With a defined contribution, companies provide one lump sum of money and employees get to decide how to spend it on a selection of benefits options. Much like a gift card that you can use at any store in a mall, a defined contribution is like a gift card that employees can use to purchase a variety of different benefits. The PlanSource system allows you to set up defined contribution according to your organization’s specific needs and adjust the amount (called employer contribution credits) you will contribute to various employee groups. As employees shop for benefits, they use their credits along the way and can see how the credits are allocated to certain benefits types.
From Manual to Modern: How the Caddo Parish HR Team Won Time Back
Success Story Video: Caddo Parish Public Schools For Caddo Parish Public Schools, the pandemic forced them into a new reality: including how they managed employee benefits. Paper forms, in-person meetings, and manual approvals didn’t make sense anymore. They needed a...
Norton LifeLock
Success Story Video:For Norton LifeLock, the leader in digital protection, speed matters. That means partnering with platforms that move quickly, integrate seamlessly, and share a commitment to protecting people. In this testimonial, Jenna Willis, Strategic...
Complementing SAP SuccessFactors: How Veritas Prime Enhances Benefits
Success Story Video:Veritas PrimeFor organizations in the SAP SuccessFactors ecosystem—especially under 1,000 employees—finding a flexible, aligned benefits platform can be a real challenge. Veritas Prime found the solution in PlanSource. Nicole Coffman, Director of...