Introducing Defined Contribution Capabilities

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PlanSource, a cloud-based, on-demand technology company that provides state-of-the-art benefits administration, payroll, and HRIS solutions to employers through its insurance carrier and broker partners, has announced the addition of Defined Contribution capabilities to its leading employee benefits administration platform. The ability to manage Defined Contribution funding models helps PlanSource continue to expand its advanced benefits administration options in the rapidly evolving environment for healthcare and other employee benefits.

“The combination of an employer being able to control the cost of their employee benefits by setting a fixed, overall benefit allowance amount for their employees, while also empowering the employee with a great deal of choice in a consumer-driven shopping experience, is driving a seismic shift in employee benefits toward the Defined Contribution model,” said Scott Carver, President of PlanSource.

Added Carver, “But it’s not a one-size-fits-all option, and it’s important for any benefits administration platform to have sufficient flexibility to support a variety of unique defined contribution scenarios adopted by either private exchanges or individual plan sponsors. Much of our development in this area is being driven by our strong focus on the consumer/end-user experience in anticipation of our private exchange solution, MyPlanSource, which we will release in 2013. Being able to offer these advanced platform options demonstrates PlanSource’s commitment to remain a market leader in employee benefits management and in the rapid rise of healthcare exchanges.”

About PlanSource
PlanSource is a cloud-based, on-demand software provider that revolutionizes the way healthcare and employee benefits are bought, sold and managed with a comprehensive array of integrated services including benefits administration, decision support, payroll and HRIS technology. PlanSource technology solutions are delivered through strategic insurance carriers, brokers and exchanges who partner with PlanSource in order to increase their retention rates, revenue, and the overall value they bring to their customers.