Transamerica, Smart and Finhabits Partner to Help Expand Retirement Plan Coverage for Underserved Businesses and Their Employees

BALTIMORE, September 22, 2022 /PRNewswire/ — Transamerica announced today that the company has been selected by Smart, one of the world’s leading retirement technology providers, to maintain records for the new 401(k) solution offered by Finhabits, a Market-leading American financial technology provider by Latinos for Latinos. The new pension program is designed to provide small businesses and their employees with a simple, bilingual and affordable alternative to state-mandated pension plans in California and other states.

“Finhabits encourages Americans of diverse backgrounds to build wealth for the future. Our partnership with Smart and Transamerica allows us to help millions of workers who will now be able to save for retirement for the first time,” said Carlos GarciaFounder and CEO of Finhabits.

The Finhabits group plan solution includes services offered by reputable financial and technology companies:

  • Finhabits Advisors, LLC will serve as the 3(38) investment trustee of the program.
  • Smart, a leading global retirement technology provider, will act as the program’s lead trustee and plan administrator.
  • Transamerica will serve as the program’s archivist.
  • TAG Resources, LLC, a wholly-owned subsidiary of Transamerica, will act as third-party plan administrator and plan administrator trustee 3(16).

“We believe this solution will help serve small businesses effectively with a fully digital and seamless onboarding journey that allows a business owner to select and launch a plan with just a few clicks and in less than 15 minutes,” said declared Jodan LedfordCEO of Smart in the United States

Employers will be able to start a 401(k) plan directly in the Finhabits app. Plan implementation is fully electronic, making the process faster and simpler for plan sponsors.

Attendees will have access to Transamerica’s website in Spanish and English. Website features allow members to take control of their retirement planning, access educational resources to make informed decisions, and initiate transactions, such as contribution increases or distribution requests. Transamerica will also provide call center representatives who are fluent in Spanish.

“Transamerica has a long history of helping close the retirement coverage gap by United States. We are pleased to help deliver this program which was created specifically for the Latin American community, when 64% of Latin American workers do not have access to an employer-sponsored retirement plan,” said Darren Zino, Senior Managing Director of US Retirement Distribution for Transamerica. “This program is unique because it strongly supports companies that have a large community of Spanish-speaking workers. Transamerica is excited to be part of this solution and better prepare a new generation of employees for a secure future.”

For more information on the Finhabits 401(k) program, business owners can visit www.finhabits.com/401k.

About Transamerica
Transamerica Retirement Solutions, LLC (Transamerica) is a leading provider of customized retirement plan solutions for mega, large and mid-sized companies. Transamerica Retirement Solutions works with financial advisors, consultants, and third-party administrators to cover the full range of defined benefit and defined contribution plans, including: 401(k) and 403(b) (traditional and Roth); 457; profit sharing; purchase of money; cash balance; Taft Hartley; multi-employer plans and group plan agreements; unqualified deferred compensation; and rollover and Roth IRA. For more information, visit http://www.transamerica.com. For more information, visit www.transamerica.com. Transamerica is not affiliated with Finhabits or Smart.

Group plan solutionSM is not a multi-employer plan (REM). Unlike an MEP, some plan qualification requirements and ERISA requirements are enforced at the individual plan level. A participating employer in the plan retains certain fiduciary responsibilities, including the responsibility to retain and monitor the plan administrator 3(16), to determine the reasonableness of his or her fees, and to periodically review the plan as a whole. Transamerica is not acting as the trustee of the 3(16) plan. Some investment information cannot be translated due to regulatory restrictions.

About Finhabits
Finhabits is a leading fintech platform dedicated to making financial services more inclusive in United States. Through its bilingual financial wellness platform, Finhabits empowers Latino business owners and workers to invest for their future, learn smart financial habits, and purchase affordable health insurance.

Certified B Corporation, Finhabits is recognized for its high social standards. In 2020, Fast Company named Finhabits an Innovation by Design winner for its Money Journeys, a series of personal finance lessons in the mobile app.

Investment advisory services are offered by Finhabits Advisors, LLC, an SEC-registered investment adviser. Registration does not imply a certain level of skill or training.

For more information, please visit www.finhabits.com.

About Smart
Smart is a global savings and investment technology provider. Its mission is to transform retirement, savings and financial well-being, for all generations, everywhere.

Smart partners with financial institutions (including brokers, RIAs, pension providers, insurers, asset managers, banks) and financial advisors to provide retirement savings and income solutions digital, personalized and profitable.

Smart, founded in the UK, operates in the UNITED STATES, Europe, Australiaand the Middle East with nearly one million savers entrusting over $5 billion in assets to the platform. Smart supports its clients with a strong global team of over 750 people and has seen over 2,000% growth in assets on its platform since 2018.

Legal & General, JP Morgan, Fidelity International Strategic Ventures, Link Group, Barclays, Natixis Investment Managers, Chrysalis Investments and DWS Group are all investors to date in Smart.

For more information, please visit www.smartretire.com.

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Hank Williams
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Julie Quinlan
(303) 383-5923

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