Transamerica to Require Use of TPAs for New Retirement Plan Business with Less Than $3M in Assets

[Dave Baker]

This seems very important, so I'm reprinting it here -- it's a press release that was sent to me about ten minutes ago (Thursday, 3:10 p.m. ET):

BALTIMORE – February 22, 2018

Transamerica Expands Commitment to TPAs and Small Retirement Plan Market

Transamerica today announced that the services of a third party administrator specializing in retirement plans are required for new retirement plan business with less than $3 million in assets.

“Our experience is that smaller companies benefit significantly from the expertise of a third party administrator who can have deep conversations about their client’s business and goals,” said Joe Boan, senior vice president and executive director, individual and workplace distribution for Transamerica. “With this announcement, we are firmly stating that working with a retirement-focused third party administrator is a best practice for small retirement plans.”

Transamerica is demonstrating its commitment to third party administrators by raising the underwriting minimums for in-house administrative services. TPAs will have access to Transamerica’s streamlined retirement platform to help their clients.

“Transamerica values its alliance with third party administrators. We listen to TPAs’ needs and seek out their feedback about our retirement plan program, and we take action. We agree that small retirement plans benefit greatly from the direct guidance that retirement third party administrators offer,” said Boan. “We believe every company needs to have access to a quality retirement plan, and we are delighted for the opportunity to help more people pursue their financial goals for a secure retirement.”

There are many reasons small companies will want to consider using third party administrators for their retirement plans, including:

* flexible plan design support customized to meet the specific needs of both the business and their employees

* high levels of compliance and technical expertise on issues like loans and distributions

* enhanced consultative services

* the assumption of time-intensive responsibilities.

Transamerica believes that the future of financial wellness is the connection between wealth and health for a better quality of life. For decades, Transamerica has helped people pursue a lifetime of financial security. To learn more about Transamerica’s workplace solutions, please visit www.transamerica.com.

About Transamerica Retirement Solutions, LLC

Transamerica Retirement Solutions, LLC (Transamerica) is a leading provider of customized retirement plan solutions for mega- large-, mid-, and small-market organizations. Transamerica Retirement Solutions partners with financial advisors, third party administrators, and consultants to cover the entire spectrum of defined benefit and defined contribution plans, including: 401(k) and 403(b) (Traditional and Roth); 457; profit sharing; money purchase; cash balance; Taft-Hartley; multiple employer plans; nonqualified deferred compensation; and rollover and Roth IRAs. Transamerica Retirement Solutions helps more than 5.4 million retirement plan participants save for a lifetime of financial security. For more information, visit www.transamerica.com.