Transamerica Launches New Plan Administration Support Service
LOS ANGELES, CA, June 1, 2009 -- To help retirement plan sponsors meet the business demands of a rapidly changing economy, Transamerica Retirement Services is announcing a new service to assist sponsors with their administrative duties. "Plan Administration Service Support" (PASS) by Transamerica gives plan sponsors the opportunity to delegate day-to-day plan administration responsibilities to Transamerica – including plan maintenance and mailings, loans, distributions, and eligibility-related tasks – to ensure professional and dependable administration of their retirement plans. PASS by Transamerica is a unique service for sponsors and their financial advisors in the retirement plan market.
PASS by Transamerica grants plan sponsors access to Transamerica's committed plan administration team, which offers capabilities not previously available to the sponsor -- such as tracking new employees' eligibility to enroll in the retirement plan, preparing enrollment materials and notices, and mailing to employees' homes at the appropriate eligibility date. Under guidance from the sponsor or the sponsor's Third Party Administrator, Transamerica's professional PASS representatives can efficiently assume a full suite of tasks and help sponsors ensure consistency in the way the plan is administered. By alleviating much of the burden of retirement plan administration, plan sponsors can enjoy a greater ability to focus on running their businesses.
"PASS offers a seamless operation that has drastically improved the efficiency of our business and plan administration," said Glenna Wright, human resources coordinator for Memphis-based Inland Intermodal Logistics Services. "Having delegated many of our retirement plan administration responsibilities to Transamerica, we now receive cost-effective management of our plans while freeing our HR staff to dedicate their time to our business."
PASS by Transamerica will benefit any company seeking to streamline its retirement plan and business processes. Businesses with the following characteristics, among others, would benefit most from these services:
- A need to reprioritize resources towards business growth
- High turnover
- Limited human resource staff
Recent studies, including the 2008 Chatham Partners Client Satisfaction Survey, have found that the single greatest driver of satisfaction among plan sponsors is "plan sponsor services" including ease of doing business, personnel, and website. For years, Transamerica has outperformed the industry benchmarks on these measures. PASS by Transamerica is a new, additional service that can increase plan sponsors' ease of doing business.
"As a retirement plan provider, we realize that the key to increasing client satisfaction is to implement solutions that fill a need and go beyond what providers have traditionally offered," said Kelly Michel, Senior Vice President of Institutional Sales and Business Development for Transamerica Retirement Services. "We've expanded our plan sponsor services at a critical economic juncture to help our clients direct resources where they are needed most. Plan Administration Service Support by Transamerica gives sponsors access to trusted professional administration and provides best-practice solutions that can positively affect our clients' businesses."
PASS can be used for single employer plans and multiple employer plans. Sponsors who are interested in more information on PASS can visit www.TA-Retirement.com or call 888.401.5826 Monday-Friday from 7 a.m. to 5 p.m. ET.
About Transamerica Retirement Services
Transamerica Retirement Services ("Transamerica"), a marketing unit of Transamerica Financial Life Insurance Company, 4 Manhattanville Road, Purchase, New York 10577, and other of its affiliates, designs customized retirement plan solutions to meet the unique needs of small- to mid-sized businesses. Transamerica Retirement Services ranked among the top plan provider in a recent PLANSPONSOR Magazine Defined Contribution Survey and has more than 15,000 retirement plans totaling more than $13.2 billion in assets. For more information about Transamerica, please refer to www.TA-Retirement.com.
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