PayPro is now offering qualified transportation accounts to pay for uberPOOL, LyftLine and Via rides. Qualified transportation accounts, or commuter benefits, fall under Section 132 of the IRC – and operate in a manner that is somewhat similar to flexible spending accounts (FSAs). Once an employer has opted to offer this benefit, participants can easily add or set up an UberPool, LyftLine or Via account and select the PayPro Benefit Card to be used to pay for qualified commuter expenses. Qualified transportation accounts, also called commuter benefits, allow employees to pretax the cost for qualified parking, as well as transportation expenses using public transit, or qualified car/vanpool services. Participants can elect up to $255 per month for qualified parking expenses and up to an additional $255 per month for qualified transportation expenses. Unlike an FSA, participants can change their elections on a monthly basis, thereby reducing the use-or-lose fear many FSA participants face. Eligible commuter benefit cards currently work for riders in the following locations: New York City, Boston, Chicago, Washington, D.C., San Francisco, Philadelphia, Las Vegas, Denver, Atlanta, Miami, Los Angeles, San Diego, Seattle and New Jersey (state). For more information on PayPro or commuter benefits, contact Shawna Mendoza at 951-656-9273 x 214 or email MichaelE@pagroupus.
Millennial Parents Dedicated, but Not Financially Prepared
Haven Life, which sells term life insurance online, released results of its How the Next Generation of Parents are Dealing with Parenthood study. The study indicates that overall millennial parents dedicate almost all of their time and resources to prioritizing health, enrichment and raising kind, compassionate children (referred to as Generation Alpha). However, they’re not financially prepared to maintain this lifestyle should something unexpected occur:
- Only 13% listed college savings as a monetary priority at this time.
- Between childcare and anticipated housing costs, 42% of their household income is tapped.
- 53% of those surveyed have less than $5,000 in savings; 34% have less than $1,000
- 22% have no life insurance at all.
- Of those insured, 70% have $250,000 or less in life insurance coverage.
For more information on millennial parents and their financial priorities, read the full How the Next Generation of Parents Are Dealing with Parenthood report.
MIB Reports Decline in Life Insurance Applications
MIB announced application activity for individually underwritten life insurance was off -6.0% in March—one the steepest monthly declines of recent record, according to the MIB Life Index. At the close of the first quarter, the MIB Life Index was off -4.5% YTD, impacted by consecutive year-over-year declines in the opening three months of 2017. Historically, the composite Index is coming off a record eight consecutive quarters of growth that ended in Q2 2016. Month-over-month, March application activity was -2.7% lower than that of February.
Mirroring the composite Index, U.S. life insurance application activity was off sharply across all three age groups. In March, activity ages 0-44 was off -5.3%, ages 45-59 was off
-8.4%, and ages 60+ was off -4.5%. At the close of the first quarter, application activity ages
0-44 was off -4.3% YTD, ages 45-59 was off -6.4% YTD, and ages 60+ was off -2.1% YTD.
Access MIB’s CEO comments on the 2016 industry in the MIB Life Index Year-in-Review video. Download the 2016 MIB Life Index Annual Report free by registering at the Enhanced Life Index Portal: www.mibsolutions.com/regLI.
Platform Acquires Beneplace
Platform Partners LLC, a private company headquartered in Houston, announced that it completed the acquisition of Beneplace, LLC, a leading marketer and distributor of voluntary employee benefits and employee discount programs serving Fortune 1000 companies, large associations and government agencies.
Founded in 1995, Beneplace is one of the fastest-growing voluntary benefit companies and currently serves employers and institutions in the U.S., Canada, Latin America, Europe, Australia and Asia. Along with a comprehensive voluntary benefits offering that includes critical illness, dental, disability, group legal, long-term care, and other voluntary benefits, Beneplace offers an employee discount platform. Beneplace offers its products and services to over nine million employees across multiple industry sectors.
“Beneplace has been a pioneer in voluntary benefits and employee discount products programs,” said Fred Brazelton, President & CEO of Platform. “We look forward to partnering with the entire management team to continue developing innovative solutions for employers focused on providing valuable savings to their employees.”
Beneplace’s management team, led by President Rusty Stein, will continue to manage the business. “We have built an unmatched suite of products and services for large employers and government agencies and are confident that Platform’s expertise will help our business continue to grow and thrive,” said Stein. For more information, visit Beneplace or Platform online.
Insurers Invest in Denim Labs
Denim Labs, Inc. (Denim), provider of a social media engagement platform, announced the company’s growing investor portfolio, including RGAx, the innovation subsidiary of Reinsurance Group of America, Inc., and American National Insurance Company.
“We are thrilled to welcome RGAx and American National as investors,” said Gregory Bailey, co-founder and CEO of Denim. “These companies are veteran leaders in the industry – we are truly working with the best. This new support gives us the opportunity to enhance our product offerings, expand our reach, and further empower our customers and partners across the insurance and financial services industries.”
Denim’s patent-pending platform enables corporate marketers to launch, manage, and scale social media advertising for thousands of agents, advisors, and brokers in just two minutes. Denim-powered ads are corporately managed, but delivered locally on behalf of independent or affiliated agents. Denim frees advisors from social media activities and allows them more time for high-value sales and relationship building with their customers. For more information about Denim and to read more about the announcement, visit the Denim blog or watch the Denim video.
AFLAC Announces Tough Mudder Small Biz Challenge
Aflac, a leader in voluntary insurance sales at the worksite in the United States, announced it will partner with Tough Mudder Inc. as the “Official Supplemental Insurance Provider” for Tough Mudder’s 2017 events season. The partnership includes the introduction of the Aflac Small Business Challenge designed for teams participating in Tough Mudder events on behalf of small businesses. Tough Mudder hosts a series of endurance events and obstacle course challenges all over the world. Tough Mudder events promote teamwork, physical activity, and fun, and the partnership with Aflac underscores the brand’s commitment to promoting corporate team building.
“Aflac recognizes that young adults are seeking creative ways to live active, healthy lifestyles, and the Tough Mudder experience creates that opportunity for its competitors almost every weekend of the year,” said Gail Galuppo, senior vice president and chief marketing officer at Aflac. “For young employees working at a small business, camaraderie among the team is crucial. Participating in an event like Tough Mudder together can help improve communication and collaboration while creating a workplace culture that supports healthy and fit lifestyles – all attributes that help small businesses succeed.”
“We are excited to launch the Aflac Small Business Challenge to promote our dual commitment to camaraderie and team building and to support Aflac’s dedication to helping employees of small businesses thrive.” said Donna Goldsmith, Tough Mudder Inc. senior vice president of Partnership Marketing, International Event Licensing, Corporate Sales and Merchandising.
Aflac is encouraging businesses to take team building to the next level by having employees participate in Tough Mudder events. To enter a team into the challenge, employees can enter on behalf of their company by simply sharing how teamwork has helped their small business succeed. A “Team of the Month” will be selected from the entries each month (April to October 2017), winning four complimentary entries into a Tough Mudder event to put their teamwork skills to the test. In the fall, one grand-prize winner will receive four complimentary entries and an all-expenses-paid trip for those four entry ticketholders to World’s Toughest Mudder, the most extreme, 24-hour endurance race hosted by Tough Mudder, taking place at Lake Las Vegas Nov. 11-12. For the official rules and chance to enter to win the Aflac Small Business Challenge visit The Aflac Small Business Challenge.