Prior to this implementation, Transamerica had to manually review the adoption and acceptance agreement. Now the process can be completed online. Additionally, before this online feature, the process of adopting employers into an existing multiple employer plan (MEP) required the same amount of time and resources as a traditional single-employer plan set-up.
Transamerica says this new online program saves time by limiting the provision approval process to only those that are unique to the adopting company, while the standard MEP provisions are automatically implemented.
Until now, the process of adding companies to MEPs has been quite labor intensive, said Kelly Michel, VP of special markets for Transamerica Retirement Services. This online self-service process of reviewing and authorizing the adoption and acceptance agreement online will drastically reduce the overall time and effort required to adopt new client companies into existing MEP plans.
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