Transamerica announced that the company will be providing recordkeeping and 3(16) plan administration services for a new pooled employer 401(k) retirement plan solution from Smart Retirement Solutions Inc., the Choice PEP. This innovative pooled employer plan (PEP) offers a streamlined and efficient workplace 401(k) retirement plan solution for employers looking to reduce their administrative burden. In addition, multiple 3(38) investment fiduciaries are available to adopting employers.
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“We are honored to work with Smart as the recordkeeper for the Choice PEP,” said Phil Eckman, President of Workplace Solutions for Transamerica. “This collaboration underscores our commitment to providing employers with cost-efficient retirement plan solutions that simplify plan administration and deliver long-term value to their employees.”
Smart is the Choice PEP’s Pooled Plan Provider. A Pooled Plan Provider sponsors a PEP and oversees its service providers. A PEP allows unrelated employers to participate in a single retirement plan. Because many employers do not have expertise in plan fiduciary duties, a Pooled Plan Provider provides support for those fiduciary responsibilities. A PEP offers shared fiduciary responsibility for an adopting employer and potential efficiencies around investment, administration, and audit costs.
“We are delighted to be working with Transamerica to bring innovative, technology-forward PEP solutions to the marketplace in order to help more employers provide retirement plans to their employees,” said Jodan Ledford, CEO for Smart in the U.S.
Transamerica is a leading provider of financial services, including retirement plans, insurance, and investment solutions. With a long-standing commitment to innovation and customer service, Transamerica empowers individuals and businesses to build a better financial future.
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With a history that dates back more than 100 years, Transamerica is a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Transamerica’s dedicated professionals focus on helping people live well today and empowering them to create a better tomorrow through saving, investing, and protecting their loved ones. Transamerica serves nearly every customer segment, providing a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts and investment products including mutual funds,
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