A company news release says the “Plus 15 Participation Guarantee” will be available for qualified new takeover plans, and plan sponsors are guaranteed a 15% increase in participation within the first quarter the plan is with Transamerica or the company will reimburse the quarter’s administrative fees.
To qualify for the program plan sponsors must have a current participation rate of less than 75%, make no material reduction to benefits from their current plan to the Transamerica plan, and ensure all eligible, non-participating employees attend a Transamerica enrollment workshop prior to the enrollment deadline. Using current participation data from sponsors, brokers will give recommendations of participation drivers for the plan, of which the sponsor must chose a minimum of four.
Key to the program, Transamerica says, are its interactive enrollment workshops and various plan features encouraging participation such as employer match contributions and limited investment options.
Kent Callahan, President and CEO of Transamerica Retirement Services, said in the news release, “We’re confident in our ability to deliver on this promise, and look forward to working with employers to provide a retirement plan that will enable employees to meet their retirement goals through this program.”