MyBenefitSource Introduces Common Remitter Billing Services

Company Announces Partnerships With Transamerica

And Diversified Investment Advisors



Apr 16, 2001, 01:00 ET from MyBenefitSource

    NORCROSS, Ga., April 16 /PRNewswire/ -- MyBenefitSource, a provider of
 Web-based payroll and benefit services for businesses, today announced the
 launch of its common remitter billing services for employee supplemental
 voluntary insurance products, flexible spending accounts, and qualified plans.
     The common remitter service is a multiple-product, multiple-carrier
 automatic billing function that transfers employee insurance premiums to the
 insurance carrier through the MyBenefitSource payroll service.  The common
 remitter service is fully integrated with MyBenefitSource
 SingleSourceTechnology(SM), a robust integration of payroll, enrollment,
 benefit administration and benefit invoicing systems.  Because the technology
 is supported by a payroll platform, benefit premiums, and qualified plan
 contributions can be automatically deducted from employee paychecks and then
 transferred to the common remitter for payment to the carrier.
     MyBenefitSource has partnered with two members of the Transamerica
 Worksite Marketing family:  Transamerica Assurance Company -- the underwriter
 of coverage being marketed, and Life Investors Insurance Company of America --
 the administrator for common remitter and Flexwin(SM) Section 125/flexible
 spending account services.
     In addition, MyBenefitSource has partnered with Diversified Investment
 Advisors to serve as the administrator for qualified plans, which include
 Transamerica Life Insurance and Annuity Company and Western Reserve Life
 Insurance Company.  Diversified has integrated its qualified plan
 administration services with MyBenefitSource SingleSourceTechnology(SM) to
 electronically sweep the remittance of 401K contributions from the client
 company.  Additionally, all employee census information is available to
 Diversified Investment Advisors on a real-time basis, which reduces the
 client's internal administration costs related to top-heavy testing and annual
 5500 filings.
     "The main deterrent companies face in providing supplemental insurance
 products to their employees is the time and paperwork involved in enrolling
 and administering benefits and reconciling invoices from a multitude of
 carriers," said Edward Cain, president and CEO of MyBenefitSource.  "Factor in
 new hires and terminated employees, and the headaches escalate.  Our
 SingleSourceTechnology(SM) solves this problem.  Our clients love not having
 to receive and reconcile monthly bills from insurance carriers."
     "Common remitters ensure that the remittance of employee-paid premiums is
 timely, accurate and hassle-free for employers," said Dan Jund, Chief
 Marketing Officer for Transamerica Worksite Marketing.  "More importantly,
 employers are able to provide an improved benefits package for their employees
 at no additional cost, with the added benefit of increased tax credits for
 themselves and their employees."
     "The common remitter billing service through MyBenefitSource relieves
 employers of the burdens and liabilities associated with administering their
 retirement plans," said Tom Schlossberg, president and CEO of Diversified
 Investment Advisors.  "In addition to our clients lowering their
 administrative costs, Diversified is also able to lower theirs for top heavy
 testing and annual 5500 filings by having real-time access to a client's
 census information through MyBenefitSource technology."
 
     About MyBenefitSource
     MyBenefitSource delivers a wide range of payroll, benefit, enrollment and
 administrative services for employers by integrating its Web-based
 SingleSourceTechnology(SM) with innovative products and personalized customer
 care.  The company's highly secure, scalable and integrated technology
 platform eliminates duplication and provides real-time access to account
 information.  MyBenefitSource helps emerging and established companies of all
 sizes focus on their core business.  For more information, visit
 www.MyBenefitSource.com .
 
     About Transamerica Worksite Marketing
     Transamerica Worksite Marketing and the seven companies through which it
 offers coverage are part of AEGON USA, Inc., one of the top U.S. insurance
 groups based on assets (AM Best, 6/2000), and a leading provider of life and
 health insurance, savings and retirement, reinsurance, and other financial
 services products.  AEGON USA, Inc. is part of AEGON N.V., among the world's
 largest international insurance groups based on market capitalization.
 Headquartered in the Netherlands, AEGON N.V. has significant operations in
 Hungary, Spain and the United Kingdom, in addition to the Netherlands and
 North America.  Information on AEGON and Transamerica can be found at
 www.aegon.com and www.transamerica.com .
 
     About Diversified Investment Advisors
     Diversified Investment Advisors is a national investment advisory firm
 specializing in retirement plans.  The company's expertise covers the entire
 spectrum of defined benefit and defined contribution plans, including: 403(b);
 401(k); 457; executive deferred compensation; profit sharing; money purchase;
 cash balance; Taft-Hartley; rollover IRA and Roth IRA.  Diversified services
 over $46 billion in retirement plan assets, helping more than 900,000
 participants save and invest wisely for retirement.  Headquartered in
 Purchase, NY, the company's regional offices are located in Arkansas,
 California, Georgia, Illinois, Iowa, Louisiana, Maryland, Massachusetts,
 Michigan, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas and
 Wisconsin.
 
