New Retirement Plan Program Targets Not-for-Profits

A work place solution from Transamerica and Merrill Lynch expands offerings for 403(b) clients.

Transamerica Retirement Solutions and Merrill Lynch have combined forces to create a new work place retirement plan program for not-for-profit organizations.  

Through the program, 403(b) plan sponsors and their employees will have access to increased Transamerica plan administration services, along with mutual funds offered through Merrill Lynch’s investment platform. Service options include outsourcing of administrative tasks to Transamerica and a custom target date solution, employing the plan’s core investment lineup to help participants diversify their investments.

The program aims to meet two needs common among large higher-education and health care institutions: for flexible technology and for multiple retirement plans to cover a broad base of employees. Whereas Transamerica has focused specifically on the not-for-profit community, Merrill Lynch will make available the other firm’s mutual fund retirement plan product on its own Advisor Alliance platform. This offering will supplement the Transamerica Group Annuity product with Merrill Lynch.

All 401(k) plan sponsors may also capitalize on the program’s offerings.

“As a leading provider of retirement plans, Merrill Lynch is pleased to expand its relationship with Transamerica to provide an innovative solution for not-for-profit and corporate organizations,” says Daniel Holtzman, managing director, head of Retirement services product management at Merrill Lynch.

Jason Crane, executive vice president and national sales director for Transamerica Retirement Solutions, concurs. “Transamerica and Merrill Lynch have developed a work place retirement program based on mutual commitment that we believe will have a powerful and direct impact in helping more employees retire with confidence,” he says.

For more information about the new program, contact a Merrill Lynch financial adviser or call Transamerica.