RBC Wealth Management, Transamerica and Ascensus have introduced a new pooled plan retirement solution for owners of small and midsize businesses.
Called the RBC Group Retirement Plan, it will be open to existing and start-up 401(k) plans and will be distributed solely through RBC Wealth Management, which will act as its Section 3(38) investment fiduciary. Ascensus’ FuturePlan will serve as the program’s third-party administrator and Section 3(16) plan administrator; Transamerica will be the record keeper.
The RBC GRP also includes a proprietary 100-point payroll data integrity check designed to prevent most common plan errors flagged in Department of Labor and IRS audits, RBC said in a press release.
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