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Press Releases by Date   |   Press Releases by Company Name


View More Press Releases by Transamerica

Press Release

For the First Time, Wisconsin Private Colleges Unite Retirement Plans to Reduce Costs, Streamline Providers, and Simplify Administrative Burdens

Issued by Transamerica

May 2, 2018

BALTIMORE, May 02, 2018 -- In the first-ever retirement plan structure of its kind, Wisconsin Association of Independent Colleges and Universities (WAICU) partnered with Transamerica to create a 403(b) multiple employer retirement plan specifically for its educational institution members. The new retirement program is available to WAICU's membership of 24 colleges and universities which have a potential of more than 17,000 eligible participants and over $3 billion in retirement plan assets.

Transamerica is a leading provider of both multiple employer plans and 403(b) retirement plans for nonprofit organizations such as healthcare and education institutions. In 2018, Transamerica is offering its first-ever 403(b) multiple employer plan for higher education to help WAICU's members reduce plan costs, streamline the administrative experience, and take advantage of embedded 3(21) administrative fiduciary protection. Retirement plan participants also benefit from a consolidated account experience and a comprehensive array of opportunities for retirement guidance overseen by an independent investment advisor.  Participating institutions have the opportunity to collaborate with Transamerica to design a customized participant education experience.

Transamerica's Wealth + Health suite of resources was a significant component of WAICU's decision to work with Transamerica. The program was developed to help customers understand how Wealth + Health are connected, and customers have access to research, education, and guidance on how the two facets come together at a variety of intersections, including savings and fitness, budget and nutrition, protection and prevention, and debt and stress.

"Multiple employer plans gained popularity with corporate retirement plans, but have remained largely unexplored by the non-profit sector. Transamerica brought the availability of multiple employer plans to market for 403(b) retirement plans in September 2016, enabling these institutions to obtain the cost, administrative and fiduciary benefits. The Wisconsin Association of Independent Colleges and Universities is entrepreneurial in that it took the initiative to offer their members a solution that can reduce costs,  and create administrative efficiencies, all while using a single vendor," said Brodie Wood, senior vice president at Transamerica. "This 403(b) multiple employer plan is truly an innovative benefit WAICU provides to their members, and we are honored they chose Transamerica after learning about our long history with multiple employer plans."

About The Wisconsin Association of Independent Colleges and Universities
The Wisconsin Association of Independent Colleges and Universities (WAICU) is the organization of the twenty-four independent (or private) institutions of higher learning in Wisconsin. Membership is limited to accredited, nonprofit institutions, headquartered in Wisconsin. The presidents of these institutions lead WAICU as its board of directors. All of WAICU's programs support educational opportunity.  For more information, visit www.waicu.org.  

About Transamerica Retirement Solutions, LLC
Transamerica Retirement Solutions, LLC (Transamerica) is a leading provider of customized retirement plan solutions for large, mid-size and small 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 nearly five million retirement plan participants save for a lifetime of financial security. Transamerica Retirement Solutions, LLC is not affiliated with Wisconsin Association of Independent Colleges and Universities. For more information, visit www.transamerica.com.

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