Total Plan Management brings together three aspects of retirement plan fundamentals—education, fiduciary management, and annual review— to help sponsors in the small- and mid-sized markets assess and identify specific plan needs, set goals, and take action to enhance their plan’s overall success.
According to a press release, Total Plan Management’s education program provides financial advisers and third party administrators with solutions for both plan sponsors and participants. The sponsor element is driven by Transamerica’s Education Planner, which allows financial advisers, third party administrators, and sponsors to select education campaigns. Using the Education Planner, sponsors assess key attributes of their plan—either on their own or with the help of their adviser or third party administrator—from which a detailed education policy statement is constructed, along with a customized, actionable process to help sponsors set goals and deliver the annual education campaigns.
The participant element is driven by the Transamerica Institute for Retirement Readiness, a new self-service education Web site that simplifies retirement planning and meets the diverse needs of employees. The Institute’s education components are grouped into categories based on an employee’s current level of investment knowledge and education needs to help employees increase their financial literacy at their own pace.
Transamerica’s Due Diligence Investment Review supports the fiduciary management component of Total Plan Management. The review allows financial advisers and plan sponsors to establish a customized investment policy statement. The statement outlines the process for selecting, monitoring and evaluating the plan’s investment lineup, enabling plan fiduciaries to select the investment choices that are appropriate for their plan participants, the announcement said.
The final element of Total Plan Management is supported by Transamerica’s Annual Retirement Plan Review. The customized Annual Retirement Plan Review provides financial advisers, third party administrators, and plan sponsors with an assessment of their plan that uses industry benchmarks to identify opportunities to help improve the plan. The Annual Retirement Plan Review also includes a detailed fee and expense report to help plan sponsors better understand the types of fees associated with their plan.