CHARLOTTE, N.C., April 5, 2021 /PRNewswire/ -- One of the top challenges facing employee acquisition today is competing against companies with larger budgets for talent according to isolved's survey of human resources (HR) leaders. To help level the playing field, isolved has launched the most complete range of 401(k) plans as a comprehensive new benefits service. The offering provides a cost-effective way for businesses to lower retirement-plan costs while improving recruiting and retention by meeting employee benefit and experience expectations.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2020 paved way for the new launch as it allows companies to "pool" resources to get lower rates and reduce the cost of managing 401(k) plans through pooled employer plans (PEP). isolved 401(k) spans the full range of retirement vehicles including multiple-employer plans (MEP) and extends to single employer and association plans where a pooled plan may not fit. Now, in conjunction with isolved People Cloud™, the intelligently connected human capital management (HCM) platform, employers of all sizes can manage the entire employee lifecycle from hire to retire.
"The main benefit of leveraging the isolved 401(k) offering are the economies of scale that significantly reduce costs and simplify management and administration," said Neil Shifman, VP of retirement and insurance services at isolved. "This comprehensive new offering provides employers with the kind of management and financial wellness benefits that to date have only been reserved for large enterprises, who can afford to offer competitive retirement plans simply because of the number of employees on the plan. With isolved 401(k), the benefit of that buying power is available for each and every company participant – regardless of size."
In addition to cost benefits, isolved 401(k) offers several key features for customers to:
Initial demand as part of the launch has been substantial with over 100 customers already going live on isolved 401(k) including the Chicago Canine Club.
"isolved helped the Chicago Canine Club through a very difficult transition from a previous provider," said Erin Herbert, owner of Chicago Canine Club. "Their excellent communication and support made the process of switching 401(k) providers as painless as possible while helping our company be more competitive in our benefits offerings. Smaller businesses like ours can leverage isolved's turnkey solution to manage their 401(k) program and go about managing their business."
Find more information about isolved 401(k) here.
isolved is an employee experience leader, providing intuitive, people-first HCM technology. Our solutions are delivered directly or through our partner network to more than five million employees and 145,000 employers — who use them every day to boost performance, increase productivity, and accelerate results while reducing risk. Our HCM platform, isolved People Cloud, seamlessly connects and manages the employee journey across talent management, HR & payroll, workforce management and engagement management functions. No matter the industry, we help high-growth organizations employ, enable and empower their workforce by transforming employee experience for a better today and a better tomorrow.
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