Transamerica announced Feb. 25 that it was chosen to be the retirement plan provider for a multiple employer 401(k) plan created by the Greater Akron Chamber.
Bringing a new retirement plan solution to Northeast Ohio businesses, the offering will allow more than 1,700 member companies to extend retirement benefits to their employees. According to the announcement, the Greater Akron Chamber 401(k) Retirement Plan is likely to appeal to small and mid-sized businesses that either do not currently offer a retirement plan or have one and are looking to reduce cost and complexity.
Transamerica will serve as the plan’s recordkeeper, CAPTRUST will be the 3(38) investment manager and Rea & Associates will handle TPA and 3(16) fiduciary responsibilities.
“Many companies do not offer retirement plans because of costs and administrative complexities. Those companies who do offer 401(k) plans are often too busy to benchmark and service their plans on an on-going basis,” said Tim Lastivka, Division Vice President for Transamerica. “Transamerica congratulates the Chamber for their forward-thinking approach to addressing both issues, and we are very thankful to be part of the solution.”
Adds Steve Wilt, Principal and Financial Advisor at CAPTRUST Akron: “I am excited about the Greater Akron Chamber MEP solution. We are pleased that CAPTRUST is providing fiduciary oversight on this initiative which brings large plan benefits to small and mid-sized plans and their hard-working employees.”