Products July 1, 2010

Transamerica Offers TPA Education

Transamerica Retirement Services recently launched two new resources to help third party administrators build and expand their own retirement plan business. 
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According to a recent press release, Transamerica Retirement Services Industry Speakers Bureau and TPA Administrator Training Institute are designed to help third party administrators better understand the opportunities available in the retirement market, and provide them with the strategies and tools to grow their own business.  

The Transamerica Retirement Services Industry Speakers Bureau is a quarterly, interactive webinar. The site features discussions with retirement industry thought-leaders from across the country on current issues of interest to TPA owners and administrators, from liability and tax penalties, to conflicts of interest and fiduciary responsibility. 

Future Speakers Bureau Webinars have been scheduled through 2010: 

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September 28: Charles Lockwood, Principal at ASC Institute, a pension consulting firm; and 

December 7: Sal Tripodi, Founder of TRI Pension Services, a nationally-based consulting practice in the employee benefits area. 

The TPA Administrator Training Institute is a monthly webinar for TPA firms that work with Transamerica, and each training session is hosted by National TPA Account Manager Mike Zahariades. The webinars cover topics related to the varied functions of Transamerica’s web-based technology, including year-end efficiencies and 5500 tools and resources.  

 

TPAs and administrators who are interested in attending either series and would like to be included on the invitation lists can contact Wendy.Carrillo@Transamerica.com. 

 
The Markets July 1, 2010

Roth Expansion Drives Increase in IRA Contributions

 

Fidelity Investments said it experienced significant year-over-year increases in IRA contributions and new account openings for Traditional, Roth and Rollover IRA accounts during the first four months of the year. 

 
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Fidelity said this growth was partly driven by Roth IRA conversion activity and the use of Roth IRAs as a savings vehicle. Roth IRA account openings rose 89% in 2010 when compared with 2009. 

“With income limits now removed for Roth IRA conversions, investors are reexamining the Roth IRA as a potential strategy within their overall retirement savings plan,” said Ken Hevert, vice president, Fidelity Investments, in a press release. 

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Data for IRA accounts held at Fidelity also showed the number of investors who contributed to their IRAs was up across all account types. Roth and Rollover IRA contributions were up more than 14% and Traditional IRA up more than 6%. 

Average IRA contribution amounts increased more than 9% over the same time frame in 2009, to nearly $3,700 in 2010. 

Fidelity said it offers several IRA educational tools for investors on Fidelity.com/IRA to help investors navigate market fluctuations, legislative changes and changing needs based on their life stage. 

  

 

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