According to a Transamerica news release, the new offering includes a fiduciary warranty along with a turnkey fiduciary program. Under the program, advisers can help plan sponsors select investments that have been evaluated by the proprietary Transamerica Investment Monitor (TIM) investment selection and monitoring process and adhere to the minimum investment categories needed.
The fiduciary warranty is designed to help protect plan fiduciaries if there is a legal judgment resulting in damages attributable to a breach in the warranty.
The announcement said the warranty will provide guidelines for helping a plan sponsor develop an investment lineup. This will satisfy the requirements set forth by the U.S. Department of Labor and the Employee Retirement Income Security Act (ERISA), by meeting the prudence requirement, the “broad range rule,” and being appropriate for long-term investing.
“Although plan sponsors can never be relieved of their fiduciary responsibilities, Transamerica can offer them the tools they need to make being a fiduciary less difficult,” said Stig Nybo, senior vice president and national sales director for Transamerica Retirement Services, in the news release. “The Fiduciary Management Program gives a way for the adviser to provide the structure for plan sponsors to develop a prudent process for selecting and monitoring the investment choices they decide to offer to their plan’s participants.”
The program also includes:
- Transamerica’s IPS Writer that is designed to help a plan sponsor easily establish a clearly defined Investment Policy Statement,
- Standard and Poor’s Investment Advisory Services LLC independent review and evaluation of Transamerica’s selection and monitoring process, and
- The Transamerica Investment Scorecard which provides quarterly results of Transamerica’s monitoring of the investment choices.
More information is at www.TA-Retirement.com .
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