TriNet Announces Enrich™ 

Rhea-AI Summary

TriNet (NYSE: TNET) has introduced a groundbreaking product line called Enrich™, aimed at small and medium-sized businesses (SMBs). Set to launch next month for its 23,000 SMB customers, the initial offerings, Enrich Access and Enrich Adopt, will provide tax-free travel reimbursements for medical care and tax-favored reimbursements for adoption-related expenses, respectively. This initiative aims to ensure SMBs can compete with larger companies in employee benefits, enhancing employee attraction and retention in a competitive market.

Positive

• Introduction of Enrich™ product line to enhance employee benefits for SMBs.
• Enrich Access offers tax-free travel reimbursements for medical care not locally available.
• Enrich Adopt provides tax-favored reimbursements for adoption-related expenses.

Negative

• None.

 First-Of-Its-Kind Product Line for Small and Medium-Size Businesses

- Enrich Access to Provide Travel Reimbursement to Employees Receiving Medical Care Not Available to Them Locally  

- Enrich Adopt to Assist Employees with Adoption-Related Expenses   

DUBLIN, Calif., July 26, 2022 /PRNewswire/ -- TriNet (NYSE: TNET), a leading provider of comprehensive human resources for small and medium-size businesses (SMBs), today announced the launch of Enrich™, a revolutionary product line that will allow its customers to expand the benefits they offer their employees. The Enrich products will be offered and available to TriNet's 23,000 SMB customers next month.  

The first two product releases include Enrich Access and Enrich Adopt. Enrich Access will allow TriNet customers to offer tax-free travel reimbursements to their employees for medical care received far from their home. Enrich Adopt will allow TriNet customers to offer their employees tax-favored reimbursements for expenses incurred during the adoption process.    

"At TriNet, we will not let small and medium-size businesses be left behind with respect to benefits being offered by larger companies," said Burton M. Goldfield, President and Chief Executive Officer, TriNet. "By leveraging our strong employee benefits expertise and scale, we have created a unique product line for our valued SMB customers to provide their employees," he added.    

"TriNet believes that benefits, including access to healthcare and family planning services, are essential to attract and retain world class employees for many SMBs. Equitable access to healthcare is a key part of our expertise and the value that we bring to our customers." said Samantha Wellington, TriNet's Executive Vice President, Business Affairs, Chief Legal Officer and Secretary.    

Enrich Access gives TriNet's SMB customers the opportunity to provide tax-free travel reimbursements to all their employees and household dependents, regardless of whether they are enrolled in major medical care, who travel to obtain medical care that is not available to them locally. For travel assistance accessed through Enrich Access, the employee's identity will remain anonymous to their employer, which is often a challenge at a small company.  

For both Enrich Access and Enrich Adopt, TriNet will review and process claims for reimbursement, report any payments for payroll purposes and make reimbursement payments.    

 For more information on this groundbreaking new product line visit: https://www.trinet.com/hr-services/benefit-options#equitable

About TriNet      
TriNet (NYSE: TNET) provides small and medium-size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll, all enabled by industry leading technology capabilities. TriNet's suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people. TriNet, incredible starts here. For more information, visit TriNet.com or follow us on Twitter.      

Contacts:

Investors:	Media:
Alex Bauer	Renee Brotherton/JoshGross
TriNet	TriNet
Alex.Bauer@TriNet.com	Renee.Brotherton@TriNet.com
	Josh.Gross@TriNet.com

View original content:https://www.prnewswire.com/news-releases/trinet-announces-enrich-301593816.html

SOURCE TriNet Group, Inc.

FAQ

What is TriNet's new product line Enrich™?

Enrich™ is a new product line from TriNet designed to provide enhanced employee benefits for small and medium-sized businesses.

When will TriNet launch the Enrich™ products?

The Enrich™ products will be available to TriNet's customers starting next month.

What benefits do Enrich Access and Enrich Adopt offer?

Enrich Access offers tax-free travel reimbursements for medical care, while Enrich Adopt provides tax-favored reimbursements for adoption-related expenses.

How does Enrich Access protect employee privacy?

Enrich Access allows employees' identities to remain anonymous to their employers when accessing travel reimbursement for medical care.

How many SMB customers does TriNet serve?

TriNet serves approximately 23,000 small and medium-sized business customers.