To help small businesses gain an advantage in today’s competitive job market, Transamerica is offering an initiative that encourages employees to save more now for retirement and medical costs.
For small businesses that select Transamerica as their retirement plan and health savings provider before Dec. 31, the firm will waive administration and participant fees on their health savings accounts (HSAs) and flexible spending accounts (FSAs) for two full quarters. What’s more, Transamerica will offer its Plan Administration Service Support (PASS) communication services at no cost to the employer during the retirement plan’s conversion period.
“Over the past year, we have heard from participants that they value support in planning their financial future. With recent inflation and market volatility, they are especially concerned about how to save consistently for retirement and medical costs for the rest of their lives,” said Phil Eckman, President of Workplace Solutions at Transamerica. “By choosing Transamerica as the provider for the retirement plan and health savings programs, employers and their participants can take an essential, multi-pronged approach to saving for retirement and future healthcare expenses.”
Transamerica’s HSAs and FSAs offer significant tax savings for the employee to pay for current eligible medical expenses, or to invest and save for health expenses in retirement. In addition, employees have the convenience of tracking their retirement plan, HSA and FSA in one location, the announcement notes.
“Transamerica is thrilled to offer these valuable options to our customers,” adds Eckman. “We believe these savings strategies will resonate with individuals seeking to build more confidence about their financial stability.”
