As mid-sized businesses scale, a key way to support workers and attract talent is to provide a high quality, cost-effective employee benefits package. In partnership with Betterment, Lumity is making it simple for employers to find and offer a great 401(k) that lets employees plan for retirement in full view of their other financial goals. Lumity is dedicated to connecting businesses with the leading providers across the full spectrum of benefits — from 401(k)s to health insurance, ancillary benefits, and more.
“Lumity has created a truly modern benefits experience for tech-forward, fast-growing businesses. We share this commitment with Lumity and are excited to partner with them, as a testament to a mutual relationship that has been growing for years,” said Kristen Carlisle, General Manager of Betterment for Business. “Our goals are very complementary — we’re both focused on supporting the wellbeing of employees and ensuring that companies can reward workers with the top benefits in the industry. By working with Lumity, we can continue to increase access to financial wellness and retirement security.”
Supporting employee health, both financially and physically, is something that has become even more important to employers over the past year. A 2020 survey from PWC found that finances are the top source of stress in many employees’ lives, and millions of Americans continue to struggle with medical debt, an issue that only deepened during COVID-19. The financial and health issues that many consumers have faced during the pandemic have made it clear to businesses that top-notch retirement planning and health insurance benefits are two areas well worth investing in.
“COVID-19 has increased financial, physical, and emotional stress for many employees, and employers are tuned into this as they consider their benefits strategy. During our planning sessions with our clients for 2022 benefits, financial wellness is front and center, so the partnership between Betterment and Lumity made perfect sense,” said Amit Ahluwalia, National Employee Benefits Practice Leader at Lumity. “Betterment brings transparency to the 401(k) business in the way that Lumity delivers transparency to benefits insurance. Between our two companies, there’s a great alignment of values and shared commitment to deliver a better benefits experience to employers and employees.”
Betterment’s 401(k) business has grown at a record pace over the past year, and continues to experience significant customer and partnership momentum in 2021 as they work to make retirement planning an incredible experience for thousands of employees across America. In addition to Lumity, Betterment works closely with other benefits marketplaces to make it simple and painless for employers to offer a great 401(k). For more information on what a Betterment 401(k) could do for your business, payroll or benefits organization, visit www.betterment.com/401k.
About Betterment’s 401(k) Business
Betterment for Business is a 401(k) service built from the ground up with the needs of the modern employee in mind. It’s selected by employers who want to offer their employees tailored financial advice that will help them create a more secure future. Betterment’s 401(k) offering is powered by Betterment’s proprietary, smart technology that automates and optimizes asset allocation to enhance financial wellness. As a fiduciary that is independent of the funds it invests in, Betterment believes that everyone has the fundamental right to expert financial advice. Headquartered in New York City and created by the largest independent online financial advisor, Betterment’s 401(k) is used by leading employers like Casper and Boxed. For more information, visit www.betterment.com/401k.
About Lumity, Inc.
Lumity partners with the modern employer to drive a competitive benefits program and deliver a better benefits experience. Bringing to the midmarket the kind of data insights that are typically only available to self-funded, big companies, Lumity specializes in helping high-growth, highly-distributed companies cost-effectively scale their benefits programs to attract and retain top talent. Lumity’s data technology, expertise, and attentive employee support are designed as an end-to-end solution that is HR Tech stack agnostic. Learn more at www.lumity.com.
Any links provided to other websites are offered as a matter of convenience and are not intended to imply that Betterment or its authors endorse, sponsor, promote, and/or are affiliated with the owners of or participants in those sites, unless stated otherwise.
CONTACT:
Arielle Sobel
[email protected]
SOURCE Betterment for Business