“Finhabits encourages Americans from diverse backgrounds to build wealth for the future. Partnering with Smart and Transamerica enables us to help millions of workers who will now be able to save for retirement for the first time,” said
The Finhabits group plan solution includes services offered by well-respected financial and technology companies.
Finhabits Advisors, LLCwill serve as the program’s 3(38) investment fiduciary.
- Smart, a leading global retirement technology provider, will serve as the program’s lead fiduciary and plan administrator.
- Transamerica will serve as the program’s record keeper.
- TAG Resources, LLC a wholly owned subsidiary of Transamerica, will act as the plan’s third party administrator and 3(16) plan administrator fiduciary.
“We believe this solution will help to efficiently serve small businesses with a seamless, all digital onboarding journey that allows a business owner to select and initiate a plan in just a few clicks and less than 15 minutes,” said
Employers will be able to start a 401(k) plan directly in the Finhabits app. Plan implementation is fully electronic, accelerating and streamlining the process for plan sponsors.
Participants will have access to Transamerica’s website in Spanish and English. The website’s features help enable participants to take control of their retirement planning, access educational resources to make informed decisions, and initiate transactions, such as contribution increases or distribution requests. Transamerica will also offer call center representatives who are fluent in Spanish.
“Transamerica has an extensive history of helping to close the retirement coverage gap in:
For more information about the Finhabits 401(k) program, business owners can visit: www.Finhabits.com/401k.
Group Plan Solution:SM: is not a multiple employer plan (MEP). Unlike an MEP, certain plan qualification and ERISA requirements are applied at the individual plan level. An employer participating in the plan retains certain fiduciary responsibilities, including responsibility for retaining and monitoring the 3(16) plan administrator, for determining the reasonableness of its fees, and for periodically reviewing the plan as a whole. Transamerica does not act as a 3(16) plan fiduciary. Certain investment-related information is not eligible for translation due to regulatory restrictions.
Finhabits is a leading fintech platform dedicated to making financial services more inclusive
Investment advisory services are offered through:
For more information, please visit: www.finhabits.com.
Smart is a global savings and investment technology provider. Its mission is to transform retirement, savings, and financial well-being, across all generations, around the world.
Smart partners with financial institutions (including broker-dealers, RIAs, retirement providers, insurers, asset managers, banks) and financial advisers to deliver retirement savings and income solutions that are digital, customized, and cost-efficient.
Smart, founded in the
Legal & General, JP Morgan,
For more information, please visit: www.smartretire.com.
Email: [email protected]
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