Stride, a leader in portable benefits technology, unveiled its Stride Contributions program in Utah, marking a significant innovation following the state’s new Portable Benefit Plan legislation (SB-233).
This legislation paves the way for more comprehensive benefits for 1099 workers, enhancing their financial and career flexibility.
Utah State Senator John D. Johnson shared his enthusiasm about the new legislation, stating, “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.”
Adding to the momentum, Utah Governor Spencer Cox highlighted the benefits to both workers and companies, “From gig employees to traditional entrepreneurs, Utah workers and companies will have newfound flexibility with this portable benefits tool. I’m pleased that Utah will be the first state in the nation to implement this inventive legislative approach to employee benefits.”
Following a recent launch in Pennsylvania, Stride has quickly expanded, signing its first Utah workforce client for the Stride’s Contributions program, which is set to go live in Utah this month. The program is a pioneering initiative that allows companies with independent workers to contribute to individual portable benefits savings accounts. These funds can be applied to various needs such as health insurance, emergency savings, and more.
Stride CEO and co-founder Noah Lang commented on the development, “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.
“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 Stride Contributions program is tailored to enhance the financial safety nets for independent contractors in Utah. It puts the power directly in the hands of the workers to manage and allocate these funds according to their unique needs. The program offers flexible eligibility criteria, a fully managed benefits system, and a comprehensive platform for handling financial contributions. Moreover, Stride’s interface provides personalized guidance to help workers select the optimal health plan and set financial goals.
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