Corporate Roundup: Transamerica Expands $2B Retirement Program, CFP Board Welcomes Directors
This week, Transamerica grows its $2 billion wage retirement plan program, CFP Board welcomes two new directors, T. Rowe Price launches a tech-focused exchange-traded fund (ETF), and more.
Transamerica Expands $2B Retirement Program
Transamerica has expanded its collaboration with Fringe Benefit Group (FBG) and The Contractors Plan, a $2 billion wage retirement plan program that administers retirement benefits for nearly 1,500 employers and more than 64,500 American workers.
FBG has a history of providing customized benefit programs for government contractors, restaurants, retail and staffing companies across the United States. This includes Transamerica’s Managed Advice (savings and investment advice for employees), a multilingual website featuring customizable retirement planning tools, as well as a platform with investment options to help employees meet their retirement goals.
“We are excited to expand this collaboration, leveraging our pooled plan capabilities as a scalable and efficient model for new plan growth,” said Darren Zino, Transamerica’s head of retirement distribution. “We will lean into FBG and The Contractors Plan’s incredible network to enable us to expand retirement plans and service offerings to even more hardworking Americans.”
“FBG and The Contractors Plan is proud to exclusively partner with a leading institutional retirement and asset management platform in Transamerica,” said Travis West, FBG’s CEO. “Combining Transamerica’s retirement expertise and comprehensive suite of solutions with our industry-specific technology and compliance programs will bring substantial benefits and value to any client or prospect in our industries of focus. This collaboration is paving the way for innovations that we believe will set a new standard.”
CFP Board Welcomes New Board of Directors
CFP Board announced that its Board of Directors has elected two new members: Debra BenAvram and Rose Palazzo. The Board of Directors is the policymaking and oversight body of CFP Board of Standards and CFP Board Center for Financial Planning and acts on behalf of CFP professionals and the public to advance the profession.
With the addition of Debra BenAvram and Rose Palazzo, the newly configured Board of Directors will be the first in CFP Board’s history to have a majority of women members.
“It’s an honor to welcome Debra and Rose to our Board of Directors,” said CFP Board Chair-elect Liz Miller, CFP, CFA. “Their diverse expertise and commitment to upholding ethical standards will play a pivotal role in shaping the future of financial planning. I look forward to partnering with them to serve the public and reinforce CFP certification as the standard for competent and ethical financial planning.”
BenAvram is a seasoned association executive with a track record in managing organizations and certification programs. She served 16 years at the American Society for Parenteral and Enteral Nutrition, including 11 as CEO, where she streamlined certification exams and enhanced program value. As CEO of the Association for the Advancement of Blood and Biotherapies, she launched and expanded a new certification program.
BenAvram also chairs the Center for Survivor Agency and Justice and is active with the American Society for Association Executives and the Washington, DC, YPO Chapter. She holds a bachelor’s degree in dietetics from the University of Maryland and a master’s degree in educational leadership from Miami University.
Palazzo has over 20 years of experience, specializing in building technology solutions for financial advisors to enhance client outcomes. A principal at Edward Jones, Palazzo leads the development of financial planning tools and portfolio management platforms. As the former group president of financial planning at Envestnet, she oversaw the MoneyGuide software suite. Palazzo began her career at Merrill Lynch and spent over 12 years at Morgan Stanley. She has also collaborated with the CFP Board as a panelist and contributor to advisor technology guidelines. Palazzo holds a bachelor’s degree in finance from The College of New Jersey.
On December 31, 2024, the terms of current Board Chair Matt Boersen, CFP, CFA, Aneri Jambusaria, CFP, MBA, Richard Sherlock and Nancy Smith, J.D., will expire. On January 1, Liz Miller, CFP, CFA, will take the helm as Board Chair, and Terri Kallsen, CFP will become Board Chair-elect.
The new Board members’ three-year terms begin on January 1, 2025, and end on December 31, 2027.
T. Rowe Price Launches Tech-Focused ETF
T. Rowe Price has launched its first thematic actively managed exchange-traded fund (ETF), T. Rowe Price Technology ETF. The new ETF began trading on the NASDAQ exchange on Thursday.
The T. Rowe Price Technology ETF focuses on the technology sector, applying an active and opportunistic approach to a global technology universe.
T. Rowe Price Technology ETF is managed by Dominic Rizzo, who has ten years of investment expertise at T. Rowe Price and serves as the portfolio manager of the Global Technology Equity strategy, which has assets under management (AUM) that total $9.4 billion as of June 30. The Technology ETF is a new strategy distinct from existing T. Rowe Price mutual funds.
T. Rowe Price introduced its first active ETFs in August 2020, and its recent launch expands the firm’s active ETF lineup to 17, including five semi-transparent ETFs, six transparent fixed income ETFs and six transparent equity ETFs.
“Leveraging our deep industry expertise and commitment to rigorous research, TTEQ targets mission-critical, linchpin technologies from companies innovating in secular growth markets,” said Dominic Rizzo, portfolio manager. “We look to navigate different market environments responsibly by tactically allocating to these enduring technology companies when they exhibit improving fundamentals and are trading at reasonable valuations. In a rapidly advancing technology landscape, we believe this strategy offers an appealing option to investors who favor the ETF format and are seeking to invest in attractive opportunities globally.”
