Q&A With Transamerica Retirement Solutions Employees

DB plan, Cash Balance

Pension or cash balance

They still have a cash balance and traditional pension plan

Not much in proportion to the US population or less, as it should be

Not much

Fair relivant to the general population given the constraints of the product offerings and knowledge base available to sell and service in each market

There are none budget contraints

We don't have them

Budget constraints have limited outings but they had been fairly good experiences

Bad

Poor

Not good.

Get rid of any VP or above who does not have pure retirement administration, sales service and or marketing background, especially if they came from the insurance side, Many not qualified are running this business today!

Dump insurance products, sure up your business with a strong mid market DC business, high end DB consulting,wealth management and most importantly get out of the GIC business and focus on becoming a real fund company and trustee of institutional assets in a trust you actually maintain follow the State Street model.

DB Administration is growing but its not very profitable. The ret of the business is experiencing issues

DC & DB Retirement Administration

Full service retirement administration in the upper mid, large and mega market dc and db platform is growing fastest, traditional insurance is the slowest with the most marginal outlook.

It's an office class b and c space

over 36 office nationally and 100 world wide always class B or C

No growth opportunities

That they were owed by AEGON. A Swiss multi national parent re-insurance company whose days in the Black are a distant memory

Suit

VP of Sales, Dir of Client Service, AVP of Ret Administration and my Manager

6 to 7 on a 10 scale

Very good but up to the hiring manager

Yes

Was good not sure now

Fairly innovative but they can't to the simple stuff so what they can do is like lipstick on a pig

Days or weeks of call backs a few hours for each position with a panel for more Sr positions

The US CEO is actually a good guy from the retirement guy but lets face it its not like he has a big bag of money to fix all of the issues its a tough business he has a European parent and stockholders to think about all things considered he does a good job

Awesome

In my office in New England its very good, but we have a moral problem

cash balance plan with contributions of 1 to 7 % plus 4% interest. All Company money!

Fair but getting worse

Patronage, old boy network

There is no vacation its time sick and vacation are all the same. there are 7 paid holidays plus one floating holiday. The schedule is as follows 3 weeks in the door, 4 weeks after 5 years, 5 weeks at 15 years, 6 weeks after 25 years. You can carry up to 100% of your allotment and lose days after that.

A buyout (layoff of 3 weeks of pay for every year of service) would cause me to leave in a heartbeat, other than that I would have to find a new career because its not any better anywhere else in this industry. However if I received an offer of 10% to 15% more with similar benefits I would leave

Annually until you are over the mid point but they are dismal in MA last year the avg worker had an increment of 3.5% to 5% and at TRS that number is les than 2%, Also you won't get a raise if you are above your mid point. I have been moonlighting with 2nd job for 5 years now