Transamerica and Aegon Asset Management Introduce "Transamerica DB Complete"
Transamerica combines asset management, risk management, and actuarial services to provide a cohesive, comprehensive, and complete defined benefit plan solution
Transamerica, in partnership with Aegon Asset Management, today announces the availability of a new defined benefit plan management service — Transamerica DB CompleteSM. The solution brings together all the services typically outsourced to unrelated third party vendors, including plan administration, asset management, consulting services, and actuarial, non-advisory support.
Defined benefit plan providers are often forced to juggle different service providers for the various components of defined benefit plan management. Transamerica DB Complete brings together the pension consulting experience from Transamerica Retirement Solutions, the fiduciary advisory services from Transamerica Retirement Advisors, and the fixed income investment expertise of Aegon Asset Management, a Transamerica affiliate.
The team uses dynamic investment strategies — designed to help pension plans reduce funded status volatility or generate income to meet obligations — that aim to better match plan assets with near-term or future liabilities.
“Most organizations are not in the business of managing the associated complexities with a defined benefit plan. They’re looking for an experienced team to help them,” said Kent Callahan, CEO of Workplace Solutions for Transamerica. “That’s why Transamerica and Aegon Asset Management collaborated to create a powerful solution that helps ease the burden for plan sponsors.”
Investment Advisory and Fiduciary Services
Transamerica Retirement Advisors can assume the responsibilities of a 3(21) or 3(38) fiduciary advisor as delegated by the client and their investment advisor or work collectively in partnership in selecting investment products. The goal is to build a portfolio suited for the defined benefit plan. Transamerica combines its institutional investment selection and monitoring process for equity and alternative investments with Aegon Asset Management’s expertise in liability-focused fixed income management.
This process integrates and streamlines the complexities of DB plan administration — making it easier to understand, implement, and manage.
Fixed Investment Expertise on a Global Scale
Aegon Asset Management, with more than $408 billion under management*, specializes in delivering investment solutions that span the fixed income credit spectrum and are designed to meet a range of client objectives. Their Customized Investment Solutions team constructs portfolios for defined benefit plans focused on their unique needs and circumstances. Their highly customized approach to searching for relative value along the yield curve is born from the strategy insurers use to match complex liability cash flows. Leveraging the resources of their global organization, Aegon Asset Management combines the full complement of their fundamental, bottom-up research culture, a global top-down macro view process, and their risk management systems to provide customized, multi-sector solutions.
Defined Benefit Administration Expertise with 80 Years of Experience
Plan sponsors, committees, or trustees seeking the convenience and efficiencies of bundling administration services, for pricing advantages and service continuity, have the option to add Transamerica Retirement Solutions’ administration services. Transamerica has more than 80 years of retirement plan experience with a proven process that includes a full suite of services to deliver everything from benefit calculations to plan design, compliance, and full administrative support. Plus, the program is supported by a proprietary technology methodology based on a data tier (consolidated database), a program tier (single calculation engine), and an interface tier for plan sponsors and their participants. Finally, a rigorous data management protocol compares current and prior results and conducts regression testing to certify that the benefit valuations in the system are correct. Integrated with payroll, the system automatically updates data every payroll period.
“We are excited to bring together highly experienced teams across our organizations to help make defined benefit plans easier for advisors and their sponsors to manage,” said Mr. Callahan. “I’m confident that the retirement plan community will recognize the value the Transamerica DB Complete solution adds.”
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 2019, Transamerica fulfilled its promises to customers, paying more than $50 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica is headquartered 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 2019, Aegon managed over $1 trillion in revenue generating investments. For more information, please visit www.transamerica.com.
About Aegon Asset Management
Aegon Asset Management is the global investment management brand of Aegon N.V. and is a global, active investment manager comprised of several affiliates around the world. Our focus is on excellence in everything we do, working to consistently deliver the performance, service, and solutions our clients seek. We believe in strong governance, transparency, and clear accountability as the building blocks for trust and long-term relationships with our clients.
Investors worldwide entrust Aegon Asset Management to manage approximately $408 billion on their behalf*. Positioned for success in our chosen markets (Asia, Continental Europe, North America, and the UK), Aegon Asset Management's specialist teams provide investment solutions across asset classes.
Through the Aegon Group our heritage stretches back to 1844, meaning we understand the importance of long-term relationships, robust risk management and sustainable outperformance. A long history of partnership with our proprietary insurance accounts has enabled us to establish experienced investment teams, and long-term track records.
Aegon Asset Management is the global investment management brand of the Aegon Group N.V. and is comprised of Aegon USA Investment Management, LLC ("Aegon Asset Management US"), Aegon USA Realty Advisors, LLC ("Aegon Real Assets US"), Aegon AM UK plc ("Aegon AM UK") and other Aegon affiliates. Aegon Asset Management US, Aegon Real Assets US, and Aegon AM UK are SEC registered investment advisers.
*As of June 30, 2020