Transamerica Implements Online 401k Plan Adoption and Acceptance
LOS ANGELES, CA, July 24, 2006 -- Transamerica Retirement Services ("Transamerica") -- a recognized market leader in Multiple Employer Plans (MEPs) -- today announced the implementation of online Adoption and Acceptance Agreement capabilities. The new feature, called "AAA on the Web," simplifies and streamlines the process of adding new companies into an MEP by enabling both primary sponsors and adopting companies to review and accept the adoption agreement documents online.
Prior to this implementation, the MEP and adopting company had to manually review the adoption and acceptance agreement. Now, the entire acceptance process can be completed online. Additionally, before this online feature, the process of adopting employers into an existing MEP required the same amount of time and resources as a traditional single-employer plan set-up. This new online program saves companies time by limiting the provision approval process to only those that are unique to the adopting company, while the standard MEP provisions are automatically implemented.
"Until now, the process of adding companies to MEPs has been quite labor intensive," said Kelly Michel, vice president of Special Markets for Transamerica Retirement Services. "This online self-service process of reviewing and authorizing the adoption and acceptance agreement online will drastically reduce the overall time and effort required to adopt new client companies into existing MEP plans."
Access to "AAA on the Web" is currently available for new and existing clients.
About Transamerica Retirement Services
Transamerica Retirement Services (Transamerica), a marketing unit of Transamerica Financial Life Insurance Company and its affiliates, designs customized retirement plan solutions to meet the unique needs of small to midsized businesses. Transamerica Retirement Services is a top-ten pension provider and has more than 15,000 retirement plan clients totaling more than $11.9 billion in assets. For more information about Transamerica Retirement Services, please refer to http://www.TA-Retirement.com.
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