Transamerica is helping small businesses gain advantages in hiring and retaining employees in today’s demanding job market with a retirement plan program available through year-end.
In a news release, Transamerica says its retirement plan enhances employer-sponsored benefits, such as the company’s retirement plan, to help attract and reward both future and current employees.
For small businesses that choose Transamerica for their retirement plans before the end of the year and offer Transamerica’s Managed Advice service, plan record-keeping fees will be waived for one full quarter. Managed Advice enables retirement plan participants to receive professional asset allocation, along with access to one-on-one support from Transamerica investment advisor representatives.
“During the past year, we’ve been hearing from participants that they appreciate help planning for their financial future, especially during these uncertain times,” Kent Callahan, chief executive officer for Transamerica’s Workplace Solutions division, said in the release. “We’ve also heard from small business employers that recruiting and retaining workers is exceptionally difficult in this current market. That’s why Transamerica is waiving plan record-keeping fees for one quarter to help qualifying small businesses, who in turn will help their employees by offering them professional advisory resources. We believe everyone deserves a secure financial future.”
In September 2021, 51% of small business owners reported job openings they could not fill, according to a survey conducted by the National Federation of Independent Business. Transamerica will reimburse second quarter 2022 plan record-keeping fees for qualifying small businesses that bring their retirement plan to Transamerica by Dec. 31 and offer Managed Advice services to their participants. The Managed Advice service is voluntary for plan participants, who can opt out at any time.
Participants who continue using Managed Advice after the waiver period will pay asset-based fees.
