Transamerica launched its DWC 401(k) Pooled Plan Solutions, designed to streamline retirement plan management for businesses.
DWC 401(k) Pooled Plan Solutions includes advice from DWC – The 401(k) Experts, Transamerica and Leavitt Retirement Partners. Employers can implement either The DWC 401(k) Retirement PlanExchangesolution or The DWC 401(k) Pooled Employer Plan (PEP) into their benefits. The PEP can also support certain grandfathering of mandatory provisions forthcoming with SECURE 2.0 for existing plans that qualify.
“With DWC 401(k) Pooled Plan Solutions, we’re providing businesses the flexibility to adapt their retirement plans as they grow, without the hassle of a full plan conversion,” said Keith Clark, managing director at DWC. “This flexibility makes it easier for employers to scale their plans to meet changing needs, all while maintaining simplicity and efficiency.”
Employers who adopt these plans will benefit from reduced fiduciary responsibilities, simplified administrative tasks, and potential cost savings. Through the PEP’s single audit feature, employer 401(k) plans with over 100 participants with balances may benefit from significantly reduced audit costs and are no longer solely responsible for dealing with the annual plan audit.
“Workplace retirement plans are essential in helping employees prepare for a secure financial future, but the complexities involved can be overwhelming for many employers,” said Darren Zino, head of retirement distribution at Transamerica. “With DWC 401(k) Pooled Plan Solutions, we’re offering a streamlined, flexible approach that reduces fiduciary risk and administrative burdens, allowing employers to focus on growing their businesses while providing valuable benefits to their employees.”
Whether through the Exchange or the PEP, employers gain access to a 3(38)-investment manager responsible for selecting and monitoring investments, a 3(16)-plan administrator overseeing daily plan operations, and a comprehensive support team of third-party administrators (TPAs), recordkeepers, and fiduciary service providers.
“As the 3(38)-investment fiduciary, we deliver quality investment services with the highest degree of fiduciary protection,” said Taylor Dance, managing director and consultant for Leavitt Retirement Partners. “Our collaboration with Transamerica and DWC will help countless individuals achieve financial security in retirement.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
