Transamerica, a provider of financial services ranging from insurance to investment advice, announced it is launching a new initiative to help its small-business retirement plan participants.
“We understand that many small businesses have been especially hard hit by the pandemic and resulting economic conditions," said Kent Callahan, the CEO for Transamerica's Workplace Solutions division. "Transamerica has the tools to help small businesses and their employees manage their retirement goals, and we are taking action today to help these employers and their employees better navigate investing in uncertain times."
Small-business participants will receive personalized, fee-waived investment advice through Transamerica’s asset allocation service, Managed Advice, for six months (or 180 days) starting in 2020 and ending at the conclusion of 2021. In addition, participants will get one-on-one support from a Transamerica investment advisor representative.
Third-party administrators who support plans with administrative and compliance services will receive a marketing allowance of $1,000 to help their business grow. They have until the end of December to partner with Transamerica and until the first quarter of 2021 to onboard its participants.
Earlier in the year, Baltimore-based Transamerica waived all retirement plan fees on distributions covering COVID-19-related matters.
"Transamerica has an enduring commitment to helping people save for a secure retirement," Callahan said. "We stand ready to support our customers with the tools to plan for a secure future when they need us the most."