Deals and People September 25, 2015

Transamerica to Take on Mercer DC Recordkeeping Business

Transamerica will become the preferred defined contribution recordkeeping provider for Mercer's total benefit outsourcing and total retirement outsourcing clients.
Reported by

Aegon, through an affiliate of its Transamerica unit, has reached an agreement with Mercer HR Services, LLC to acquire Mercer’s U.S. defined contribution (DC) administration book of business.

Upon completion of the acquisition, the defined contribution business will transition to Transamerica Retirement Solutions, which Aegon says will become a top ten DC recordkeeper based on plan participants and assets.

Get more!  Sign up for PLANSPONSOR newsletters.

The transaction complements Transamerica’s current retirement services offering, which has experienced success and growth in the large and mega markets with a primary focus in the not-for-profit segment.

“This agreement with Mercer further strengthens Transamerica’s leading position in the U.S. retirement sector, with the know-how and broad capability to serve every retirement plan market segment,” says Mark Mullin, a member of Aegon’s Management Board and president and CEO of Transamerica. “This latest strategic development supports our aim to further grow and diversify our customer base, while continuing to expand our offering of fee-based retirement solutions.”

As a result of the acquisition, the number of retirement plan participants serviced by Transamerica will increase by 917,000 to approximately 5 million. Assets under administration (AUA) will increase by $71 billion to approximately $216 billion (as of August 31, 2015).

In addition, Transamerica will become the preferred defined contribution recordkeeping provider for Mercer’s total benefit outsourcing and total retirement outsourcing clients going forward. Ken Haderer, Mercer’s chief operating officer, notes, “We also want to clearly state that we are committed to continuing to provide best of class service to our defined benefit and health clients through our own solutions.”

Additionally, this transaction provides Transamerica the opportunity to further serve the growing market for individual retirement account rollover products and retirement counselling services.

The transaction is expected to close in the fourth quarter of 2015, subject to regulatory approval.

Break from the Grind September 24, 2015

A Little Friday File Fun

Reported by

In Manchester, New Hampshire, an owner of an apartment building called a tow truck to have an illegally parked car removed. After the car had been placed on the tow truck and lifted, the owner of the vehicle showed up. According to the Union Leader, to avoid having his car towed, the man set it on fire. The tow truck driver unhitched and dropped the vehicle, at which time the owner extinguished the car fire himself before fire and police personnel arrived. He was arrested for arson.

In Syracuse, Indiana, a woman and her 9-year-old son got in her car, and the woman started backing out of her driveway. When she turned to look behind her, she spotted a spider on her shoulder and panicked. According to the Associated Press, she leaped out of the car. Her son jumped in the front seat and tried to stop the car, but hit the gas pedal instead, and the car crashed into a school bus. Fortunately, the son had only minor injuries, the bus driver wasn’t hurt and there were no passengers on the bus.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

In Esto, Florida, police responded to a reported burglary at a liq.uor store and found the front door busted and a lottery ticket dispenser missing.  About eight hours later, a man entered the store to cash in a winning lottery ticket. According to the Panama City News Herald, the store clerk notified police who arrived and confronted the man. He admitted to the earlier burglary.

In California, a federal judge ruled that Warner/Chappell Music does not own the copyright rights to the famous “Happy Birthday to You” song. He determined the song’s original copyright, obtained by the Clayton F. Summy Co. from the song’s writers, only covered specific piano arrangements of the song and not its lyrics, according to the New York Daily News. The lawsuit was filed two years ago by Good Morning To You Productions Corp., which is working on a documentary film tentatively titled “Happy Birthday.” The company challenged the copyright now held by Warner/Chappell Music Inc., arguing that the song should be “dedicated to public use and in the public domain.” The lawsuit also asked for monetary damages and restitution of more than $5 million in licensing fees it said Warner/Chappell had collected from thousands of people and groups who’ve paid to use the song over the years.

Here’s something you don’t see on the highway every day.

If you can't view the below video, try https://youtu.be/CZydrXAq2pY

Some dogs just don’t know how to let it go.

If you can't view the below video, try https://youtu.be/B86gWvI9nUE

«