Transamerica, Aegon’s main business, is celebrating 25 years in the pooled retirement plan market, highlighting its long-standing role in helping employers make workplace retirement benefits more accessible. The milestone comes as demand for pooled plans continues to grow across the United States.
One plan for many
Pooled plans allow multiple employers to participate in a single retirement plan structure. By sharing administration, compliance, and other responsibilities, employers—particularly smaller businesses—can offer retirement benefits more efficiently and at a lower cost than if they operated a plan on their own.
These plans can play an important role in supporting retirement savings in the United States, where many employees save through workplace plans such as 401(k) plans. A 401(k) is a tax-advantaged retirement savings plan that enables employees to contribute part of their salary, often with matching contributions from their employer.
Meeting the needs of employers
In a press release, Transamerica said that it has steadily expanded its pooled plan capabilities over the past quarter-century and now ranks among the market’s leading providers. The company has seen strong growth in pooled plan assets, participating employers, and retirement savers, while continuing to invest in expertise, technology, and support for employers and advisers.
“Over the past 25 years, we've learned that the best pooled plan solutions are built around the needs of employers and the challenges they face,” said Darren Zino, Head of Retirement Distribution at Transamerica. “In that time, we've built the resources, support and insights needed to help employers navigate the complexities of offering retirement benefits with confidence. We're carrying our experience forward through innovation and new ways to support employers as they navigate retirement plan complexity, making it easier for more employers to offer workplace retirement benefits and helping more Americans save for the future.”
The release also highlights growing interest in pooled plans among employers that do not currently offer a retirement plan, underscoring the opportunity to help more Americans prepare for retirement.