Transamerica Unveils Innovative 401(k) Pooled Plan Solutions for Employers Seeking Flexibility
Transamerica has launched its DWC 401(k) Pooled Plan Solutions, a groundbreaking offering aimed at facilitating the management of retirement plans for businesses of all sizes. This innovative solution is tailored to alleviate the administrative burdens and fiduciary risks traditionally associated with retirement plan management. By offering flexible and professionally managed retirement plans, Transamerica enables employers to concentrate on business growth rather than becoming bogged down in complexities.
The DWC 401(k) Pooled Plan Solutions leverage the expertise of DWC - The 401(k) Experts, alongside Transamerica and Leavitt Retirement Partners. This collaborative model enhances the ease and confidence businesses experience as they manage their employee retirement plans. Employers can choose between two distinct plan options within a unified recordkeeping structure: The DWC 401(k) Retirement Plan Exchange or The DWC 401(k) Pooled Employer Plan (PEP).
The structural design of these offerings welcomes managerial flexibility, enabling employers to modify their retirement plan setups to accommodate company growth without causing disruptions to employee participation. The PEP also includes provisions that support the grandfathering of mandatory requirements outlined in the upcoming Secure 2.0 legislation, providing advantages for businesses with pre-existing plans.
Keith Clark, managing director at DWC, emphasized the solution's advantages, stating, "With DWC 401(k) Pooled Plan Solutions, we're providing businesses the flexibility to adapt their retirement plans as they grow, without the hassle of a full plan conversion." This adaptability is crucial in today’s dynamic business environment, allowing companies to scale retirement plans to meet changing needs efficiently.
Adopting these plans also translates into reduced fiduciary responsibilities, streamlined administrative procedures, and potential cost efficiencies. Notably, the single audit feature of the PEP caters to employer 401(k) plans that boast more than 100 participants with balances, potentially leading to significantly lower audit costs and relieving the burden of annual plan audits from the employers.
Darren Zino, head of retirement distribution at Transamerica, highlighted the significance of workplace retirement plans in employees’ financial well-being, noting, "The complexities involved can be overwhelming for many employers." By offering the DWC 401(k) Pooled Plan Solutions, Transamerica presents a simplified approach that mitigates fiduciary risk and administrative challenges, allowing employers to dedicate their efforts to business development while enriching the benefits provided to their workforce.
Both the Exchange and the PEP options grant employers access to a 3(38) investment manager, tasked with selecting and monitoring investments, alongside a 3(16) plan administrator responsible for the daily operations of the plan. This is supported by a team of third-party administrators and recordkeepers, providing comprehensive assistance to employers.
Taylor Dance, managing director and consultant at Leavitt Retirement Partners, asserted the commitment to quality, stating, "As the 3(38) investment fiduciary, we deliver quality investment services with the highest degree of fiduciary protection." This partnership among Transamerica, DWC, and Leavitt aims to empower individuals in realizing their financial stability during retirement.
For employers seeking to learn more about how DWC 401(k) Pooled Plan Solutions can ease their retirement plan management, Transamerica encourages them to reach out at (888) 401-5826 or via email. By redefining how retirement plans are handled, Transamerica not only enhances the operational efficiency for businesses but also plays a pivotal role in fostering a secured financial future for employees.
This offering signifies a forward-thinking approach to retirement planning, vital for the contemporary workforce and an essential component for organizational growth.
DWC - The 401(k) Experts is a consulting firm that delivers comprehensive third-party plan administration services to over 7,000 qualified retirement plans across the United States, highlighting their commitment to supporting employers effectively throughout the retirement planning landscape.
For further details about Transamerica and their extensive range of services, visit their official website.
Summary of DWC 401(k) Pooled Plan Solutions
The DWC 401(k) Pooled Plan Solutions leverage the expertise of DWC - The 401(k) Experts, alongside Transamerica and Leavitt Retirement Partners. This collaborative model enhances the ease and confidence businesses experience as they manage their employee retirement plans. Employers can choose between two distinct plan options within a unified recordkeeping structure: The DWC 401(k) Retirement Plan Exchange or The DWC 401(k) Pooled Employer Plan (PEP).
The structural design of these offerings welcomes managerial flexibility, enabling employers to modify their retirement plan setups to accommodate company growth without causing disruptions to employee participation. The PEP also includes provisions that support the grandfathering of mandatory requirements outlined in the upcoming Secure 2.0 legislation, providing advantages for businesses with pre-existing plans.
Benefits for Employers
Keith Clark, managing director at DWC, emphasized the solution's advantages, stating, "With DWC 401(k) Pooled Plan Solutions, we're providing businesses the flexibility to adapt their retirement plans as they grow, without the hassle of a full plan conversion." This adaptability is crucial in today’s dynamic business environment, allowing companies to scale retirement plans to meet changing needs efficiently.
Adopting these plans also translates into reduced fiduciary responsibilities, streamlined administrative procedures, and potential cost efficiencies. Notably, the single audit feature of the PEP caters to employer 401(k) plans that boast more than 100 participants with balances, potentially leading to significantly lower audit costs and relieving the burden of annual plan audits from the employers.
Addressing Employer Concerns
Darren Zino, head of retirement distribution at Transamerica, highlighted the significance of workplace retirement plans in employees’ financial well-being, noting, "The complexities involved can be overwhelming for many employers." By offering the DWC 401(k) Pooled Plan Solutions, Transamerica presents a simplified approach that mitigates fiduciary risk and administrative challenges, allowing employers to dedicate their efforts to business development while enriching the benefits provided to their workforce.
Both the Exchange and the PEP options grant employers access to a 3(38) investment manager, tasked with selecting and monitoring investments, alongside a 3(16) plan administrator responsible for the daily operations of the plan. This is supported by a team of third-party administrators and recordkeepers, providing comprehensive assistance to employers.
Taylor Dance, managing director and consultant at Leavitt Retirement Partners, asserted the commitment to quality, stating, "As the 3(38) investment fiduciary, we deliver quality investment services with the highest degree of fiduciary protection." This partnership among Transamerica, DWC, and Leavitt aims to empower individuals in realizing their financial stability during retirement.
Additional Information
For employers seeking to learn more about how DWC 401(k) Pooled Plan Solutions can ease their retirement plan management, Transamerica encourages them to reach out at (888) 401-5826 or via email. By redefining how retirement plans are handled, Transamerica not only enhances the operational efficiency for businesses but also plays a pivotal role in fostering a secured financial future for employees.
This offering signifies a forward-thinking approach to retirement planning, vital for the contemporary workforce and an essential component for organizational growth.
DWC - The 401(k) Experts is a consulting firm that delivers comprehensive third-party plan administration services to over 7,000 qualified retirement plans across the United States, highlighting their commitment to supporting employers effectively throughout the retirement planning landscape.
For further details about Transamerica and their extensive range of services, visit their official website.
Topics Financial Services & Investing）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.