Products May 28, 2015

Transamerica App Could Boost Participant Engagement

Transamerica Retirement Solutions has updated My TRSRetire, its mobile application for participants.
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New features on the app—including an overview of accounts and transactional capability—give retirement plan participants access to their retirement accounts from a mobile device.

Retirement plan participants have access to all their Transamerica retirement plan accounts, so they can view account and loan balances, current asset allocation, and personal rate of return information.

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The app also lets participants complete transactions—including managing contributions and updating investment allocations—to strengthen their engagement with the plan. According to Transamerica, when retirement plan participants are digitally engaged with their accounts, they save more on average than those who are not.

The My TRSRetire app aims to streamline retirement planning by actually showing plan participants whether or not they are on course to reach their retirement income goals. If the picture needs improving, the app allows them to take immediate action to get back on course.

Users gain a clearer understanding of their personal retirement picture with the app’s OnTrack tool. This feature provides a snapshot of the user’s current retirement strategy and projected retirement income along with a retirement forecast, represented by rainy, cloudy, partly sunny or sunny weather icons. This way, participants can quickly assess retirement needs, model different savings rates and investment allocation mixes, and receive immediate feedback about how each strategy might impact their retirement prospects. If they want to take action, they are a few clicks away from completing the appropriate transaction on a mobile device.

The goal in redesigning the app was to make retirement planning and preparation accessible and convenient, Stig Nybo, president of U.S. retirement strategy at Transamerica, said in a statement. “Participants can take control of their retirement planning through an intuitive tool that will help them understand their retirement forecast and provide guidance to improve their retirement readiness.” 

Transamerica is expanding the app’s availability to a growing number of plan participants. The app can be downloaded from the Apple store or from Google Play for Android devices.

Deals & People May 28, 2015

J.P. Morgan Bulks Up DC Investment Team

Lada Eng, Leah Laurent, Niles Monica and Marta Rodriguez have joined J.P. Morgan Asset Management as retirement business directors.
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Eng, Laurent, Monica and Rodriguez join Rob Couzzo, a retirement business director, and will report to Daniel Dean, executive director of J.P. Morgan Asset Management.

The new directors, part of the firm’s defined contribution (DC) investments solutions group, will increase support for the growing segment of small- and middle-market financial advisers. As well as supporting the financial adviser community, the team will assist the DC investment solutions group’s recordkeeping partners by working closely with their wholesalers in the field and by helping foster relationships with the firm’s network of industry professionals. The team of new directors will provide service across the Northeast, Ohio Valley, the Southeast, Texas, the Midwest and West Coast.

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The team’s expansion positions the firm to address the growing needs of DC advisers, ultimately making a more positive impact on retirement outcomes across the country, Michael Miller, managing director of J.P. Morgan Asset Management, said in a statement.

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