Transamerica's Pooled Plans Transform Retirement Savings Landscape For Employers

(MENAFN- PR Newswire) Expanding Access to Help Everyday Americans Save for a Secure Retirement

BALTIMORE, Oct. 21, 2024 /PRNewswire/ -- Transamerica today released the results of its first-ever survey of pooled retirement plan adopters, a study that reinforces the power these shared plans wield in expanding access to retirement savings plans.

Pooled plans help organizations of all sizes share the administrative, regulatory and management costs of providing a retirement plan, and help make plans accessible to more workers. Transamerica's survey, which reflected the views of more than 400 adopting employers, revealed that nearly half (47%) took advantage of the availability of a pooled plan to introduce their first employee retirement plan. Many survey respondents were small- to mid-sized organizations and startups that have previously not offered retirement plans to employees because of the cost, administrative and fiduciary responsibilities.

"We are a small nonprofit and could not have afforded to spend time to manage a plan," said one survey respondent who implemented a retirement benefit for the first time. "This is a great fit for an organization of our size."

Darren Zino, head of retirement distribution at Transamerica, said the survey demonstrates the value of sharing costs and responsibilities when it comes to meeting the retirement savings needs of employers and employees. "Our survey provides empirical data that pooled plans are expanding access to programs that help everyday Americans save for a secure retirement," said Zino.

Another key survey finding is that 44% of respondents said the top reason for offering a retirement plan was as a tool to attract employees. As employers of all sizes vie for talent, retirement savings plans are a benefit that can help employers stay competitive. According to the U.S. Chamber of Commerce, companies of all sizes across the country are facing unprecedented challenges finding workers to fill open jobs, with 8.1 million job openings and only 6.8 million unemployed workers.

"Offering a retirement savings plan is becoming a non-negotiable benefit," said Zino. Transamerica's survey found that 72% of start-ups and 61% of organizations converting to a pooled solution said it improved retirement planning for employees.

As a pioneer of pooled plan solutions and a premier recordkeeper, Transamerica has been at the forefront of expanding access to employer-sponsored retirement plans for more than 20 years. For decades, Transamerica has championed the importance of retirement plan coverage, listening to clients and helping educate employers and advisors on the benefits and value of pooled plans. The survey reinforced the need for continued education, with 77% of respondents saying that they had little to no familiarity with pooled plans prior to adoption.

"Our purpose is to help people live their best lives, and we do that by supporting employers of all sizes and employees of all income levels with flexible, robust retirement solutions that meet their needs," said Zino.

The report is available on Transamerica's website . To learn more about Transamerica's pooled plan solutions, please contact us at [email protected] or (866)393-8967.

About Transamerica
With a history that dates back more than 100 years, Transamerica is a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Transamerica's dedicated professionals focus on helping people live their best lives through saving, investing, and protecting their loved ones. Transamerica is dedicated to building America's leading middle market life insurance and retirement company, with unique access to the large and growing middle market consumer via World Financial Group and US retirement recordkeeping. Transamerica provides a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts, and investment products including mutual funds, annuities, stable value solutions, as well as investment management services.

In 2023, Transamerica fulfilled its promises to customers, paying more than $47 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's head office is in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa, and Denver, Colorado. Transamerica is part of the
Aegon group of companies. Each Aegon company is solely responsible for its own financial conditions and contractual obligations. Headquartered in the Netherlands, Aegon is an international financial services holding company.

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SOURCE Transamerica

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