 

SOURCE MyBenefitSource
    NORCROSS, Ga., April 16 /PRNewswire/ -- MyBenefitSource, a provider of
 Web-based payroll and benefit services for businesses, today announced the
 launch of its common remitter billing services for employee supplemental
 voluntary insurance products, flexible spending accounts, and qualified plans.
     The common remitter service is a multiple-product, multiple-carrier
 automatic billing function that transfers employee insurance premiums to the
 insurance carrier through the MyBenefitSource payroll service.  The common
 remitter service is fully integrated with MyBenefitSource
 SingleSourceTechnology(SM), a robust integration of payroll, enrollment,
 benefit administration and benefit invoicing systems.  Because the technology
 is supported by a payroll platform, benefit premiums, and qualified plan
 contributions can be automatically deducted from employee paychecks and then
 transferred to the common remitter for payment to the carrier.
     MyBenefitSource has partnered with two members of the Transamerica
 Worksite Marketing family:  Transamerica Assurance Company -- the underwriter
 of coverage being marketed, and Life Investors Insurance Company of America --
 the administrator for common remitter and Flexwin(SM) Section 125/flexible
 spending account services.
     In addition, MyBenefitSource has partnered with Diversified Investment
 Advisors to serve as the administrator for qualified plans, which include
 Transamerica Life Insurance and Annuity Company and Western Reserve Life
 Insurance Company.  Diversified has integrated its qualified plan
 administration services with MyBenefitSource SingleSourceTechnology(SM) to
 electronically sweep the remittance of 401K contributions from the client
 company.  Additionally, all employee census information is available to
 Diversified Investment Advisors on a real-time basis, which reduces the
 client's internal administration costs related to top-heavy testing and annual
 5500 filings.
     "The main deterrent companies face in providing supplemental insurance
 products to their employees is the time and paperwork involved in enrolling
 and administering benefits and reconciling invoices from a multitude of
 carriers," said Edward Cain, president and CEO of MyBenefitSource.  "Factor in
 new hires and terminated employees, and the headaches escalate.  Our
 SingleSourceTechnology(SM) solves this problem.  Our clients love not having
 to receive and reconcile monthly bills from insurance carriers."
     "Common remitters ensure that the remittance of employee-paid premiums is
 timely, accurate and hassle-free for employers," said Dan Jund, Chief
 Marketing Officer for Transamerica Worksite Marketing.  "More importantly,
 employers are able to provide an improved benefits package for their employees
 at no additional cost, with the added benefit of increased tax credits for
 themselves and their employees."
     "The common remitter billing service through MyBenefitSource relieves
 employers of the burdens and liabilities associated with administering their
 retirement plans," said Tom Schlossberg, president and CEO of Diversified
 Investment Advisors.  "In addition to our clients lowering their
 administrative costs, Diversified is also able to lower theirs for top heavy
 testing and annual 5500 filings by having real-time access to a client's
 census information through MyBenefitSource technology."
 
     About MyBenefitSource
     MyBenefitSource delivers a wide range of payroll, benefit, enrollment and
 administrative services for employers by integrating its Web-based
 SingleSourceTechnology(SM) with innovative products and personalized customer
 care.  The company's highly secure, scalable and integrated technology
 platform eliminates duplication and provides real-time access to account
 information.  MyBenefitSource helps emerging and established companies of all
 sizes focus on their core business.  For more information, visit
 www.MyBenefitSource.com .
 
     About Transamerica Worksite Marketing
     Transamerica Worksite Marketing and the seven companies through which it
 offers coverage are part of AEGON USA, Inc., one of the top U.S. insurance
 groups based on assets (AM Best, 6/2000), and a leading provider of life and
 health insurance, savings and retirement, reinsurance, and other financial
 services products.  AEGON USA, Inc. is part of AEGON N.V., among the world's
 largest international insurance groups based on market capitalization.
 Headquartered in the Netherlands, AEGON N.V. has significant operations in
 Hungary, Spain and the United Kingdom, in addition to the Netherlands and
 North America.  Information on AEGON and Transamerica can be found at
 www.aegon.com and www.transamerica.com .
 
     About Diversified Investment Advisors
     Diversified Investment Advisors is a national investment advisory firm
 specializing in retirement plans.  The company's expertise covers the entire
 spectrum of defined benefit and defined contribution plans, including: 403(b);
 401(k); 457; executive deferred compensation; profit sharing; money purchase;
 cash balance; Taft-Hartley; rollover IRA and Roth IRA.  Diversified services
 over $46 billion in retirement plan assets, helping more than 900,000
 participants save and invest wisely for retirement.  Headquartered in
 Purchase, NY, the company's regional offices are located in Arkansas,
 California, Georgia, Illinois, Iowa, Louisiana, Maryland, Massachusetts,
 Michigan, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas and
 Wisconsin.
 
 SOURCE  MyBenefitSource