Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Post and Distribute
Your Jobs
ARPA Webcasts

Featured Jobs

Retirement Plan Consultant / Relationship Manager

Associated Pension Consultants
(Chico CA / Sacramento CA)

Associated Pension Consultants logo

Retirement Plan Administrator

Bates & Company
(Telecommute / Winter Park FL)

Bates & Company logo

Director of 401(k) Implementation, Core

Human Interest
(Telecommute / Mill Valley CA)

Human Interest logo

401(k) Consultant

TPS Group
(Telecommute / North Haven CT)

TPS Group logo

Retirement Plan Administrator

My Benefits, LLC
(Telecommute / Daphne AL / Atlantic Beach FL)

My Benefits, LLC logo

Employee Benefits/Health and Welfare Attorney

Miller Johnson
(Telecommute / Grand Rapids MI / Kalamazoo MI / Detroit MI)

Miller Johnson logo

401(k) Implementation Manager

Human Interest
(Telecommute / San Francisco CA)

Human Interest logo

DB/DC Administrator

Primark Benefits
(Telecommute / Burlingame CA)

Primark Benefits logo

Retirement Plan Administrator

RSW & Associates
(CT / NJ / NY)

RSW & Associates logo

DC Retirement Plan Administrator

The Nolan Company
(Telecommute / Overland Park KS)

The Nolan Company logo

Director of Finance

NYCDC of Carpenters Benefit Funds
(New York NY)

DB Retirement Plan Administrator

The Nolan Company
(Telecommute / Overland Park KS)

The Nolan Company logo

Retirement Plan Administrator

Premier Plan Consultants
(Telecommute / San Diego CA)

Premier Plan Consultants logo

Product Support Consultant part of Wolters Kluwer Legal & Regulatory
(Telecommute) part of Wolters Kluwer Legal & Regulatory logo

Defined Benefit Retirement Plan Administrator

Benefit Associates, Inc.
(Telecommute / Huntington Beach CA)

Benefit Associates, Inc. logo

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

Press Releases by Date   |   Press Releases by Company Name

View More Press Releases by Transamerica

Press Release

Transamerica Announces New Small Business Initiative to Support Retirement Plan Participants, Sponsors and Third Party Administrators

Issued by Transamerica

Sept. 27, 2020

Transamerica today announces a new retirement plan initiative for small business employees, employers, and third party administrators, to help them better navigate the challenges that today’s economy poses for retirement savers.  

Small businesses have been tested by the economic effects of the pandemic. According to a recent survey by the NFIB Research Center, more than half of small businesses believe it will be sometime in 2021 before the U.S. small business climate returns to normal. 

“We understand that many small businesses have been especially hard hit by the pandemic and resulting economic conditions,” said Kent Callahan, Chief Executive Officer for Transamerica’s Workplace Solutions division. “Transamerica has the tools to help small businesses and their employees manage their retirement goals, and we are taking action today to help these employers and their employees better navigate investing in uncertain times.” 

“We have been hearing directly from retirement plan participants about their increased need for support with investment decisions during this unprecedented year,” Mr. Callahan added. For participants in qualifying small business retirement plans, Transamerica is offering this new, fee-waived opportunity to experience the support of professional investment selection and ongoing investment allocation services for up to six months (180 days) during 2020 and 2021.  

Transamerica is enabling participants to receive personalized, fee-waived investment advice through Transamerica’s Managed Advice® service, along with access to one-on-one support from qualified Transamerica Investment Adviser Representatives. Managed Advice®  is designed to provide participants with professional asset allocation services throughout up and down markets, to and through retirement. After six months, regular asset-based fees will apply for the Managed Advice® service for less than the average cost of an independent financial advisor, as reported by Advisory HQ’s Average Financial Advisor Fees in 2020. Participants maintain the freedom to opt out of the Managed Advice®  service at any time.

For small business employers that bring the organization’s retirement plan to Transamerica by December 31, 2020, Transamerica will offer certain fee waivers or credits to the plan sponsor through the end of first quarter, 2021, when the qualifying retirement plan is implemented with Transamerica. For example, Transamerica will make the plan’s transition easier by providing critical employee communications with waived fees to help onboard the retirement plan and its participants to Transamerica by March 31, 2021.  

Transamerica is also extending its small business initiative to the independent third party administrator (TPA) firms that provide administration and/or compliance services to the plan. Because many of these third party administration firms are small businesses, Transamerica will support these TPA firms with a marketing allowance of up to $1,000 in order to help the TPAs grow their own businesses.  

“We appreciate that our TPA business associates are an integral part of delivering professional services to these small business plans,” Mr. Callahan noted. “We are dedicated to helping TPAs invest in and expand their companies.” For a retirement plan committing to Transamerica by year-end 2020 and onboarding its participants in first quarter, 2021, the plan’s TPA, in turn, will receive a first-quarter marketing allowance up to $1,000 from Transamerica that can help enable the TPA’s future growth.  

In addition to today’s announcement, earlier this year when the federal CARES Act was enacted, Transamerica demonstrated its support for retirement plans of all sizes by: 

  • Waiving all retirement plan fees associated with coronavirus-related distributions to aid coronavirus-impacted employees;  
  • Establishing a dedicated team to support participants who are considering accessing their longterm retirement savings to meet their short-term financial challenges related to the coronavirus; and
  • Waiving any plan amendment fees needed to implement federal CARES Act provisions for plan sponsors using Transamerica’s pre-approved document.  “Transamerica has an enduring commitment to helping people save for a secure retirement,” Mr. Callahan continued. “We stand ready to support our customers with the tools to plan for a secure future when they need us the most.”  

View More Press Releases by Transamerica

Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2021, Inc.