Transamerica has made available new navigation tools to help Spanish-speaking participants use its retirement plan website.
Plan sponsors may now elect to enable participant website navigation in Spanish, as well as full translation of select pages.
Spanish-speaking participants may now benefit from both fully translated primary website navigation, specific page translations, and description overlays to provide additional information. These features help empower Spanish-speaking participants to take control of their retirement planning, access more educational resources to make informed decisions, and initiate transactions, such as contribution increases or loan requests.
“Technology and communication play key roles in how people engage with their company’s retirement plan,” says Scott Ramey, senior vice president and head of workplace solutions for Transamerica. “We believe the new website features are valuable to both our plan sponsor clients and their employees. Adding Spanish language capabilities to the retirement plan website can help improve retirement outcomes by building bridges to essential resources for customers whose primary language is Spanish.”
A report published by UnidosUS and the National Institute on Retirement Security revealed retirement readiness disparities between working Latinos ages 21 to 64 and other racial and ethnic groups in the U.S.The new feature is available to 401(k) and Section 451 nonqualified deferred compensation retirement plans administered by Transamerica.