401(k) plans
401(k) plans deliver advantages for employers and employees
A 401(k) plan can play a key role in attracting and retaining employees, as well as offering tax advantages for employers. Offering a quality retirement plan starts with working with a seasoned provider. From the simplest to the most complex retirement plans, Transamerica wants to help your employees live their best lives. Our 85-plus years carrying out that mission means we have the resources and experience to help your employees successfully prepare for retirement on their terms.
Why offer a 401(k) plan?
Similar to 403(b) plans for not-for-profit organizations, a 401(k) plan can help employees build their retirement savings and reduce their taxable income through pretax deferrals, a variety of investment options, and flexible employer matching contributions.
Case study: Consolidating 401(k) plans helps a growing company improve retirement readiness
Rapid expansion meant increased sales and revenue for an automotive services organization, but it also created challenges for their previous 401(k) plan — recordkeeping errors and an enrollment process that left new hires and HR staff frustrated.
The challenge: Upgrade and integrate
Before partnering with Transamerica, the company’s integration of new retirement plans and participants didn’t go so smoothly. The steady flow of mergers and acquisitions meant high workforce turnover and unreliable data. The client needed a way to efficiently onboard new hires and tackle data errors.
Our solution: Auto features and improved infrastructure
Transamerica’s team recommended simplifying the onboarding process, reducing the administrative burden for HR staff, and optimizing plan design to improve retirement outcomes. Auto-enrollment boosted participation while auto-escalation helped increase employee contributions. Transamerica also helped the client to review and correct data errors.
More retirement plan solutions from Transamerica
Let us put our knowledge and experience to work for you. Learn how we can help your employees live their best lives in retirement with:
Important information
Case studies are illustrative only and do not imply an endorsement of any particular product or service. Each employer's situation is unique and results may vary.
Information regarding retirement plans is general and is not intended as legal or tax advice. Retirement plans are complex, and the federal and state laws or regulations on which they are based vary for each type of plan and are subject to change. In addition, some products, investment vehicles, and services may not be available or appropriate in all workplace retirement plans. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.