RBC Wealth Management has teamed up with Transamerica and FuturePlan by Ascensus to introduce a new pooled plan retirement solution for small and mid-sized U.S. business owners.
Called RBC Group Retirement Plan (GRP), the new solution will help alleviate the regulatory, financial and administrative challenges associated with offering a retirement plan, making it easier for these employers to compete with larger employers in attracting and retaining talent, according to the announcement.
“RBC Wealth Management is pleased to add the RBC Group Retirement Plan to our broad range of products and services to provide business owners with an easier way to offer 401(k) plans to their employees,” said Tracy Hanson, Director of Retirement Solutions at RBC Wealth Management – U.S. “An employer-sponsored 401(k) plan helps to attract and retain employees and provides more American workers with access to essential retirement savings opportunities.”
Open to both existing and start-up 401(k) plans, the RBC GRP will be distributed solely through RBC Wealth Management in the U.S. RBC Wealth Management will also act as the GRP's 3(38) investment fiduciary. FuturePlan will serve as the third-party administrator and 3(16) plan administrators, while Transamerica will be the plan's recordkeeper.
The RBC GRP also includes the FuturePlan Fiduciary Assistant program, a proprietary 100-point payroll data integrity check designed to prevent most common plan errors flagged in Labor Department and IRS audits. Fiduciary Assistant works in conjunction with Transamerica's PayStart approved payroll vendors.
“With more than 20 years of experience in group retirement plans, Transamerica is proud to be a pioneer and stalwart advocate for group retirement solutions,” said Phil Eckman, President of Workplace Solutions at Transamerica. “Transamerica offers a powerful participant engagement program that includes personalized financial education, an online financial wellness center, and a forecast tool to help participants improve their chances of achieving their retirement savings goals.”
“We are proud to partner with RBC and Transamerica to help more Americans build financial security through high quality, well-managed retirement plans,” adds Kasey Price, President of FuturePlan. “Investing in innovative solutions, such as RBC GRP, furthers our long-term commitment to broadening workplace retirement plan access with cost-efficient options designed to reduce both fiduciary risk and administrative burdens for employers of all sizes, across all sectors of the economy.”