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With Digital Benefits Marketplace, you determine how much you want to contribute toward each employee’s benefits. That’s it. Costs are fixed and you’re done. Your employees choose the options that work best for them. Our experts provide complete administration plus individual decision support. It might be the easiest, most comprehensive approach that serves businesses of any size. It’s that simple.

Frequently asked questions

What is defined contribution compared to defined benefit?

Instead of trying to figure out the best benefit plan for your employees, the defined contribution model gives the employees a fixed amount of money (that you, the employer, determine) to go buy their own benefit plans. Thus you are moving away from a defined benefit model where you define the group plans to offer your employees, to a defined contribution where you give them the funding to buy their own plans.

How does defined contribution help me and my employees?

With defined contribution, you are getting a fixed and determined budget that has a proven ability to bend the trend of overall cost increases, as your employees can make more economical and relative purchases.

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Our clients say it best

Our company likes that the employees have choice in choosing their own benefit package.

Sue Ryan, Office Manager/Bookkeeper, OpenTempo
We liked that our employees could pick different levels of benefits based on what they wanted or needed. The ability to compare plans made it easy to choose the best plan for them.

Brian Green, President, Richard Green Trucking, LLC
Flexibility was a huge appeal. As an employer, we have a wide range in our employee base (age, needs, family size, etc.). We wanted to be able to provide our employees with a set amount of money and have it work for all of our employees, and the exchange enabled us to do that. I find the administration process to be easy and it has lessened the administrative burden. Once I enter the general information into the portal, the program takes care of all of the enrollment and carrier paperwork. Overall we are very happy we made the switch. It was a great change for our organization and we have had nothing but positive feedback from our employees.

Sharon Lasko, ipCapital Group
I like knowing exactly what the company is spending for benefits. The exchange provides simplicity and one stop shopping for me and our employees. From my perspective, I wear many hats as we are a small organization. It was cumbersome to update and communicate with multiple vendors. With the exchange, I only have to notify one person and the carriers are all updated. That gives me more time in my day for other responsibilities. Our employees were shocked in a pleasant way. They spent less money and had better benefit choices. They found the system easy to navigate and liked the benefit calculator. It made it easy for them to see what they had spent and what they had left to buy more benefits with.

Julie North, CFO, Southwest Florida Oral & Facial Surgery
We implemented defined contribution models for three of our groups in 2013. Using defined contributions gave our employees a much better understanding and appreciation for the true cost of benefits. We received very positive feedback by being transparent about costs and plans. Now, we are able to design benefit options that our employees can shop for and purchase using the company defined contribution to help pay for the cost. Employees are able to customize a benefit package that fits their individual needs. As an employer, we do not have to design one plan that fits everyone, but rather we can provide many solutions that employees can choose from. Financially, we can control and understand the company’s costs much better using the defined contribution approach. This was a win-win benefit strategy.

Steve Schultz, 2nd Vice President, People Rewards and Operations, National Life Ins Co.
We own TV and Radio stations throughout the United States. Needless to say managing open enrollment with hundreds of employees in different states is a challenge. Especially when you have changed insurance providers. For our plan year beginning January 1, 2014, we decided to utilize the Digital Benefit Marketplace. It has been a great experience. The site is very user friendly and the representatives at the call center were very helpful. Usually I am the first to hear of any complaints from the employees. This was the first year where I actually heard compliments! I know for me personally it was very easy to research the different plans available and then enroll online. And as a company, it was much easier to have employees enroll online directly through the Marketplace. It was much easier than getting paper applications from hundreds of employees. So overall it was a very positive experience.

Controller, Virginia Based Multi-state media company