Recordkeeping Technology for Multiple Employer Plans Now Available to PrismHR HR Service Providers and Their Small Business Clients
HR service providers can now offer their clients recordkeeping technology developed specifically for pooled plans.
Hopkinton, MA – October 6, 2022 – PrismHR, the leading HR technology software powering payroll, benefits, and HR for businesses across the U.S., announced that it has partnered with Transamerica to offer its HR service providers and their clients unique recordkeeping technology specifically designed for multiple employer plans (MEPs).
Transamerica has 21 years experience working with HR service providers in pooled retirement plan solutions, and over 85 years of experience in the financial services industry. They currently have 338 pooled plans serving over 14,000 employers and counting.
Transamerica’s unique recordkeeping system, designed to meet the specific needs of MEPs, provides added flexibility for HR service providers, and includes web access for each adopting employer, streamlined reporting, flexible plan provisions, a customized pricing model, and more.
The participant experience is custom-designed to align with each worksite employee’s retirement goals, so that their savings and investment strategy is clearly understood. It features simple enrollment, digital tools, and access to educational resources and professional support.
Transamerica’s integration with PrismHR delivers a seamless data flow between PrismHR payroll and Transamerica.
“Given their immense experience in the space and their unique recordkeeping technology, we are thrilled to introduce Transamerica as a new Marketplace partner,” said Tim Pratte, President, HRO Business Unit at PrismHR. “Transamerica’s dedicated support, that takes the lead in focusing on plan growth, coupled with their unique recordkeeping solution, will set our PrismHR service providers and their clients up for success in plan adoption.”
“Transamerica is proud to use PrismHR’s next-generation technology so that data can flow smoothly and automatically between payroll and Transamerica’s recordkeeping system, enabling faster access to information,” said Phil Eckman, President of Transamerica’s Workplace Solutions division. “Transamerica is a pioneer in pooled plan solutions with more than 20 years of experience helping Professional Employer Organizations manage their retirement plans. This collaboration continues our history of innovation by bringing the best solutions to our pooled retirement plan sponsors and their participants. PrismHR’s advanced technology can help ease PEOs’ administrative burden and increase data security, giving more support to organizations’ retirement plans.”
To learn more, view Transamerica’s Marketplace page.
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 and pooled plan arrangements; nonqualified deferred compensation; and rollover and Roth IRAs. For more information, visit www.transamerica.com.
PrismHR’s mission is to fuel the growth of small and medium-sized businesses (SMBs) across the U.S. Our HR software, combined with our ecosystem of HR service providers, enables SMBs to manage payroll, benefits, and HR, leveling the playing field with large enterprises. Today, PrismHR software delivers world-class HR services to more than 80,000 organizations and over 2 million worksite employees, processing greater than $80 billion in payroll each year. PrismHR is located in Hopkinton, Massachusetts. For more information, visit www.prismhr.com.
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