Products January 29, 2018

Transamerica Creates Team Just for Benefits Sponsored by Health Care Employers

The team will focus on retirement and voluntary benefits for larger health care employers.

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Transamerica has created a distinctive customer experience model specially designed to help larger health care employers better deliver benefits to their employees.

Transamerica has created a dedicated team of professionals to work solely with employee benefits for health care clients. Transamerica’s team of servicing executives and account managers are experienced within their retirement plan or voluntary employee benefits specialties. The team’s exclusive focus on the health care industry supports both the insight and flexibility needed to quickly adapt to the evolving health care landscape.

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“Transamerica has served employers in the health care industry for over a half century. We understand the needs of this particular industry niche, along with the challenges they experience,” says Scott Ramey, senior vice president and head of Workplace Solutions for Transamerica. “With this alignment, our health care clients will be able to interact with our focused group of experienced professionals every day. The goal is for our employees to be true partners with our health care clients, and enhance the strong professional relationships they have today.”

Transamerica offers workplace retirement plans and voluntary benefit solutions, such as supplemental insurance that employees can elect through their employer.
Compliance January 29, 2018

Request to Appeal Class Certification Denied in Franklin Templeton Suit

The firm’s lawyers noted that the plaintiff signed an agreement not to pursue any class action claims, but a Supreme Court case allowed him to pursue a claim on behalf of himself.

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The 9th U.S. Circuit Court of Appeals has denied Franklin Templeton’s petition for permission to appeal a district court’s order granting class action certification in a self-dealing suit regarding its 401(k) plan.

In its argument, the firm pointed out that plaintiff Marlon H. Cryer signed an agreement not to pursue class action claims against the firm in return for receiving post-severance benefits. Cryer contended that the Employee Retirement Income Security Act (ERISA) Section 502(a)(2) mandates that he bring his claims on behalf of the plan and similarly situated participants. But, Franklin Templeton’s lawyers said a Supreme Court decision in LaRue v. DeWolff, Boberg & Assoc., Inc. allows Cryer to pursue a claim on behalf of himself.

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Cryer sued Franklin Resources and the plan’s investment committee alleging that defendants breached their fiduciary duties by causing the plan to invest in funds offered and managed by Franklin Templeton, when better-performing and lower-cost funds were available. Last January, a district court judge denied a motion to dismiss the suit, which Franklin Templeton said was not allowed due to Cryer’s agreement.

The 9th Circuit offered no explanation for why it denied the firm’s petition.

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