Stride has taken another step in its work to support independent workers with portable benefits through a landmark move in the West.
The benefits fintech has launched its Stride Contributions program in Utah, marking a significant step for the state's independent workforce following the enactment of its Portable Benefit Plan legislation.
This new initiative stands as the first of its kind in Utah, offering a novel approach for companies to contribute toward benefits for their 1099 workers.
Utah state Sen. John D. Johnson, who pushed for the bill in 2023, highlighted the importance of the legislation.
"Utah S.B. 233 'Portable Benefit Plan' … 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," Johnson said in a statement announcing Stride’s launch in the state.
Utah Gov. Spencer Cox also commended the initiative, pointing out the state's leadership in enshrining portable benefits in the law.
"I'm pleased that Utah will be the first state in the nation to implement this inventive legislative approach to employee benefits," Cox said, emphasizing the flexibility that portable benefits will afford to “traditional entrepreneurs, Utah workers and companies.”
Under Stride’s program, workers can create individual portable benefits savings accounts, which they can then use for health insurance, emergency savings, and other financial benefits.
Apart from helping independent workers deal with the primary concerns of health coverage, tax support, and savings, Stride’s platform offers an added boost with contributions from one or multiple companies.
Noah Lang, CEO and co-founder of Stride, applauded Johnson and Cox’s leadership in providing “regulatory clarity” around portable benefits in their state.
"It's time for our benefits system to catch up to the way Americans work today," Lang said. Stride’s launch in the western US comes on the heels of another pioneering step forward in Pennsylvania, where its portable benefits program is being piloted through a partnership with DoorDash.
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