The new benefit option allows an employer to offer a dollar-for-dollar or percentage-based match that would go toward student loan repayments.
DES MOINES (PRWEB) September 15, 2016
Businessolver, a leader in SaaS-based benefits administration technology, today announced it will be launching functionality on its enrollment and administration platform to allow employer clients to provide matching funds as a benefit to assist employees repaying student loan debt.
The new benefit option allows an employer to offer a dollar-for-dollar or percentage-based match that would go toward student loan repayments. While the match would be taxable under current law, pending legislation may be considered by Congress in 2017 that would allow such contributions to be non-taxable.
Businessolver is pursuing the enhanced technology as a major new frontier in employee benefits and administration. The company already has made inroads in the space through a partnership with SoFi, allowing its employer clients to offer student loan refinancing as a voluntary employee benefit. Businessolver has made SoFi's services available as a benefit to its own employees as well. Additionally, it staffs a unique department known as the VICE Squad (short for Voluntary Integration and Carrier Engagement) that's dedicated to seamlessly and effectively bringing new voluntary benefit carriers onto the Businessolver platform, including student loan servicing. The company also is driving thought leadership on the overarching topic of financial wellness with a white paper showing employers how to adopt a "one wallet" strategy toward helping employees manage money.
"The national reality is undeniable: Young employees are entering the workforce under the crushing burden of student loan debt. The cost of financing their education is blocking out all other financial plans and decisions these employees can and should be making - choosing comprehensive medical care, saving for retirement, or buying cars and homes," said Rae Shanahan, Businessolver Chief Strategy Officer. "A recent article in Leader's Edge magazine made the case perfectly for this type of benefit and the potential return it poses for the entire American workforce. We are focused on expanding the definition of benefits and this functionality could be the game changer for employees and employers across the country. We're proud to be on the leading edge of that."
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Since 1998, Businessolver has delivered market-changing benefits administration technology supported by an intrinsic responsiveness to client needs. It creates client programs that maximize benefit program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefit selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.
Sam Randall, Businessolver