CLEVELAND, Nov. 19, 2020 /PRNewswire-PRWeb/ -- Benefit Advisors Network (BAN), a national network of independent employee benefit firms, is pleased to announce that it has created a strategic partnership with PTO Exchange, a benefits platform that turns unused paid time off (PTO) hours into liquid assets that can be converted into things employees value – retirement accounts, student loan payments, emergency cash, donations and more.
Under the terms of the new partnership, BAN's 120+ member firms nationwide will now offer PTO Exchange to their client organizations across the United States.
"There is approximately $65B of unused PTO that is forfeited by employees each year," says Rob Whalen, CEO of PTO Exchange. "And 2020 is projected to be even worse. COVID-19 has led to employees banking a massive surplus of unused vacation time - up to 34% more, according to industry surveys."
Continues Whalen, "Our platform gives employees more options to convert that unused vacation into other assets based on their own personal priorities. For employers, we offer a cost-neutral way to extend their current PTO benefit, further support employees, and proactively manage their PTO surplus liability. Particularly at a time when the American workforce needs more options and tools to weather the disruptions caused by COVID-19, we are excited to partner with Benefit Advisors Network."
Employees can use PTO Exchange to convert unused vacation into:
- Retirement savings - allow employees to add to their 401(k) plans;
- Student loan repayment - provide tuition reimbursement and help to pay down student loans, estimated to total $1.48 trillion in the U.S. today;
- Emergency expenses - empower the estimated 40% of Americans who cannot cover an unexpected $400 expense;
- Healthcare - employees can self-direct to their healthcare savings (HSA) or flexible spending accounts (FSA);
- Travel - exchange for airfare, hotels and other travel;
- Leave-sharing - contribute PTO to fellow employees who may need it; and
- Donations - give to over 1 million charitable organizations in the US.
For employers, benefits include:
- Extending their current PTO benefit;
- Providing differentiated benefits to attract and retain talent;
- Enhancing support for a multi-generational workforce; and
- Proactively reducing the ballooning surplus PTO liability
"Adding PTO Exchange as a partner strengthens the resources available for our members. Employers who offer as much assistance as possible to the variety of generations in the workforce today are demonstrating that they are an employer of choice. In today's competitive labor market, employee engagement is critical. The benefits of having a corporate philosophy - including financial wellness - means support from the workforce to have an efficiently operating business," says Bobbi Kloss, BAN's Director of Human Capital Management Services. "PTO Exchange provides such support to an employer's holistic wellbeing culture."
"Adding PTO Exchange to our list of reputable partners provides value and strengthens connections with our members, in turn allowing them to be an even greater resource to their employer clients," says Perry Braun, Executive Director of the Benefit Advisors Network. "It is imperative that brokers today continue to stay on top of the latest technologies that bring value to their clients, while also allowing them to focus on running their business as efficiently as possible."
Continues Braun, "We look forward to our partnership with PTO Exchange."
About BAN
Founded in 2002, BAN is an exclusive, premier, national network of independent, employee benefit brokerage and consulting companies. BAN delivers industry leading tools, technology, and expertise to member firms so that they can deliver optimum results to their employee benefit customers. BAN intentionally limits membership because of the highly collaborative interactions. For more information, visit the Company's website at http://www.benefitadvisorsnetwork.com.
About PTO Exchange
PTO Exchange is a flexible benefits platform that turns unused paid time off (PTO) hours into liquid assets that can be converted into things employees value – retirement accounts, student loan repayment, travel awards, charitable causes and more. PTO Exchange helps companies attract & retain talent, reduce balance sheet liabilities and strengthen community all while employees reclaim lost PTO. PTO Exchange is SOC 2-certified and trusted by Premera Blue Cross, General Atomics, Howard Brown Health, Slalom Consulting and others. Learn more at http://www.ptoexchange.com.
Media Contact
Jessica Tiller, Pugh & Tiller PR, +1 (443) 621-7690, [email protected]
SOURCE Benefit Advisors Network
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