According to a press release from the Los Angeles-based company, the revamped Retirement Plan Review (RPR) measures the plan success and feature utilization and then compares that data with industry averages. The results are used to produce improvement recommendations for plan sponsors.
The RPR is divided into five major components to examine the sponsor’s plan:
- A market snapshot that plan sponsors can compare their plans against.
- A comparison of the elements of a sponsor’s plan design to both industry norms and plans of similar size.
- An expanded section with tools to help sponsors develop educational campaigns that meet the specific needs of the participants. Some of these campaigns include workshops, retirement preparedness seminars for women, and promotion of a wide range of TRS services delivered through various mediums including in-person meetings, conference calls and webcasts.
- Sponsors are educated on the types of typical plan fees, what they are called, what they pay for and where they are found, and then the fees are disclosed for their specific plan.
- Suggests solutions for plan enhancements and offers proof points and explanations of how they can achieve the sponsor’s particular goals.
For more information about Transamerica, visit www.TA-Retirement.com .