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Transamerica Adds Workplace Emergency Savings Accounts

Service Providers

Transamerica has announced the addition of emergency savings accounts as a new employee benefit. Through new strategic relationships with Millennium Trust Company and SecureSave, the new offering is designed to help employees save for unexpected events that may affect their ability to contribute to or preserve their workplace retirement savings account. 

Plan sponsors can choose either Millennium Trust or SecureSave. Both providers provide an easy way to offer and manage an emergency savings fund as a workplace benefit. To encourage employees to establish emergency savings accounts, employers have the option to contribute to employees’ accounts. And the offerings are FDIC-insured up to the standard maximum deposit insurance amount of $250,000. In addition, they provide:

  • a complete savings solution that is automated and easy to deploy;
  • enrollment campaigns to help drive participation in the program;
  • payroll deduction for automatic savings;
  • easy access to funds through intuitive, digital platforms with 24-hour access; and
  • optional employer contributions through an employer match or ad hoc contributions.