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."
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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 $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.
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.
SOURCE Benefitfocus, Inc.