Transamerica announced Aug. 23 that it has launched a new Retirement Plan Exchange® that will be available solely through UBS Financial Advisors and will feature the UBS Retirement Plan Manager (RPM) program.
The RPM is an advisory program that offers discretionary investment management, with UBS acting as an investment manager under ERISA Section 3(38). In addition, TAG Resources will serve as the plan’s 402(a) and 3(16) fiduciary, and manage the plan’s day-to-day administrative duties. The Exchange is geared primarily for small and mid-sized businesses, and it allows employers to reduce their administrative burden, mitigate certain risks and benefit from economies of scale.
“UBS is excited to introduce business owners to a powerful workplace retirement plan solution that offers similar services and economies of scale that are typically only enjoyed by large corporations,” said Gene Silverman, Executive Director and Head of Retirement Plan Services at UBS. “The services included in the Exchange enable employers to retain expert plan service providers to assist them in carrying out their fiduciary responsibilities and allow them to spend more time running their business.”
“Transamerica is thrilled to partner with UBS on our Retirement Plan Exchange. Together with TAG Resources, we share a common vision of making it possible for more companies to offer retirement plans to their employees,” noted Kent Callahan, Transamerica’s CEO of Workplace Solutions. “By offering this Retirement Plan Exchange, we are demonstrating our shared commitment to finding innovative solutions that meet the needs of UBS’s business owner clients and their employees.”
