Transamerica Introduces DWC 401(k) Pooled Plan Solutions, An Innovative 401(k) Offering for Employers

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Dec 03, 2024, 09:01 ET

BALTIMORE, Dec. 3, 2024 /PRNewswire/ -- Transamerica today announced the launch of DWC 401(k) Pooled Plan Solutions, an innovative offering designed to streamline retirement plan management for businesses of all sizes. These solutions empower employers by reducing administrative burdens and fiduciary risks while offering flexible, professionally managed retirement plans.

DWC 401(k) Pooled Plan Solutions feature the expertise of DWC - The 401(k) Experts, Transamerica and Leavitt Retirement Partners, ensuring that businesses can manage their retirement plans with greater ease and confidence. With two plan options under a single recordkeeping structure, employers can implement either The DWC 401(k) Retirement Plan Exchange^®solution or The DWC 401(k) Pooled Employer Plan (PEP). The unique nature of this structure allows employers the flexibility to change retirement plan structures to accommodate growth without any disruption to their employees. The PEP can also support certain grandfathering of mandatory provisions forthcoming with Secure 2.0 for existing plans that qualify.

"With DWC 401(k) Pooled Plan Solutions, we're providing businesses the flexibility to adapt their retirement plans as they grow, without the hassle of a full plan conversion," said Keith Clark, managing director at DWC. "This flexibility makes it easier for employers to scale their plans to meet changing needs, all while maintaining simplicity and efficiency."

Employers who adopt these plans will benefit from reduced fiduciary responsibilities, simplified administrative tasks, and potential cost savings. Through the PEP's single audit feature, employer 401(k) plans with over 100 participants with balances may benefit from significantly reduced audit costs and are no longer solely responsible for dealing with the annual plan audit.

"Workplace retirement plans are essential in helping employees prepare for a secure financial future, but the complexities involved can be overwhelming for many employers," said Darren Zino, head of retirement distribution at Transamerica. "With DWC 401(k) Pooled Plan Solutions, we're offering a streamlined, flexible approach that reduces fiduciary risk and administrative burdens, allowing employers to focus on growing their businesses while providing valuable benefits to their employees."

Whether through the Exchange or the PEP, employers gain access to a 3(38) investment manager responsible for selecting and monitoring investments, a 3(16) plan administrator overseeing daily plan operations, and a comprehensive support team of third-party administrators, recordkeepers, and fiduciary service providers.

"As the 3(38) investment fiduciary, we deliver quality investment services with the highest degree of fiduciary protection," said Taylor Dance, managing director and consultant for Leavitt Retirement Partners. "Our collaboration with Transamerica and DWC will help countless individuals achieve financial security in retirement."

For more information on how DWC 401(k) Pooled Plan Solutions can simplify your retirement plan management, contact Transamerica at (888) 401-5826 or email [email protected].

Retirement Plan Exchange® is a registered service mark of Transamerica. The Exchange solution is a collection of single employer-sponsored plans that may share a common plan administrator, named fiduciary, investment menu, and plan year. Unlike a multiple employer plan (MEP), certain plan qualification and ERISA requirements are applied at the individual plan level. Pooled employer plans (PEPs) are a newer type of multiple employer plan for which the Department of Labor (DOL) and IRS guidance is still pending in a number of areas. An employer participating in a PEP retains certain fiduciary responsibilities, including responsibility for retaining and monitoring the Pooled Plan Provider (PPP) and any named fiduciary, for determining the reasonableness of its plan fees, and for periodically reviewing the plan as a whole. Nothing in this communication should be construed as the commencement of operations by a PPP prior to registration as a PPP. Among other responsibilities, the PPP acts as the ERISA 3(16) Plan Administrator.

Before adopting any plan, sponsors should carefully consider all of the benefits, risks, and costs associated with a plan. Information regarding retirement plans is general and is not intended as legal or tax advice. Retirement plans are complex, and the federal and state laws or regulations on which they are based vary for each type of plan and are subject to change. In addition, some products, investment vehicles, and services may not be available or appropriate in all workplace retirement plans. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.

About DWC - The 401(k) Experts
DWC is a consulting firm providing third party plan administration (compliance and government reporting), actuarial, and consulting services to over 7,000 qualified retirement plans nationwide. To learn more about DWC - The 401(k) Experts, please visit www.dwc401k.com.

About Leavitt Retirement Partners
Leavitt Retirement Partners (LRP) is dba of Global Retirement Partners, LLC ("GRP".) GRP is registered as an investment advisor with the United States Securities and Exchange Commission. GRP specializes in supporting independent financial advisors across the country who are focused on the corporate retirement plan space. We support this effort by providing our Investment Advisory Representatives ("IAR") with the tools and resources to meet client needs and objectives. With our dynamic and experienced team, GRP provides investment advisory and management services to individuals, pension and profit-sharing plans, trusts, corporations, and other business entities.

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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Erin Yang
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SOURCE Transamerica