Transamerica Offers Plan Benchmarking Tool

A news release said the product provides sponsors with a comparative industry assessment of their defined contribution plan, backed by a list of research-based opportunities to help improve the plan.

Using data provided by the Profit Sharing/401k Council of America and other industry sources, Transamerica gives plan sponsors a snapshot of how their plan compares to industry standards and averages. Transamerica then uses the results of this benchmarking to identify opportunities where the plan may be able to benefit from making improvements, as well as action items intended to align the plan with industry standards or increase the plan’s competitiveness, the company said.

The product also includes an investment analysis, fiduciary review, and a fee and expense report that includes information about the typical types, names, and descriptions of fees.

“We set out to develop a comprehensive, annual plan review that reflects the sponsor’s goals for plan management and provides actionable opportunities to improve the plan,” said Mary Sanderson, vice president and director of client management for Transamerica Retirement Services.