TPA Choice offers third party administrators the flexibility to choose the services they will provide, based on their needs to build new business and service clients.
According to the announcement, Transamerica’s TPA Choice allows TPAs to customize services in four primary areas:
- Technology and Processing Innovation: TPAs can set plan design preferences on a plan-by-plan basis up front, choosing their level of involvement in regards to loans, distributions and vesting.
- Service Fee Income Flexibility: Transamerica’s service fee income structure has no plan count qualifications or licensing requirements. The program can provide both deposit-based income for the plan’s first year deposits, and asset-based income for the life of the plan.
- Payroll Interface Solutions: Choice between two optional payroll interface solutions:
- Plan Administration Service Support (PASS) for Payroll Services provides an assigned specialist to coordinate payroll activity between the plan sponsor, the payroll company, and Transamerica. PASS may also provide support for the plan’s communications and notices, distribution-related activities, loan-related activities and enrollment-related activities.
- PayStart provides a service for qualifying clients that allows contribution data to be sent directly from the payroll vendor to Transamerica, eliminating the need for the plan sponsor to create and manipulate a separate file.
- TPA Advantage Program: Transamerica’s TPA Advantage Program offers qualifying TPAs sales and marketing support, access to industry consultants and advisors, and event planners.
For more information about Transamerica Retirement Services, visit http://www.TA-Retirement.com.