Transamerica Takes Steps to Help Plan Sponsors, Participants During Coronavirus

The retirement plan provider is waiving certain fees and has established a dedicated team to support participants in their decision making.

Transamerica says it recognizes that the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act may seem complex for plan sponsors as well as their participants, who may need help with extra expenses as a result of the pandemic.

It is waiving all retirement plan fees associated with coronavirus-related distributions until further notice. In addition, Transamerica will not charge any plan amendment fees needed to implement the new CARES Act provisions for those retirement plan sponsors who use Transamerica’s pre-approved document.

Because of the market volatility of the past month, Transamerica has seen increased requests from plan participants for education and investment advice. In response, the firm has established a dedicated team to support participants who are considering accessing their retirement savings to meet their short-term financial challenges related to the coronavirus.