Transamerica reaffirms commitment to small businesses

BALTIMORE, Aug. 30, 2023 /PRNewswire/ -- Transamerica announces the return of its  campaign targeted at helping small businesses gain a competitive edge in the job market. The decision to continue this initiative is based on its overwhelmingly positive response last year.

"At Aegon's recent Capital Markets Day, the company outlined plans to accelerate Transamerica's growth and build America's leading middle market life and retirement company. We are laser-focused on making that happen," said Phil Eckman, president of Workplace Solutions at Transamerica. "Our small business incentive campaign, called 401(k)ares, is designed for everyday Main Street employers seeking to attract and retain employees as they focus on growing their business."

Transamerica aims t. o grow its retirement business, providing recordkeeping and investment services for U.S. defined contribution plans and advice to plan participants.

Beginning September 1, the campaign offers valuable incentives to encourage employees to save more towards retirement and medical costs. For the remainder of the year, small businesses that choose Transamerica as their retirement plan provider will have specific HSA/FSA administration and participant fees waived for two full quarters.

Additionally, Transamerica will offer its Plan Administration Service Support (PASS) communication services free of charge during the retirement plan's conversion period. This offer will be in conjunction with Transamerica's third party administrator partners, who as part of this campaign, will receive additional credits for transferring existing retirement plans.

New this year, TPA partners who transition an employer's SIMPLE retirement plan to a Transamerica retirement plan will receive a credit of $250 in addition to any credits they may already receive. The SIMPLE plan must terminate in 2023 and transition to the Transamerica plan in 2024 to qualify for the credit.

Health and medical savings accounts offer substantial tax savings, empowering employees to pay for current eligible medical expenses or invest and save for future health expenses in retirement. Employee contributions to these accounts accumulate and grow tax-free until used for allowable medical expenses, even during retirement years. This factor makes health savings accounts a powerful component to offsetting medical costs in retirement that Medicare does not cover.

"Transamerica is committed to helping everyone secure a financially stable future, and our special offering for small businesses reflects that pledge," said Eckman. We believe all American workers need access to tax-deferred workplace savings programs, and this opportunity helps both employers and employees build a more secure future."

Transamerica is a leading 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.

Employers are encouraged to contact financial professionals for more information or call Transamerica at (888) 401-5826.