HAUPPAUGE, N.Y., Oct. 27, 2016 /PRNewswire/ -- AccountantsWorld announces today its latest offering, Payroll Relief Retirement Solution (PRRS), in partnership with two of the largest providers of retirement services in the country, Transamerica Retirement Solutions and TAG Resources (TAG), who will be the servicers of the PRRS. Transamerica Retirement Solutions and TAG Resources are both leading providers of retirement plan solutions in the U.S.
The PRRS will fully integrate with AccountantsWorld's signature payroll offering, Payroll Relief, and offer the following benefits to employers:
- Ease of Administration: PRRS will perform virtually all administrative tasks required by a company to offer a 401(k), removing this burden from company employees and executives.
- Consistent Compliance: By working with TAG, PRRS 401(k) plans are consistently in compliance with Department of Labor and IRS regulations. Plans audited by the Department of Labor (DOL) typically experience a 75 percent fail rate, but no TAG-administered plan that has followed TAGs directives has ever failed a DOL audit.
- Fiduciary Liability Protection: The PRRS plan provides employers with the comfort of knowing that their 401(k) is protected to the highest level allowed by law.
- Low Cost: Because the PRRS is an "aggregated" model – meaning a large number of plans are aggregated together – pricing of the plan is on par or lower than other offerings that provide only some or none of the benefits above.
"The compliance requirements for offering 401(k) are complex, and that burden prevents many small businesses from offering 401(k) to their employees. We were looking for a way to mitigate that responsibility for the small business clients our Payroll Relief users serve," said Dr. Chandra Bhansali, co-founder and CEO of AccountantsWorld. "After a lengthy and extensive due diligence process, we chose to partner with TAG and Transamerica because of their exemplary service and commitment to offering best-in-class retirement solutions."
With more than 30 years' experience, AccountantsWorld is the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accounting, payroll, and practice management solutions that help accountants work collaboratively with clients to foster greater client loyalty and improve practice bottom lines. AccountantsWorld is also the only leading cloud solutions provider that puts Accountants First™ by never competing with accountants or selling services directly to their clients. For more information about any of the AccountantsWorld cloud-based solutions, please visit www.accountantsworld.com or call 1-888-999-1366.
About TAG Resources, LLC
Since 2002, TAG Resources, LLC, headquartered in Knoxville, Tennessee, has created forward-thinking retirement plan solutions and technology-driven successes in the retirement services industry to 401(k) plan sponsors. TAG first provided professional plan fiduciary service and aggregation of plan investments for small and medium 401(k) plan sponsors through use of the multiple employer plan (MEP) model, where unrelated employers could establish and co-sponsor a more robust single retirement plan. Then, TAG created the OpenMEP® concept to leverage cost, provide a better service model, and provide fiduciary protection. In 2011, as an advocate for our plan sponsors and participants, TAG requested the Department Of Labor (DOL) review The OpenMEP® model. In 2012, as a response to the DOL's Advisory Opinion Letter, TAG made adjustments to bring forth a new service model. The TAG Program's internal structure changed slightly, but the client experience, fiduciary protection, and ease of administration remained the same while adding new advantages of flexible pricing options able to accommodate plans of all sizes.
About Transamerica Retirement Solutions
Transamerica Retirement Solutions, LLC (Transamerica Retirement Solutions) is a leading provider of customized retirement plan solutions for small to large organizations.
Transamerica Retirement Solutions partners with financial advisors, third party administrators, and consultants to cover the entire spectrum of defined benefit and defined contribution plans, including: 401(k) and 403(b) (Traditional and Roth); 457; profit sharing; money purchase; cash balance; Taft-Hartley; multiple employer plans; nonqualified deferred compensation; and rollover and Roth IRAs.
Transamerica Retirement Solutions helps more than three million retirement plan participants save and invest wisely to secure their retirement dreams. For more information, please visit transamerica.com.
Phone: (646) 756-3709
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/accountantsworld-partners-with-transamerica-and-tag-resources-to-bring-better-401ks-to-small-businesses-300351646.html