Transamerica Retirement Solutions has launched a 401(k) plan that provides features normally found only in large retirement plans to smaller businesses and their participants.
The plans provided by smaller employers to their employees often lack a number of the features plans for larger companies include as a matter of course.
As a result, participants in smaller-employer plans can miss out on savings opportunities and investment options that simply aren't available as options.
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Since more people work for smaller employers than for large ones, that means a lot of people are losing savings opportunities that could hold them back at retirement time.
And that's among those who have access to a retirement plan—since many small businesses simply don't offer a plan at all, less beneficial or not.
A Government Accountability Office report said that just 14 percent of small employers with fewer than 100 employees sponsor a plan in which workers can save for retirement—and only 5 percent of companies with four or fewer employees offer a retirement plan, compared to 31 percent of companies with between 26 and 100 employees.
Transamerica's FastTrack Retirement Plan, available to employers starting with a commitment of $50,000 in first-year deposits or plan assets, offers a preselected menu of investment choices and personalized online progress reports for employees, a service model that includes third-party administrators for compliance support, and fiduciary protection offered by the ERISA section 3(21) fiduciary service from Mesirow Financial Investment Management, Inc.
The plan administration model includes expertise and assistance from local third-party administrators, along with enrollment for employees and automated plan adoption features.
Transamerica service representatives are available for employers, their employees, and third-party administrators.
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