Transamerica talked with TPA partners and TPA business owners to learn about the most pressing business issues they’re facing and to seek input on how Transamerica can better serve their needs.
Transamerica identified these as the top five TPA marketplace issues:
- TPAs are depending on creative marketing strategies to help grow their businesses. Economic pressures are causing TPAs to focus on marketing more than ever, and many are looking for ways to implement and maximize new marketing strategies as a means for future growth, such as joint marketing campaigns with plan providers that are committed to the TPA business model.
- Hiring, education, and training support is an ongoing need for TPAs and their employees. In an industry facing new regulatory and legislative concerns, TPA business owners have expressed the need for current and ongoing educational opportunities for their employees.
- As the April 1, 2012, deadline approaches for the new 408(b)(2) fee disclosure rules, plan sponsors are likely to look to TPAs to help with more fee education. Sponsors will likely use TPAs as a resource for information on value for cost. TPAs and plan providers need to work together to help ensure that plan sponsors understand new fee disclosures.
- Technology platforms offered by plan providers are critical to TPA efficiencies. TPAs want a flexible business model from retirement plan providers that gives the TPA technology to ease plan administration, and choice in how to use the technology platform with their clients.
- Integration with payroll vendors gives TPAs a competitive edge. Simplicity in benefits management is key to plan sponsors, and integration with payroll companies gives TPAs expanded opportunities to provide streamlined service.