Transamerica and FuturePlan by Ascensus have introduced a new pooled plan retirement solution that makes sponsoring a plan easier for employers and will help more people save for retirement.
Open to both existing and start-up 401(k) plans, FuturePlan GPS (Group Plan Solution) helps to reduce administrative burdens and mitigate fiduciary risk, according to the Nov. 16 announcement. The solution also provides guided onboarding and enrollment support, as well as ongoing service from a dedicated FuturePlan team with seamless integration into Transamerica’s recordkeeping system, not otherwise available outside of the pooled arrangement.
FuturePlan will serve as the third-party administrator and 3(16) plan administrator, while Transamerica will serve as the plan’s recordkeeper and Fiduciary-Plus as the 3(38) fiduciary investment manager. FuturePlan GPS also includes the FuturePlan Fiduciary Assistant program, a proprietary 100-point payroll data integrity check designed to prevent most common plan errors flagged in DOL and IRS audits.
“We believe that every American should have the opportunity to save with a high quality, well-managed retirement plan, and FuturePlan GPS is an important step toward making that possible,” FuturePlan President Teresa Hassara stated in the announcement. “We are proud to be broadening access for small business owners by offering cost-efficiencies and reducing both fiduciary risk and administrative workloads.”
“With FuturePlan GPS, employers and their financial consultants have a powerful opportunity to transfer most of the responsibilities of sponsoring a retirement plan. This benefit allows them to focus on their own business growth while offering a crucial benefit to their employees,” added Darren Zino, Senior Managing Director of U.S. Retirement Distribution at Transamerica.
