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Transamerica promotes education policy statements for retirement plans

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Transamerica Retirement Solutions (Transamerica), Baltimore, Md., recently released a white paper that stresses the importance of the education policy statement as a crucial component of retirement plan fiduciary management.

The paper titled. “Creating an Education Policy Statement” strives to spur advisors to make use of the education policy statement as a natural extension of the Investment Policy Statement.

Providing detailed structure for the plan’s employee education efforts while establishing parameters and benchmarks to measure progress, the education policy statement, while not required by the Employee Retirement Income Security Act, is an important tool for administering a plan and assessing its performance.

The paper examines the ingredients of a successful education policy statement for retirement plans breaking it down to five elements: Clear plan purpose; plan objectives; education goals; measurements and benchmarking; and well-defined roles and responsibilities.

“American workers are grappling with a high degree of uncertainty when it comes to planning for their retirement. This white paper outlines how plan sponsors and financial advisors can establish a plan to help educate employees to improve their retirement readiness,”said Stig Nybo, president of pension sales and distribution for Transamerica Retirement Solutions.


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