Enabling clients to approach both health and wealth planning from a sharper perspective, Businessolver and Transamerica recently joined forces in a partnership to provide fully integrated retirement plan enrollment packaged together with regular benefits.
Employees using Businessolver’s branded platform, Benefitsolver, can switch to the enhanced version or modify their existing coverage during open enrollment times.
Businessolver explained that the program’s dual function not only can facilitate workers’ perception of how retirement plan deductions impact their net pay, but can also provide a continuous view of their long-term goals.
“We’re excited to work with Transamerica to … help resolve two of the largest barriers to retirement plan participation: ease of access and perceived affordability,” Businessolver President and CEO Jon Shanahan said. “We believe in a ‘one wallet’ approach to drive employee education about how benefits fit into basic budgeting and financial planning.”
The companies have mutually agreed that Transamerica will document plan records and Businessolver will oversee retirement plan enrollment details. The synchronized overview will allow employees to participate more interactively in their investment planning.
“Transamerica, with its more than 100-year history helping Americans meet their financial and wealth creation goals, is a great like-minded partner to propel that holistic approach,” Shanahan said.
Transamerica’s Dave Paulsen, who serves as chief distribution officer, concurred, lauding the importance of equipping employees with the right tools for benefits options.
“We believe the intrinsic relationship between wealth and health is essential to … 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,” he said. “We are excited to join Businessolver in providing this seamless experience.”
