Transamerica Waives Fees to Aid Retirement Plan Participants in California Wildfire Zones

Retirement Plan Provider Waives Transaction and Mailing Fees for Participants in Disaster Areas

BALTIMORE, Jan. 30, 2025 /PRNewswire/ -- Transamerica announced today that it will waive certain retirement plan transaction fees for participants affected by the devastating wildfires in Southern California. These fires have resulted in tragic loss of life and displaced thousands of residents. Effective immediately, Transamerica is taking steps to support those impacted by the wildfires.

Transamerica is proactively contacting its retirement plan sponsor clients and participants to remind them of the different plan options available to help during a disaster, like the Qualified Disaster Recovery Distribution. If permitted by their retirement plan, the provision allows participants to withdraw up to $22,000 per disaster from their retirement plan without incurring mandatory tax withholdings or early withdrawal penalties. While the provision is intended to be a last resort for financial support, participants may request the distribution within 180 days of either the first date of the event or the first day when FEMA declares a disaster.

Transamerica will waive fees for distributions for participants residing in affected zip codes of disaster zones as identified by the Federal Emergency Management Agency (FEMA). Additionally, Transamerica will waive fees for checks sent by overnight delivery. All distributions made via ACH will remain free.

"It is heartbreaking to see the profound impact these wildfires have had on so many lives. Transamerica is committed to being a force for good during times of crisis by providing the flexibility and assistance customers need to access their financial resources," said Luke Stroh, head of Retirement Operations at Transamerica. "By waiving these fees, we hope to alleviate some of the financial burden on those directly affected as they work to rebuild their lives."

The fee waivers will remain in place until further notice, depending on circumstances. Retirement plan participants needing assistance are encouraged to contact Transamerica's customer service representatives, who are available to expedite transactions and provide personalized guidance during this challenging time.

Separately, the Aegon Transamerica Foundation has extended financial support to the American Red Cross to assist in disaster relief efforts, including a three-to-one match for employee donations to the organization.

About Transamerica
Transamerica believes everyone deserves the opportunity to live their best life. It's what inspires us to be a champion for helping everyday Americans thrive. As a leading provider of life insurance, retirement, and investment solutions for more than 10 million Americans, we help people make the most of what's important to them.

Supporting our customers' financial futures with innovative products and services has been our mission for more than 120 years. In 2023, Transamerica fulfilled its promises to customers, paying more than $47 billion in insurance, retirement, and annuity claims and benefits, including return of customer-paid annuity premiums.

Transamerica is part of the Aegon group of companies. Aegon is an international financial services holding company.

For more information, visit www.transamerica.com.

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SOURCE Transamerica