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HARRISON, New York, June 25, 2014 /PRNewswire/ --
Transamerica receives 165 "Best in Class" rankings in latest client satisfaction analysis by Chatham Partners
Transamerica Retirement Solutions was recently recognized as a "Best in Class" retirement plan provider by plan sponsors in Chatham Partners' 2013 Client Satisfaction Analysis.
Transamerica ranked as the top retirement plan provider for participant services, participant statements, participant website, voice response system, and helping to fulfill fiduciary responsibilities, according to the survey.
Overall, Transamerica Retirement Solutions received 165 "Best in Class" designations covering the retirement plan market it serves. Chatham Partners surveys plan sponsors on their satisfaction of a wide array of attributes relating to plan sponsor and participant services, including:
"Transamerica is committed to helping people save and invest wisely to secure their retirement dreams, and that message resonates with plan sponsors. The analysis indicates clients are very satisfied with Transamerica's ability to provide technology and best practices in employee engagement that drive better retirement outcomes," said Peter Starr, president of Chatham Partners. "In our analyses, Transamerica continues to be a leader and demonstrates an ability to partner effectively with plan sponsors to deliver a quality retirement plan through superior customer service."
"Ongoing client feedback, including Chatham Partners' annual client satisfaction analysis, is critical in driving product and service enhancements," said Alice Hocking, chief operating officer for Transamerica Retirement Solutions. "Our reputation for client satisfaction is built upon our ability to provide plan sponsors with innovative industry-leading solutions that help participants achieve a funded retirement and help sponsors fulfill their fiduciary requirements. Much of our success is due to the exceptional work of our employees, who strive each day to exceed customer expectations."
In the annual survey, plan sponsors were asked about their satisfaction with Transamerica on a variety of customer service attributes, and "Best in Class" ratings are provided to survey attributes in which 85% or more of respondents rate the attribute a "6" or "7," on a 1 to 7 scale where a rating of "7" signifies "very satisfied" and a rating of "1" signifies "very dissatisfied". Separately, Chatham's proprietary benchmarks compare and rank Transamerica's performance to retirement plan providers in similar markets.
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About Transamerica Retirement Solutions
Transamerica Retirement Solutions (Transamerica) is a leading provider of customized retirement plan solutions for small to large organizations.
Transamerica partners with financial advisors, third party administrators, and consultants 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; nonqualified deferred compensation; and rollover and Roth IRA.
Transamerica helps more than three million retirement plan participants save and invest wisely to secure their retirement dreams.* For more information about Transamerica Retirement Solutions Corporation, please visit http://www.trsretire.com.
*As of December 31, 2013
About Chatham Partners'2013 Client Satisfaction Analysis
Chatham's independent third-party research tracks Transamerica's delivery of client services, and benchmarks Transamerica's standing relative to other large/mid- and small-market defined contribution providers. By identifying the most important drivers of client satisfaction, Transamerica uses these findings to help provide the best possible retirement planning solutions for its clients.
Transamerica Retirement Solutions received an overall 165 "Best in Class" ratings in Chatham Partners' 2013 Client Satisfaction Analysis program, covering separate surveys in the large/mid-, and small-plan markets. Chatham Partners, LLC is an independent, third-party research firm. Chatham Partners'2013 Client Satisfaction Analysis is based on 615 large/mid-/, and 625 small-plan client responses. The "Best in Class" references are to service categories when 85% or more of Transamerica clients rated Transamerica as a "6" or "7" on a 7-point scale. The results are a culmination of separate studies for the large- and mid-sized retirement plans, and for small-retirement plans.
Transamerica exceeded the large/mid-plan benchmark for 73 of 76 attributes, and exceeded the small-plan benchmark in 92 of 96 attributes. The Chatham Partners' proprietary large/mid-market Defined Contribution benchmark ($25 million - $100 million in assets) is comprised of survey results for 12 other retirement plan providers. The Chatham Partners' proprietary small market Defined Contribution benchmark (<$25 million in assets) is comprised of survey results for 10 other retirement plan providers. Results may vary based on the employer's particular situation and other factors.
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