TPA Choice allows TPAs to choose which services they want to provide, based on how they want to service clients and meet their business goals.
According to the announcement, Transamerica’s TPA Choice allows customization in four areas:
1) Technology and Processing Innovation: TPAs can set plan design preferences on a plan-by-plan basis up front, choosing their level of involvement in regards to loans, distributions and vesting.2) Service Fee Income Flexibility: Transamerica’s service fee income structure has no plan count qualifications or licensing requirements. The program can provide both deposit-based income for the plan’s first year deposits, and asset-based income for the life of the plan.
3) Payroll Interface Solutions: Choice between two optional payroll interface solutions:
- Plan Administration Service Support (PASS) for Payroll Services provides an assigned specialist to coordinate payroll activity between the plan sponsor, the payroll company, and Transamerica. PASS may also provide support for the plan’s communications and notices, distribution-related activities, loan-related activities and enrollment-related activities.
- PayStart provides a service for qualifying clients that allows contribution data to be sent directly from the payroll vendor to Transamerica, eliminating the need for the plan sponsor to create and manipulate a separate file.
For more information about Transamerica Retirement Services, visit http://www.TA-Retirement.com.