According to a press release, the enhancements enable TPAs to conduct loan withdrawals and termination, hardship, and in-service distribution functions online.
The new loan and distribution enhancements give TPAs the ability to be notified by e-mail when a request has been made by a plan participant. With the new online distribution functionality, the TPA can update vesting for termination distribution requests, review the requests to determine if they meet plan specifications, and approve or deny the requests depending on employee eligibility.
The new online distribution functionality also allows participants to provide international addresses, claim tax withholding, and indicate how they would like to receive the distribution. It is compatible for both traditional and Roth 401(k) plans.
“These enhancements allow TPAs to be even more involved in every facet of plan administration, better ensuring plan compliance, and ultimately making plan sponsors more comfortable with Transamerica as their plan provider,” said Kevin Falcone of Falcone Associates, in the release.
Transamerica Partner iSeries features online plan installation; an e-mail notification system that sends confirmation e-mails to the contact person assigned to a plan, as well as a backup contact; and an enhanced security system.
More information is available at www.TA-retirement.com.