Transamerica Retirement Services wants to help protect plan fiduciaries against legal judgments resulting from allegations of poor investment performance.
Transamerica, Los Angeles, a unit of AEGON N.V., The Hague, Netherlands, says its new Fiduciary Management Program can assist a plan sponsor with developing an investment policy statement, provide an investment score card, and also supply independent investment review and evaluation services from Standard and Poor’s Investment Advisory Services L.L.C., New York.
Another component of the program, the Transamerica Fiduciary Warranty service, will buffer advisors against breaches in the warranty, Transamerica says.
“The warranty will provide specific guidelines for helping a plan sponsor develop an investment line-up,” Transamerica says. “This will satisfy the requirements set forth by the U.S. Department of Labor and the Employee Retirement Income Security Act, by meeting the prudence requirement, the ‘broad range rule,’ and being appropriate for long-term investing,” Transamerica says.