New Transamerica Initiative Supports Small Business Efforts to Recruit and Retain Employees
Transamerica is helping small businesses gain advantages in hiring and retaining employees in today’s demanding job market with a retirement plan program available through year-end. Enhancing employer-sponsored benefits, such as the company’s retirement plan, can help attract and reward both future and current employees.
For small businesses that choose Transamerica for their retirement plans before the end of the year and offer Transamerica’s Managed Advice® service, plan recordkeeping fees will be waived for one full quarter. Managed Advice enables retirement plan participants to receive professional asset allocation,
along with access to one-on-one support from qualified Transamerica Investment Advisor Representatives.
“During the past year, we’ve been hearing from participants that they appreciate help planning for their financial future, especially during these uncertain times,” said Kent Callahan, Chief Executive Officer for Transamerica’s Workplace Solutions division. “We’ve also heard from small business employers that recruiting and retaining workers is exceptionally difficult in this current market. That’s why Transamerica is waiving plan recordkeeping fees for one quarter to help qualifying small businesses, who in turn will help their employees by offering them professional advisory resources. We believe everyone deserves a secure financial future.”
In September 2021, 51% of small business owners reported job openings they could not fill, according to a survey conducted by the National Federation of Independent Business. Transamerica will reimburse second quarter 2022 plan recordkeeping fees for qualifying small businesses that bring their retirement plan to Transamerica by December 31, 2021, and offer Managed Advice services to their participants. The Managed Advice service is voluntary for plan participants, who can opt out at any time. Participants who continue using Managed Advice after the waiver period will pay attractive assetbased fees, when compared to the average cost of an independent financial advisor, as reported by Advisory HQ’s Average Financial Advisor Fees in 2021.
To learn more about Transamerica and its workplace benefit solutions, contact your financial professional.
About Transamerica
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica’s dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2020, Transamerica fulfilled its promises to customers, paying more than $49 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica’s corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world’s largest providers of life insurance, pension solutions and asset management products, operating in more than 20 markets worldwide. For the full year of 2020, Aegon managed over $1.1 trillion in revenue generating investments. For more information, visit www.transamerica.com.
About Managed Advice®
Managed Advice® provides a participant with an asset allocation mix of funds available within the plan. The asset allocation mix will be automatically rebalanced and reallocated, managing risk and return as participants’ settings and goals change over time. Additional fees and terms and conditions apply to the Managed Advice® service (fee is no more than 0.45% of the Managed Advice® balance, calculated daily and deducted monthly). Participants will continue to bear the fees of the underlying investment options in the Managed Advice® account. Managed Advice® portfolios are subject to the same risks as the underlying asset classes in which they invest. The higher the portfolio’s allocation to stocks the greater the risk. Managed Advice® utilizes models, algorithms and/or calculations (Models), which have inherent risks. Models may incorrectly forecast future behavior or produce unexpected results resulting in losses. The success of using Models depends on numerous factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other data. If incorrect data is entered into even a well-founded Model, the resulting information will be incorrect. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model, or other factors. The principal value of the portfolio is never guaranteed. Investment return and principal value will fluctuate with market conditions, and participants may lose money.
The Managed Advice® service is offered through Transamerica Retirement Advisors, LLC (TRA), an SEC registered investment advisor. Transamerica Retirement Solutions and TRA are affiliated companies. Morningstar Investment Management Associates, LLC®, a wholly-owned subsidiary of Morningstar, is an SEC-registered investment advisor that serves as an independent financial expert and provides the underlying investment advice and portfolio management methodology for the Managed Advice® service. Morningstar is not affiliated with any Transamerica companies. Please see the Managed Advice® agreement for more information on the terms and conditions that apply.
Neither TRA nor the Managed Advice® service provides advice for, recommends allocations of, or manages individual stocks, self-directed brokerage accounts, or employer-directed monies, even if they are available for investment in a plan. Neither TRA nor Morningstar®, as the independent financial expert, selects or endorses any of the particular investment options available in a plan through the Managed Advice® service. The designated plan investment options used within the Managed Advice® service portfolios may include Transamerica proprietary investment funds or stable value products offered by Transamerica affiliates.
Important: The projections or other information generated by the engine regarding the likelihood of various investment outcomes are hypothetical, do not reflect actual investment results, and are not guarantees of future results. Results derived from the tool may vary with each use and over time.
Securities offered through Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue, Harrison, NY 10528.
Media Inquiries:
Media.Relations@transamerica.com
Hank Williams
(319) 355-7789
Julie Quinlan
(303) 383-5923