A retirement services vendor says its Web-based administration system now can handle loan withdrawals and termination, hardship and in-service distribution transactions online.
Transamerica Retirement Services, Los Angeles, a unit of AEGON N.V., The Hague, Netherlands, says the Web-based system updates will affect the third party administrators that administer the new Transamerica Partner iSeries plans for small retirement plans and “micro plans.”
The update will give TPAs the ability to receive participant distribution requests through e-mail and process the requests online.
Participants also can use the system to provide international addresses, claim tax withholding and indicate how they would like to receive distributions.
The system can support both traditional and Roth 401(k) plans, Transamerica says.