Stride Launches Utah's First Independent Worker Portable Benefits Contributions Program
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/
