The launch follows on the heels of the state’s passage of new Portable Benefit Plan legislation (SB-233)
SAN FRANCISCO, April 10, 2024 /PRNewswire/ — Today Stride, the pioneer in portable benefits technology, announced the launch of its Stride Contributions program in Utah. This follows the state’s passage of new Portable Benefit Plan legislation (SB-233) that created opportunities for companies to extend more benefits to 1099 workers.
In conjunction with the announcement, Utah State Senator John D. Johnson issued the following statement: “Utah S.B. 233 “Portable Benefit Plan,’ a bill I ran in 2023, establishes a portable program that empowers Utah’s independent workforce with the flexibility and freedom to pursue their career goals while still enjoying a key benefit of traditional employment. I am excited that Stride is announcing a framework to operationalize this innovative state law.”
“From gig employees to traditional entrepreneurs, Utah workers and companies will have newfound flexibility with this portable benefits tool,” said Utah Governor Spencer Cox. “I’m pleased that Utah will be the first state in the nation to implement this inventive legislative approach to employee benefits.”
On the heels of launching in Pennsylvania last week, Stride also announced today that it has signed the first Utah workforce client to use the Stride’s Contributions program, set to launch in Utah this month.
The first-of-its-kind program enables companies with independent workers to make contributions into an individual’s portable benefits savings account, which individuals can then apply to health or other insurance coverage as well as financial benefits like emergency savings, time-off, sick leave, or long-term savings. Stride’s platform solves the top three benefit needs of independent workers: health coverage, tax support and savings — now with the added support of contributions from one or multiple companies.
“It’s time for our benefits system to catch up to the way Americans work today. Utah Senator Johnson and Governor Cox recognized that and created new regulatory clarity, enabling companies in Utah to contribute to their workers’ financial security,” said Noah Lang, CEO and co-founder of Stride. “With Stride Contributions, we’ve made it easy for independent workers to save and for companies to contribute to workers’ benefits — no matter how they choose to work. The future of work isn’t in the future; it’s here now.”
The new Stride Contributions program is designed to help companies provide tailored benefits programs to Utah independent contractors, while putting the power in the hands of individual workers to allocate those funds towards their own unique set of benefits. Key features include:
- Flexible Eligibility Design: Program criteria are customizable, enabling companies to design their own rewards criteria, incentives and tiered eligibility levels.
- Fully Managed Benefits Program: Full toolkit, service & support to manage direct financial contributions to individual benefits accounts.
- Comprehensive Benefit Platform: A single platform where companies can deliver rewards and workers can make smart decisions across a complete set of health & financial benefits.
- Personalized Guidance: Stride’s experience is designed to help them pick the right health plan, set financial goals, allocate contributions towards them, and add personal funds.
This launch marks a significant advancement in modernizing the ability for all workers to access financial safety nets, regardless of employment status. Independent workers want to retain the flexibility and autonomy they enjoy from independent work, but crave the security of benefits like access to healthcare, retirement funding, paid time off, sick leave and more. By opening up access and contributing to benefits, the Stride Contributions program and Stride Save* product provide a new way for companies to invest in their workers’ financial stability, providing a critical tool to enhance worker engagement and retention.
If you’re a company who is interested in providing portable benefits contributions to your independent contractors or employees, please visit https://www.stridehealth.com/partners to sign up and learn more.
If you’re an individual interested in joining our waitlist for a Stride Save account, sign up here: https://get.stridebenefits.com/stride-save/
About Stride
Stride simplifies the complexities of being an independent worker by creating a modern benefits system for individuals — regardless of their employment status — that they can take with them and to which companies can contribute but do not control. Stride is the first portable benefits platform specifically designed for the nearly 60 million American independent workers who do not receive employer-based benefits. The Stride platform offers access to insurance — health, dental, vision, life and other supplemental insurance — as well as financial tools to track income, mileage and other deductible expenses to manage their tax obligations, all via a single app. Since launching in 2014, Stride has helped more than 4 million workers save more than $5 billion on their taxes and monthly health insurance premiums.
Stride is partnered with over 100 organizations, including with the world’s leading work platforms, employers and service providers of non-benefited workers, such as Uber, Amazon, DoorDash, Instacart, Grubhub, Patreon, Care.com, Gusto, Gopuff, TaskRabbit, Recording Academy, ShiftKey and more so they can provide their workers with access to a full marketplace of health and wealth benefits. The company is backed by $96 million in capital from Venrock, New Enterprise Associates, F-Prime Capital, Allstate and King River.
Disclaimers
*Stride Savings LLC is a financial technology company and is not a bank. Banking services are provided by i3 Bank, Member FDIC. The Stride Mastercard Debit Card is issued by i3 Bank pursuant to a license from Mastercard, Inc. and may be used anywhere Mastercard cards are accepted.
Media Contact:
Meg Sloan
Chief Marketing Officer
[email protected]
SOURCE Stride Health
