FAIRPORT, N.Y: After decades as a senior benefits consulting executive, David Vandeveer has witnessed concerning trends in retirement readiness and the growing urgency of addressing the gap between retirement savings and the savings needed for retirement income replacement.
When he learned about NestUp Managed Deferrals he knew he'd found a meaningful and engaging platform that could enable employees to close that gap.
Vandeveer, with deep healthcare and retirement domain expertise from working at Aon Consulting, ADP, and Transamerica, joined benefits decision support innovator Perspective Partners, LLC, in August of this year.
This Fairport, N.Y. financial wellness company launched NestUp Managed Deferrals in 2013, well ahead of the health-wealth benefits convergence trend and has attracted a forward-thinking team of industry veterans including Kevin Vail, previously with M&T Bank's HSA division, and Bart Ballinger from EMPOWER.
Solving the Human Capital Equation
Vandeveer believes in facilitating smarter use of 401(k) and health savings accounts (HSAs) deferrals is key to the dilemma of an aging workforce. High deductible health plans in concert with HSAs help employers and employees save money on premiums and taxes - funds that can then potentially be diverted into retirement savings. The result: A more productive and focused workforce that can afford to retire on time, i.e., solve the human capital equation on the "back-end" of a career.
"The implications of aging in the workforce are profound," says Vandeveer. "Employers need healthy Baby Boomer and Gen-X employees on the job. Those employees need more visibility and maximization of their retirement and health care contributions, which NestUp Managed Deferrals accomplishes."
Fintech Benefits Innovation
As his career progressed, Vandeveer noticed the convergence of health and wealth benefits that inspired Perspective Partners to create NestUp Managed Deferrals. The company's expertise in benefits decision support and innovation translated into a platform that is easily integrated into benefits administration technology, payroll and other employer portals.
Employers gain through an interface that provides personalized information for employees during open enrollment, while employees benefit from implementing benefit deferral changes through a one-click experience.
