Transamerica Corp. announced that, as of September 1, it will be making a renewed push to earn small business retirement plan clients with an advertising campaign called 401(k)ares that includes incentives to leave government-provided Savings Incentive Match Plans for Employees, or SIMPLE IRAs.

Cedar Rapids, Iowa-based Transamerica announced that the campaign will include a $250 credit for third-party administrator partners that transition an employer’s SIMPLE retirement plan to a Transamerica retirement plan. To be eligible for the credit, the SIMPLE plan must terminate in 2023 and transition to the Transamerica plan in 2024. Businesses selecting Transamerica as their retirement plan provider in the final months of the year will also have some health and flexible spending account administration and participant fees waived for two quarters.

In addition, during the retirement plan’s conversion period, Transamerica will extend its plan administration support communication services for free, in collaboration with third-party administrator partners. The partners will receive additional credits for transferring existing retirement plans as part of this campaign.

Transamerica makes the push as state mandates and incentives from the SECURE 2.0 Act of 2022 are intended to push more small businesses to offer workplace retirement plans.

“Transamerica is committed to helping everyone secure a financially stable future, and our special offering for small businesses reflects that pledge,” Phil Eckman, president of workplace solutions at Transamerica, said in a statement. “We believe all American workers need access to tax-deferred workplace savings programs, and this opportunity helps both employers and employees build a more secure future.”

The renewed push adds to a January 2022 announcement Transamerica made regarding the availability of a packaged solution created for small companies seeking to start a new workplace retirement plan for their employees. Named the Transamerica Advantage Solution, the program was described by the firm as “a configurable retirement plan solution that combines all the technical expertise and participant services designed to operate a workplace retirement savings program efficiently.”

In April, Transamerica began providing recordkeeping and 3(16) plan administration services to a new pooled employer 401(k) retirement plan solution from Smart Retirement Solutions Inc., called “Choice PEP.” 

Transamerica is not alone in its push to serve small companies. On August 29, retirement technology provider Smart USA widened its fiduciary services division to offer pooled employer plans and single employer plan solutions.