Transamerica Enhances Annual Retirement Plan Review with Comparative Data
LOS ANGELES, CA, October 5, 2009 -- With the help of Transamerica Retirement Services' enhanced Annual Retirement Plan Review, retirement plan sponsors in the small and mid-sized market now have access to an expanded suite of information to help ensure their plans remain competitive and are meeting the needs of their participants. Transamerica's customized Annual Retirement Plan Review provides sponsors with a comparative industry assessment of their defined contribution plan, backed by a list of research-based opportunities to help improve the plan so that it remains an industry-competitive benefit for employees. Transamerica has also added additional levels of transparency to the report's extensive fee information.
Transamerica's Annual Retirement Plan Review now includes comprehensive industry benchmarking for key plan elements. Using data provided by the Profit Sharing/401k Council of America and other industry sources, Transamerica gives plan sponsors a snapshot of how their plan compares to industry standards and averages. Transamerica then uses the results of this benchmarking to identify opportunities where the plan may be able to benefit from making improvements, as well as action items intended to align the plan with industry standards or increase the plan's competitiveness.
"We set out to develop a comprehensive, annual plan review that reflects the sponsor's goals for plan management and provides actionable opportunities to improve the plan," said Mary Sanderson, vice president and director of client management for Transamerica Retirement Services. "Transamerica's Annual Retirement Plan Review offers levels of customization and features that are unique to the market segments we serve. Transamerica is in essence providing small and mid-sized plans with the attention that most providers usually make available only to large plans."
Transamerica's Annual Retirement Plan Review also includes an extensive investment analysis, fiduciary review and an enhanced, detailed fee and expense report. This disclosure includes in-depth information about the typical types, names, and descriptions of fees. Transamerica now provides additional, easy-tounderstand information in order to increase the level of fee transparency in the report.
In addition to these enhancements, Transamerica has added an executive summary to the Annual Retirement Plan Review. Designed to provide a quick overview of the plan's success, the new executive summary concisely illustrates the plan's financial health and provides benchmarking results of key measures of the plan.
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 providers in a recent PLANSPONSOR® Magazine Defined Contribution Survey and has more than 15,0004 retirement plans totaling more than $13.24 billion in assets. For more information about Transamerica, please refer to www.TA-Retirement.com.
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