RESEARCH |
2021
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Tilda Rose
Providers
Transamerica Retirement Solutions LLC
www.Transamerica.com| Assets ($MM) by Plan Type | ||||
|---|---|---|---|---|
| Ranked #12 | $204,725 | |||
| 401(k) | 62% | |||
| 403(b) | 30% | |||
| 457 | 2% | |||
| NQDC | 1% | |||
| Other | 5% | |||
| Participants by Plan Size | ||||
|---|---|---|---|---|
| Ranked #10 | 3,500,107 | |||
| <$10MM | 20% | |||
| $10MM – $50MM | 16% | |||
| >$50MM – $200MM | 20% | |||
| >$200MM | 45% | |||
| Related Offerings | |
|---|---|
| HSA integration | Direct |
| Student Loan Repayment | 3rd party source(s) |
| Financial wellness options | 1 |
| Service Offerings | |
|---|---|
| New client restrictions | None |
| Multiple service models | Yes |
| Offers corporate trustee services | Yes—either direct or via partnership |
| # of internal ERISA counsel | 5 |
| Will act as §3(16) fiduciary | Yes - via third party |
| Participant Services | |
|---|---|
| Call center hours | Weekdays: 8 a.m. – 9 p.m. |
| Online chat support | Yes |
| Mobile app | |
| Managed account options | Managed Advice® is Transamerica’s proprietary managed account and advice solution.† |
| Recordkeeping Platform | Proprietary recordkeeping system* |
|---|
| Footnote: |
| *Transamerica uses a proprietary recordkeeping system called PARIS 3, which is a multi-tiered, server-based, distributed application which includes web servers, application servers, and databases. The tiered approach allows them to make enhancements to their applications in an isolated fashion, so that rollouts are smooth and seamless to their customers, and are completed in a cost-efficient manner. Their software is also developed internally. All maintenance and upgrades are managed in-house, enabling them to efficiently maintain a state-of-the-art recordkeeping system. The benefit of a proprietary recordkeeping system to their clients is that they build their recordkeeping system around their customers’ needs. That being said, over the next year they will be moving toward a Continuous Integration Continuous Development (CICD) model. The ultimate goal of this model is to release on a more frequent basis as soon as code becomes ready to move and is approved by Enterprise Quality Assurance.
†Morningstar Investment Management Services, LLC ® is the Independent Financial Expert who provides the advice engine and portfolio construction underlying the Managed Advice® service. Morningstar is responsible for the forecasting, modeling, and ongoing investment strategies within the service; Transamerica does not alter Morningstar’s models in any way. |
