Transamerica announced Wednesday that it's partnering with Cetera Financial Group to launch a new pooled retirement plan solution, the Cetera Advantage(k) GPS, that’s designed for small and midsize businesses and will be available only through advisors affiliated with Cetera.
Transamerica will serve as record keeper for the plan, while Cetera Retirement Plan Specialists, a third-party administrator owned by Cetera, will serve as 402(a) and 3(16) fiduciary for the plan and will be responsible for plan administration.
“For some small business owners, the administrative hurdles to set up and maintain a 401(k) plan, and the investment expertise required to select and maintain an appropriate, high-quality investment menu, have been a challenge,” Adeline Wong, head of retirement plan strategy and solutions at Cetera, said in a statement. “Our new solution, in collaboration with Transamerica, aims to reduce the administrative tasks and liability for the business owners so they can focus on what matters most — running their business."
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