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Transamerica Expands Rollover Firm Relationship

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A large retirement services provider is working more closely with a firm that helps departing 401(k) plan participants shift assets into individual retirement accounts.

Transamerica Retirement Services, Los Angeles, a unit of AEGON N.V., The Hague, Netherlands, has hired Wealth Management Systems Inc., Bedminster, N.J., to automate IRA rollovers for a major business partner, Wealth Management says.

Transamerica Retirement already uses Wealth Management’s system to handle mandatory rollovers for terminated participant accounts under $5,000 in assets, and it is offering Wealth Management services to its retirement services clients.