State of Wisconsin Department of Employee Trust Funds Selects Benefitfocus for Employee Insurance Administration Modernization

CHARLESTON, S.C., Aug. 5, 2021 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading technology platform provider enabling rapid innovation for employers, health plans and consumers, today announces the award of a contract supporting the State of Wisconsin's efforts to modernize its insurance administration system for the Department of Employee Trust Funds. The contract was awarded to Benefitfocus after a competitive RFP process to meet the state's need for "a new, fully-integrated, best-practices-based insurance administration system requiring minimal customizations."

Benefitfocus will support the administration of core, ancillary and voluntary benefits. It will also manage COBRA administration, direct billing, consolidated billing services and analytics for more than 239,000 members of the Department of Employee Trust Funds.

"We are thrilled to be selected by the State of Wisconsin to help them provide their members with an improved, modernized benefits enrollment experience," said Matt Levin, president & CEO, Benefitfocus. "I am honored that the State of Wisconsin chose Benefitfocus to be their trusted technology and business partner. "

The Wisconsin Department of Employee Trust Funds administers the Wisconsin Retirement System (WRS), the group health insurance program for State of Wisconsin (State) employees and many local governments, and a variety of other public employee benefit programs. The WRS is the eighth largest public pension fund in the nation and the Department's largest program, providing retirement benefits for more than 648,000 current and former state and local government employees on behalf of approximately 1,500 employers. WRS participants include public school teachers, current and former employees of state agencies, and employees of most local governments.

Benefitfocus' Public Sector Support
Benefitfocus offers state and local governments and education systems a dedicated cross-functional team to support all phases of the contract and implementation process. The company helps states modernize their benefits administration initiatives to better serve public sector employees and retirees. Its single, cloud-based solution personalizes the enrollment experience for employees and retirees, and streamlines benefits administration by removing complexity for plan administrators.

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About Benefitfocus 
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry through innovative technology solutions that bring efficiency, cost savings and simplicity to employee benefits administration. Our powerful cloud-based software, data-driven insights and thoughtfully designed services help employers, insurance brokers, health plans and suppliers address the complexity of benefits enrollment and engagement, while bringing easier access to health, wealth and lifestyle products through a world-class benefits experience. Our mission is simple: to improve lives with benefits. Learn more at www.benefitfocus.com, LinkedIn, Facebook, Instagram and Twitter.

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS 
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: volatility and uncertainty in the global economy and financial markets in light of the evolving COVID-19 pandemic and uncertainties arising from the recent U.S. elections; our continuing losses and need to achieve GAAP profitability; fluctuations in our financial results; our ability to maintain our culture, retain and motivate qualified personnel; the immature and volatile market for our products and services; risks related to changing healthcare and other applicable regulations; risks associated with acquisitions; cyber-security risks; the need to innovate and provide useful products and services; our ability to compete effectively; privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at https://investor.benefitfocus.com/sec-filings or upon request from our Investor Relations Department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

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SOURCE Benefitfocus, Inc.