403(b) plans
A 403(b) plan can help your employees build brighter futures
People working in healthcare, higher education, and other not-for-profit organizations are driven by a commitment to service. Our commitment is to help your employees build financial security so they can live their best lives in retirement. We specialize in working with large, complex retirement plans at not-for-profit organizations that often grow through mergers and acquisitions. See how we can help you solve your unique challenges.
Understanding your organization’s needs
Our consultative approach and flexible recordkeeping system mean we can manage 403(b) plans alongside other retirement savings plans, including defined benefit and nonqualified deferred compensation (NQDC) plans.
How do we know so much about not-for-profit organizations and their retirement plan needs? Our exclusive research lets us keep a pulse on the trends and challenges in healthcare and higher education when providing retirement benefits.
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Case study: Smart 403(b) plan design and effective promotion drive results
St. Luke’s University Health network, a large, not-for-profit hospital system, had grown rapidly, partly due to mergers and acquisitions. Before coming to Transamerica, their retirement plan participation was lower than average.
Challenge: Generous contribution, unintended consequences
St. Luke’s had good intentions with a generous nonelective employer contribution, but the plan’s design didn’t motivate employees to save on their own. Changing the rules to receive the employer contribution was a delicate matter. They turned to Transamerica for help.
Solution: Auto-enrollment and professional support drive results
To increase participation, St. Luke’s added automatic enrollment and promoted access to Transamerica’s retirement planning consultants (RPCs), who provide financial planning assistance and retirement guidance at no cost. In the first year after the changes were made, plan participation increased by 39%. Read more about how St. Luke’s University Health Network 403(b) Plan benefited by partnering with Transamerica.
Suite of workplace benefits solutions
Find out how your organization can benefit from Transamerica’s experienced approach to complex retirement plans. Besides 403(b) plans, we can help with:
Important information
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.
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.
Retirement planning consultants are registered representatives of Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue, Harrison, NY 10528. Investment advisory services are offered through Transamerica Retirement Advisors, LLC (TRA), registered investment advisor. All Transamerica companies identified are affiliated.