Leading Consumer Directed Health Provider Navia Benefit Solutions Partners with Penelope, a Modern Retirement Savings Platform, to Offer a Comprehensive Health & Wealth Benefit Offering The partnership marks Penelope’s debut of white-label 401(k) plans and modern recordkeeping for plan advisors and sponsors.
RENTON, Wash. and NEW YORK
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March 19, 2024 10:00 AM Eastern Daylight Time
Navia Benefit Solutions, a nationwide consumer-directed benefits provider of health, wealth, and compliance solutions, today announced a strategic partnership with Penelope, a premier retirement savings platform, to offer white-label 401(k) plan offerings.
The partnership marks Penelope’s entry into the third-party administrator space. By offering a white-label solution, non-retirement third-party administrators can grow their businesses and deepen their existing relationships while also maintaining a cohesive brand experience.
Penelope’s white-label plans empower Navia to provide a fuller, more streamlined suite of integrated benefit offerings, which include flexible spending accounts, health savings accounts, health reimbursement arrangements, commuter plans, wellness plans, and COBRA administration.
“Legacy platforms have made it difficult to offer comprehensive health and wealth solutions,” said Hilarie Aitken, chief executive officer of Navia. “Penelope’s new technology allows us to provide a holistic package that reaches across the benefit spectrum and creates a seamless, more efficient experience for our clients.”
Penelope launched in 2022 to provide simplified, affordable, and easy-to-manage retirement plans directly to business owners and has since expanded its offerings to serve this new market segment.
“The affinity we have for Navia stems from our shared mission of taking away the complexity and burden of providing necessary benefits to American workers,” said Jean Smart, founder and chief executive officer of Penelope. “Each of our companies is dedicated to empowering the market to provide the best and most effective benefit solutions–solutions that improve health, and secure financial futures.”
States across the country are enacting various legislation designed to encourage businesses to offer retirement plans. Currently, 18 states require businesses of all sizes to offer IRAs or other retirement solutions to their employees, with further pending legislation.
“Navia and Penelope understand the unique challenges of business owners and benefits executives, and both companies are poised to lower the barriers to implementing effective retirement plans,” said Jennifer Thomas, executive vice president of TRI-AD, a subsidiary of Navia. “Our shared values make this the perfect solution as we expand access to easy-to-employ, modern wealth benefits, and close the retirement gap.”
About Navia Benefits Solutions
Navia is a national, consumer-directed benefits provider serving 10,000+ employers across all 50 states. The company provides comprehensive health, wealth, and compliance solutions to employers and consumers, and offers industry-leading customer service, communications, and technology. Founded in 1989, Navia began as Flex-Plan Services, and over the years has grown into one of the nation’s premier benefit providers. Navia offers FSA, HSA, HRA, Commuter, Lifestyle, Retirement, Benefit Administration, Education, COBRA, and other benefits. For more information visit www.naviabenefits.com.
About Penelope
Penelope is the retirement savings platform for businesses, independent financial advisors, and third-party administrators looking to provide a secure retirement for the 60 million Americans who work in small businesses. Through a low-cost 401(k) subscription model, Penelope provides affordable and streamlined savings vehicles for small business owners and their employees without hidden charges, hassle, or unnecessary jargon. Penelope’s intuitive technology platform automates employee investing, streamlines costs and paperwork, and provides learning tools for employees. For more information, visit www.Penelope.co.
Contact Details
For Penelope
Peter Page
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