With the Transamerica FastTrack Retirement PlanSM, participants can enjoy the benefits of clear savings strategies and personalized online progress reports, helping them to understand whether they are on course to reach a more secure retirement.
Pre-selected quality investment choices Employers can take advantage of the new retirement plan starting with a commitment of $50,000 in first-year deposits or plan assets. The plan offers a pre-selected menu of diversified, quality investment choices, a service model that includes third party administrators for efficient and expert compliance support, along with the fiduciary protection offered by the ERISA section 3(21) fiduciary service from Mesirow Financial Investment Management, Inc.
"Larger companies are more likely to have established retirement programs for their employees, but that benefit is not as certain for employees of smaller companies. FastTrack is designed specifically for small companies that want to provide a quality retirement program for their employees," said Stig Nybo, president of U.S. retirement strategy for Transamerica.
Smaller employers want a cost-effective retirement benefit that will be easier to administer while affording them some fiduciary protection
Stig Nybo President of U.S. Retirement Strategy, Transamerica
"When we designed this retirement plan for smaller companies, we looked at why these companies don't choose to offer retirement plans. Smaller employers want a cost-effective retirement benefit that will be easier to administer while affording them some fiduciary protection. The Transamerica FastTrack Retirement Plan provides solutions for those employer concerns, along with the features that will help employees reach their retirement savings goals," Nybo said.
The plan administration model includes expertise and day-to-day assistance from local third party administrators, along with easy enrollment for employees and automated plan adoption features. Transamerica's service representatives will be available for employers, their employees and third party administrators.
Easy to implement retirement plan "We've put the power of Transamerica's retirement expertise behind this offering," said Nybo. "Our goal is to provide a retirement plan benefit that is easy to implement with the right support and resources for the smaller employer demographic. We're committed to providing smaller employers and their employees with Transamerica's "best in class" service model.
"I'm confident FastTrack will have a significant impact in helping to close the retirement plan coverage gap and ensure that more small business employees can take advantage of an employer-sponsored retirement plan. Everyone deserves to retire with dignity."
