A news release said using the TRS Mobile Enroller application, employees can join their plan and begin saving for retirement during their enrollment meeting, further helping plan sponsors to increase enrollment rates.
“Transamerica is dedicated to harnessing today’s technology to help improve the financial well-being of our participants,” said Stig Nybo, president of Transamerica Retirement Services, in the news release. “Joining an employer-sponsored retirement plan is one of the most financially beneficial decisions an employee can make. Transamerica’s new mobile enrollment application has the advantage of making plan enrollment as simple and as fast as possible.”
At Transamerica’s onsite enrollment meetings, Transamerica’s enrollment specialists provide employees access to an iPod touch pre-loaded with the TRS Mobile Enroller application. During enrollment, participants choose their contribution percentage and investment selection. Enrollees can choose “quick enrollment,” which automatically invests 100% of the contributions in the plan’s default fund, or “regular enrollment,” which allows the enrollee to allocate contribution percentages across the menu of investment choices offered by their plan.
Transamerica said enrollees can also choose to make catch-up contributions if they are age 50 or over. The enrollee then confirms his or her enrollment elections, at which time the information is securely uploaded to Transamerica’s server and the enrollment begins processing by the time they leave the meeting.