With a defined contribution, companies provide one lump sum of money and employees get to decide how to spend it on a selection of benefits options. Much like a gift card that you can use at any store in a mall, a defined contribution is like a gift card that employees can use to purchase a variety of different benefits. The PlanSource system allows you to set up defined contribution according to your organization’s specific needs and adjust the amount (called employer contribution credits) you will contribute to various employee groups. As employees shop for benefits, they use their credits along the way and can see how the credits are allocated to certain benefits types.
See how our new AI-powered DependentIQ technology enables real-time, automated dependent verification to eliminate manual HR effort and reduce monthly insurance premiums.
Demo Video:Guardian Plan Configuration IntegrationSee how the Guardian Plan Configuration integration works with PlanSource to create a streamlined implementation and renewal process.You Might Also Like
The Source Video:Two Trends in the Brokerage Space | Ryan HawleyThanks again to our guest on The Source, Ryan Hawley from Lincoln Financial Group as they discuss two trends in the brokerage space, working from home, benefits technology and more. You Might Also Like