NEWPORT – August 20, 2021
Greater Newport Chamber Selects Transamerica for Retirement Savings Plan
Transamerica announced today that the company has been chosen as the retirement plan provider for the Greater Newport Chamber Retirement Savings Plan. In collaboration with Pentegra and Core Financial Partners, the new plan will enable member organizations to offer retirement plan benefits to their employees under one umbrella.
For more than 100 years, the Greater Newport Chamber of Commerce has enhanced the business, civic and economic vitality of the Greater Newport community. As one of Rhode Island’s largest advocacy organizations, the Chamber boasts a seasoned team of professionals who are dedicated to serving member organizations. Their new exchange is expected to appeal to small businesses in Rhode Island that either do not currently offer a retirement plan or have an existing plan and are looking to benefit from economies of scale, improve administrative efficiencies and mitigate certain risks.
The Greater Newport Chamber Retirement Savings Plan is designed to reduce costs with the convenience of fiduciary outsourcing and administrative support. Participating employers can receive cost advantages through asset pooling and fee reductions as plan assets increase. In addition, the exchange provides administrative relief to participating employers by outsourcing all plan administrative duties—a benefit typically only available for large retirement plans. Small businesses can also mitigate their fiduciary responsibilities because the exchange will assume some fiduciary responsibilities on behalf of the participating employer.
“As a pioneer for pooled retirement arrangements with 20 years of experience, Transamerica is thrilled to be a part of this new exchange from the Greater Newport Chamber, which can go a long way toward helping more businesses in the Newport area provide their employees a pathway to a lifetime of financial security,” said Darren Zino, Senior Managing Director of U.S. Retirement Distribution for Transamerica. “At Transamerica, we work hard every day to improve access to the benefits and cost advantages of tax-advantaged retirement programs, and we are excited to utilize our deep well of experience to help the Greater Newport Chamber provide a great way to plan for a successful retirement.”
“We are excited to offer this new member benefit opportunity to the Greater Newport small business community and their employees in our region. Working together, we hope to improve employee retention and recruitment efforts with this program, which will help to build a more diverse, skilled workforce and talent pipeline for the region. Supporting our members by enabling them to offer more competitive salaries and benefits will have a positive outcome for the entire community now and into the future,” said Erin Donovan-Boyle, Executive Director of the Greater Newport Chamber of Commerce.
About Transamerica Retirement Solutions, LLC
Transamerica Retirement Solutions, LLC (Transamerica) is a leading provider of customized retirement plan solutions for mega-, large-, and mid-market organizations. Transamerica Retirement Solutions works with financial advisors, consultants, and third party administrators to cover the entire spectrum of defined benefit and defined contribution plans, including: 401(k) and 403(b) (Traditional and Roth); 457; profit sharing; money purchase; cash balance; Taft-Hartley; multiple employer plans; nonqualified deferred compensation; and rollover and Roth IRAs. Transamerica is not affiliated with Pentegra or Core Financial Partners. For more information, visit www.transamerica.com.
The exchange is not a multiple employer plan (MEP). Unlike a MEP, certain plan qualification and ERISA requirements are applied at the individual plan level. An employer participating in an exchange retains certain fiduciary responsibilities, including responsibility for retaining and monitoring the 3(16) plan administrator, for determining the reasonableness of its fees, and for periodically reviewing the exchange as a whole.
Before adopting any plan, you should carefully consider all of the benefits, risks, and costs associated with a plan. 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.
New retirement plan solution can help Rhode Island businesses attract, retain employees.