Agilis Launches Pension Builder Solution
Agilis Partners LLC, an investment, actuarial and risk management group, unveiled its Agilis PensionBuilder, a patent pending solution designed to provide lifetime retirement income for employees and retirees.
In collaboration with Alight Solutions, a cloud-based human capital technology and services provider, Agilis PensionBuilder offers comprehensive support services, includes call center assistance, website management, and operational support.
“With the decline in traditional pensions and growth in DC plans, we are approaching a new paradigm in the US retirement system: a significant portion of monthly expenses must be covered by DC account balances rather than a monthly pension check” said Tom Cassara, CEO of Agilis. “Our mission at Agilis is to bring innovative and sustainable retirement solutions to the market. PensionBuilder allows plan sponsors to provide their employees with the peace of mind that comes from knowing they will have a guaranteed income stream throughout their retirement.”
By leveraging their expertise in the pension risk transfer market, Agilis aims to enable employees and retirees to convert their defined contribution (DC) plan savings into lifetime income. Participants are given a time-limited window to select the amount they wish to convert and the form of annuity payment that suits their needs.
Agilis then secures bids from insurance companies, converting a portion of the participants’ retirement savings into annuities based on market rates and group pricing.
“PensionBuilder combines the best aspects of a traditional pension–a predictable monthly payment for life–without the cost volatility that led many employers to abandon DB plans,” said Michael Clark, chief commercial officer at Agilis. “Our solution is easy to implement, simple to communicate, and flexible in payout options—all at no cost to the company and with Agilis acting as a fiduciary in selecting the insurer. As retirement planning becomes more complex, having a solution like PensionBuilder is essential to ensuring financial security.”
“PensionBuilder is a modern solution that merges the benefits of lifetime income with flexibility for both employers and employees,” added Greg Long, head of Public Policy at Alight. “Whether for current employees or retirees, PensionBuilder gives plan sponsors the tools to enhance retirement outcomes in an era of uncertainty.”
Nationwide Brings in Distribution Head
Rich Porter has been named leader of Nationwide Retirement Solutions Distribution, replacing Craig Hawley, effective October 28. Hawley recently transitioned to lead Nationwide’s annuity business.
Porter joins Nationwide Retirement Solutions after leading the company’s Annuity Distribution Brokerage team for the past two years. In his new role, he will oversee teams responsible for driving new plan acquisition, retention and relationship management. He will report to Eric Stevenson, president of Nationwide Retirement Solutions.
“It’s great to have a sales leader with a proven track record of delivering results and strong partnerships for Nationwide join the Retirement Solutions team,” said Stevenson. “Rich brings a wealth of financial services experience and expertise, consistently driving sustained growth and innovation – most recently helping to deliver multiple years of record-breaking annuity sales for Nationwide.”
Before joining Nationwide, Porter served as vice president and divisional sales manager for the Advisor Channel at Prudential Financial, where he led an external wholesaler team and served as a thought leader throughout the organization, with responsibility for sales management, team building and compliance. Prior to that, he practiced law in the Tax, Finance and Bankruptcy Group at Greenebaum, Doll & McDonald in Louisville, KY.
Porter earned his undergraduate degree and Juris Doctorate from the University of Louisville, and a Presidents and Key Executive MBA from Pepperdine University. He also holds FINRA Series 6, 26, 63 and 65 licenses, as well as life and health designations.
OneAmerica Adds Employee Benefits Leader
OneAmerica Financial announced that Joe Ingream has been named president of Employee Benefits.
He previously served as senior vice president of that line of business. Ingream has been with the companies of OneAmerica Financial since April of 2022 and has a career that spans over 20 years in the insurance business.
Prior to joining in 2022, Ingream was the chief operating officer (COO) and head of Group Insurance Operations with Prudential Financial, responsible for the direction and execution of group insurance operations servicing 3,000 customers and 18 million employees. Previously, he held leadership roles at Prudential Financial in their group life and premier business segment. He spent over a decade at Aetna, leading teams in disability and absence management benefits. He started his insurance career in sales with UnitedHealth Group.
Ingream served in the US Navy as a hospital corpsman on both active and reserve duty from 1994 to 2007. He earned a bachelor’s degree in health care administration from Southern Illinois University, Carbondale, and a master’s degree from the University of Portland in Oregon.
“Joe has skillfully led the Employee Benefits team through a series of strategic changes, enhancing the teams focus on segmentation and operational efficiency, re-defining the business’ value proposition and advancing market expansion,” said Scott Davison, chairman, president and CEO of OneAmerica Financial. “He’s led development of a comprehensive plan to expand our product offerings and improve the end-to-end experience for our brokers and employers.”
The latest addition of Ingream comes as OneAmerica announces its new Asset Care 2024, a product that aims to help clients cover long-term care (LTC) expenses.
The long-term care protection options available with Asset Care include added benefits to support informal caregiving, independent providers, and in-home care. It also includes expanded inflation protection options, benefit period selections to ease access, and enhanced pricing.
“The launch of our new Asset Care is about far more than just a new product,” said Dennis Martin, president, Individual Life and Financial Services. “It recognizes the growing need for informal care with a solution to help take care of those who provide that care, by offering an innovative benefit to support caregivers at home.”
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