Transamerica announced that the company will provide recordkeeping and 3(16) plan administration services for a new pooled employer 401(k) retirement plan solution from Smart Retirement Solutions Inc., the Choice PEP.
The pooled employer plan (PEP) offers a streamlined and efficient workplace 401(k) retirement plan solution for employers looking to reduce their administrative burden, according to the company. In addition, multiple 3(38) investment fiduciaries are available to adopting employers.
"We are honored to work with Smart as the recordkeeper for the Choice PEP,” said Phil Eckman, President of Workplace Solutions for Transamerica, said in a statement. “This collaboration underscores our commitment to providing employers with cost-efficient retirement plan solutions that simplify plan administration and deliver long-term value to their employees."
Smart is the Choice PEP's Pooled Plan Provider. A Pooled Plan Provider sponsors a PEP and oversees its service providers. A PEP allows unrelated employers to participate in a single retirement plan.
Because many employers do not have expertise in plan fiduciary duties, a Pooled Plan Provider provides support for those fiduciary responsibilities. A PEP offers shared fiduciary responsibility for an adopting employer and potential efficiencies around investment, administration, and audit costs.
“We are delighted to be working with Transamerica to bring innovative, technology-forward PEP solutions to the marketplace in order to help more employers provide retirement plans to their employees,” Jodan Ledford, CEO of Smart in the U.S., added.
Transamerica is a major provider of financial services, including retirement plans, insurance, and investment solutions. With a long-standing commitment to innovation and customer service, Transamerica empowers individuals and businesses to build a better financial future.
Smart is a global savings and investments technology provider. Its mission is to “transform retirement, savings, and financial well-being, across all generations, around the world.”
Smart partners with financial institutions (including broker-dealers, RIAs, retirement providers, insurers, asset managers, banks) and financial advisers to deliver retirement savings and income solutions that are digital, customized, and cost-efficient.