Navia Benefit Solutions today announced a strategic partnership with retirement savings platform Penelope 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, claims a press release announcing the partnership.
“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.”
Jennifer Thomas, EVP of TRI-AD, a subsidiary of Navia
Penelope’s white-label plans allow Renton, Wash.-based Navia, a consumer-directed benefits provider of health, wealth, and compliance solutions serving 10,000+ employers across all 50 states, to provide a fuller, more streamlined suite of integrated benefit offerings. Those offerings 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, CEO 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.”
New York-based 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 CEO 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.”
SEE ALSO:
• Startup Penelope Targets Small-Biz 401k Market