Transamerica Deepens Collaboration with Fringe Benefit Group to Expand Retirement Plan Solutions Through The Contractors Plan

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Oct 24, 2024, 09:02 ET

BALTIMORE, Oct. 24, 2024 /PRNewswire/ -- Transamerica today announced it has expanded its collaboration with Fringe Benefit Group (FBG) and The Contractors Plan, a $2 billion prevailing wage retirement plan program that administers retirement benefits for nearly 1,500 employers and more than 64,500 American workers.

FBG's history of providing customized benefit programs for government contractors, restaurants, retail and staffing companies across the United States will complement new service offerings from the expanded collaboration. This includes Transamerica's Managed Advice^® (savings and investment advice for employees), a multilingual website featuring advanced, customizable and intuitive retirement planning tools, as well as a platform with robust investment options to help employees meet their retirement goals.

"We are excited to expand this collaboration, leveraging our pooled plan capabilities as a scalable and efficient model for new plan growth," said Darren Zino, Transamerica's head of retirement distribution. "We will lean into FBG and The Contractors Plan's incredible network to enable us to expand retirement plans and service offerings to even more hardworking Americans."

"FBG and The Contractors Plan is proud to exclusively partner with a leading institutional retirement and asset management platform in Transamerica," said Travis West, FBG's CEO. "Combining Transamerica's retirement expertise and comprehensive suite of solutions with our industry-specific technology and compliance programs will bring substantial benefits and value to any client or prospect in our industries of focus. This collaboration is paving the way for innovations that we believe will set a new standard."

FBG, with more than four decades of industry experience in working with government contractors, restaurants, retail and staffing companies, has designed and administered programs that simplify the benefits process for employers with hourly workers since 1983. Through its nationwide network of independent brokers and agents, FBG offers products from the industry's leading carriers and is recognized for its full-service suite of tools and services designed specifically for employers with hourly and part-time workers. For more information, visit www.fbg.com, www.contractorsplan.com or www.theamericanworker.com

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.

For more information, visit www.transamerica.com.

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SOURCE Transamerica