Transamerica says it’s expanded its retirement plan business, with the firm getting selected as the retirement plan recordkeeper of the Lockton Northeast (NE) Series pooled employer plan.
Transamerica says that it will leverage its pooled retirement plan experience to offer Lockton NE Series tailored plan design for each adopting employer in the pooled plans. The company says it will also offer tailored recordkeeping services to each adopting employer.
Lockton NE Series is a global professional services firm described by Transamerica as the world’s largest privately-held independent insurance broker.
Pinnacle, an NPPG company, will serve as the plan’s third-party administrator while NPPG Fiduciary Services will serve as the pooled plan provider, according to Transamerica.
The Trump administration allowed smaller firms to participate in pooled employer plans as part of the Setting Every Community Up for Retirement Enhancement Act, signed into law in December 2019.
“Transamerica has long advocated for legislation that can effectively increase the number of U.S. employees who are offered a workplace retirement plan,” the company says in a statement. “Transamerica worked with members of Congress to pass language that expands employers’ ability to join a pooled plan. Transamerica leaders have testified before U.S. House and Senate committees several times on these and similar provisions.”
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