Businessolver, a technology company that handles employee benefits administration for its client companies, has launched a agreement with insurance and retirement solutions company Transamerica to offer a new benefits selection platform that allows users to put all their employer benefits in one central location.

Clients’ employees will now be able to select retirement plans and employer-provided medical and voluntary benefits through Businessolver’s platform, called Benefitsolver.

The platform allows users to see how their selections could affect their take-home pay and how much their company is contributing to their overall benefits package. Combining both wealth and health benefits into one system helps simplify the enrollment process for users.

“With one wallet and one budget for all of their benefits, employees can learn to make better financial decisions to prepare themselves—and their families—for the future while still taking care of the important benefits they need today,” said Businessolver president and CEO Jon Shanahan. 

The majority of Americans save for retirement via an employer-sponsored plan, according to research from Pew Charitable Trusts. That participation rate increases to nearly 80 percent when employers contribute to employee retirement savings. However, nearly 40 percent of employees surveyed by Pew said affordability heavily influences whether they enroll in or contribute to retirement plans through their employer.

The Benefitsolver platform and its offerings will not replace employers’ existing benefit selection methods, however. The value offering is that the employees are now able to select all benefits in a single enrollment. The client programs created by Benefitsolver help users minimize their risk and maximize benefits, and it provides tools and resources to help employees make cost-efficient selections. 

Benefitsolver helps to keep employees actively engaged in managing their benefits, Businessolver says. The platform can be helpful to advisors in getting clients to understand the full picture in their long-term financial planning. The tool regularly encourages participants to review their per-paycheck contributions and retirement income goals, and it allows changes during every annual enrollment season.

“This is a great opportunity for financial advisors to provide insight into the amount the employee is contributing based on possible salary increases, employer match changes and more,” Shanahan says. “Based on client-defined setup, employees also have the opportunity to auto-increase the amount they contribute.”