Transamerica announced the expansion of its pooled retirement plan capabilities with the acquisition of TAG Resources, LLC, a leading retirement services company based in Knoxville, Tennessee. The addition of TAG’s technology and service model will enable Transamerica to further expand its pooled retirement plan offerings to third party administrators (TPAs), financial advisors, broker-dealers, and defined contribution investment only (DCIO) exchange partners.
HR Technology News: Apprentice Now Launches to Narrow the Tech Talent Gap for Employers and Job Seekers
“TAG is recognized as a top innovator and is highly respected within the U.S. retirement plan market,” said Kent Callahan, CEO of Transamerica’s Workplace Solutions division. “The acquisition of TAG enables us to extend our leadership position in pooled plan solutions, while our commitment to single employer plans has never been stronger. We pioneered our custom recordkeeping system and sophisticated service model for pooled plans in 2001. Providing more state-of-the-art retirement plan solutions to small- and mid-sized employers will enable them to compete, hire and retain talent on equal footing with much larger employers. We’re taking a bold step to redefine what small business retirement looks like in the future as we continue to close the retirement coverage gap in the U.S.”
HR Technology News: Daybase Announces Nearly $10 Million in Seed Funding for First-Ever National Hybrid Work Platform
“We are proud to join Transamerica,” noted Troy Tisue, President of TAG. “Transamerica’s breadth of experience, extraordinary distribution footprint and outstanding network of third party administrator partners, combined with TAG’s innovative technologies, will be a major advancement for the retirement services community.”
TAG began operations in 2001, with a focus on offering plan administration to multiple employer plans, particularly in the professional employer organizations (PEO) market. Transamerica began working as a plan recordkeeper with TAG in 2010. In recent years, Transamerica and TAG have partnered with top distribution firms in the U.S. to bring innovative pooled plan solutions, including retirement plan exchanges, to the small-plan retirement market. TAG will continue to operate from Knoxville, Tennessee under its well-respected brand name.
“Transamerica and TAG are looking forward to combining the strengths of both companies for the benefit of our clients and their participants,” noted Deb Rubin, Transamerica’s Vice President and Managing Director for TPA Services and Pooled Plan Arrangements. “The third party administrators who are interested in pooled plan arrangements and who partner with Transamerica will benefit from the best practices and expertise our combined firms will be able to offer. Collectively, we will work together to close the retirement coverage gap for employees of small- and mid-size employers.”
HR Technology News: hireEZ Welcomes New Leadership to Support Their Mission of Bringing Jobs to People With Outbound Recruiting
[To share your insights with us, please write to sghosh@martechseries.com]