Transamerica and FuturePlan by Ascensus introduced a new pooled plan retirement solution called FuturePlan GPS (Group Plan Solution). The companies said FuturePlan GPS makes retirement plan sponsorship easier for employers by reducing administrative burdens and mitigating fiduciary risk.
“With a fully integrated 100-point payroll data integrity check, it also helps prevent common and potentially costly plan errors,” the companies added.
“Open to both existing and start-up 401(k) plans, FuturePlan GPS provides guided onboarding and enrollment support.”
Open to both existing and start-up 401(k) plans, FuturePlan GPS provides guided onboarding and enrollment support, as well as ongoing service from a dedicated FuturePlan team with integration into Transamerica’s recordkeeping system.
FuturePlan serves as the third-party administrator and 3(16) plan administrator, while Transamerica is the plan’s recordkeeper and Fiduciary-Plus is the 3(38) fiduciary investment manager.
FuturePlan GPS also includes the FuturePlan Fiduciary Assistant program, a proprietary 100-point payroll data integrity check designed to prevent most common plan errors flagged in U.S. Department of Labor (DOL) and IRS audits. Fiduciary Assistant works in conjunction with Transamerica’s PayStart approved payroll vendors.
“We believe that every American should have the opportunity to save with a high quality, well-managed retirement plan, and FuturePlan GPS is an important step toward making that possible,” Teresa Hassara, President of FuturePlan, said in a statement. “We are proud to be broadening access for small business owners by offering cost-efficiencies and reducing both fiduciary risk and administrative workloads.”
“With FuturePlan GPS, employers and their financial consultants have a powerful opportunity to transfer most of the responsibilities of sponsoring a retirement plan. This benefit allows them to focus on their own business growth while offering a crucial benefit to their employees,” Darren Zino, Senior Managing Director of U.S. Retirement Distribution at Transamerica, added. “By partnering with FuturePlan, we bring an integrated solution that will help more people save for retirement. That is our ultimate shared objective.”