Transamerica Responds to Wildfires in California by Waiving Retirement Fees for Victims

Transamerica's Support for Wildfire Victims in California

In a compassionate response to the ongoing wildfires in Southern California, Transamerica has taken steps to alleviate financial burdens for participants in its retirement plans. The devastating effects of these wildfires have forced thousands from their homes and have tragically led to loss of life. In light of this severe crisis, Transamerica has announced the elimination of specific transaction fees associated with retirement plans for affected individuals, effective immediately.

This proactive measure includes reaching out directly to clients and retirement plan participants to inform them about available options to provide financial relief during such disasters. One notable provision is the Qualified Disaster Recovery Distribution, which allows eligible participants to withdraw up to $22,000 from their retirement plans without facing mandatory tax withholdings or penalties typically incurred from early withdrawals. This option is intended as a last resort, offering vital financial support, and it can be requested within 180 days following the disaster declaration by FEMA.

To further assist those impacted, Transamerica will waive all fees related to distributions for participants residing in designated disaster zones, as established by FEMA. Additionally, fees for overnight delivery checks will also be waived. Transactions processed via ACH (Automated Clearing House) will remain free of charge, ensuring that participants can access their funds quickly and without added cost.

Luke Stroh, the head of Retirement Operations at Transamerica, expressed the company’s commitment to customer support during this challenging time, stating, “It is heartbreaking to see the profound impact these wildfires have had on so many lives. Transamerica is committed to being a force for good during times of crisis by providing the flexibility and assistance customers need to access their financial resources.” By waiving these fees, Transamerica aims to lessen the financial weight resting on those directly affected as they begin the arduous journey of rebuilding their lives.

The waiver of these fees will remain in place until further notice, contingent on developments related to the wildfires and affected zones. Transamerica encourages retirement plan participants in need of assistance to reach out to their customer service representatives, who are equipped to expedite transactions and provide personalized help during this difficult period.

In addition to fee waivers, the Aegon Transamerica Foundation has extended significant financial support to the American Red Cross to enhance their disaster relief operations. This initiative includes a matching campaign for employee donations, demonstrating the company’s broader commitment to community support.

Transamerica has a long history of helping individuals secure their financial futures. This latest initiative echoes its foundational belief that everyone deserves the opportunity to thrive amidst adversity. Serving more than ten million Americans, Transamerica has committed itself to providing innovative insurance, retirement, and investment solutions for over 120 years. In 2023 alone, the firm paid out more than $47 billion in claims and benefits to customers, further solidifying its role as a trusted partner in their financial journeys.

For anyone looking for additional information or assistance regarding retirement plans in light of the wildfires, the resources available on Transamerica's official website or their customer service lines can provide guidance.

As communities begin to recover from these tragedies, Transamerica continues to stand with its clients, ready to provide the necessary support to help them navigate these challenging circumstances.