this collaboration, employees of companies that have Transamerica retirement plans will be able to use Businessolver’s Benefitsolver platform during open enrollment to update their retirement plan and select their 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, as well as their long-term retirement income goals,” the companies say.
The initiative aims to “help resolve two of the largest barriers to retirement plan participation: ease of access and perceived affordability,” says Businessolver President and CEO Jon Shanahan. “We believe in a ‘one wallet’ approach to drive employee education about how benefits fit into basic budgeting and financial planning."
Transamerica serves as the retirement plan record keeper, 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 and also see what their employer is contributing toward their total rewards.
The system will 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, and fulfilling our promise to the more than 20 million people and families we serve to help them live better today and worry less about tomorrow,” says Transamerica Chief Distribution Officer Dave Paulsen. "We are excited to join Businessolver in providing this seamless experience."
Transamerica provides life insurance, retirement and investment solutions to millions of customers throughout the United States.
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