Transamerica and FuturePlan Expand Retirement Plan Access With Innovative New Pooled Plan Solution

• New Product Reduces Employer Burdens, Mitigates Risk With Payroll Data Integrity

Transamerica and FuturePlan by Ascensus introduced an innovative new pooled plan retirement solution called FuturePlan GPS (Group Plan Solution). FuturePlan GPS makes retirement plan sponsorship easier for employers by reducing time-consuming administrative burdens and mitigating fiduciary risk. With a fully integrated 100-point payroll data integrity check, it also helps prevent common and potentially costly plan errors.

Open to both existing and start-up 401(k) plans, FuturePlan GPS provides guided onboarding and enrollment support, as well as ongoing service from a dedicated FuturePlan team with seamless integration into Transamerica’s recordkeeping system. FuturePlan serves as the third party administrator and 3(16) plan administrator, while Transamerica is the plan’s recordkeeper and Fiduciary-Plus is the 3(38) fiduciary investment manager.

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Participating employers will enjoy access to a combined team of industry-leading plan professionals not otherwise available outside of this unique pooled arrangement. FuturePlan GPS also includes the FuturePlan Fiduciary Assistant^® program, a proprietary 100-point payroll data integrity check designed to prevent most common plan errors flagged in U.S. Department of Labor (DOL) and IRS audits. Fiduciary Assistant works in conjunction with Transamerica’s PayStart^® approved payroll vendors.

“We believe that every American should have the opportunity to save with a high quality, well-managed retirement plan, and FuturePlan GPS is an important step toward making that possible,” said Teresa Hassara, President of FuturePlan. “We are proud to be broadening access for small business owners by offering cost-efficiencies and reducing both fiduciary risk and administrative workloads.”

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“With FuturePlan GPS, employers and their financial consultants have a powerful opportunity to transfer most of the responsibilities of sponsoring a retirement plan. This benefit allows them to focus on their own business growth while offering a crucial benefit to their employees,” said Darren Zino, Senior Managing Director of U.S. Retirement Distribution at Transamerica. “By partnering with FuturePlan, we bring an integrated solution that will help more people save for retirement. That is our ultimate shared objective.”

“We are excited to partner with FuturePlan, and to support their advisors and clients alike, who want help making informed decisions to better participant outcomes,” said Todd Timmerman, Managing Director of Fiduciary-Plus.

“FuturePlan GPS also frees up our advisor partners to focus on client relationships, investment management, and outcomes,” added Kasey Price, FuturePlan’s Head of Sales. “Now they can quickly and easily connect clients with a team of leading experts and a best-in-class suite of plan services. We designed a simplified selling, onboarding, and service experience to meet the needs of advisors and their clients.”

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