What is it?

The Precision Metalforming Association (PMA) 401(k) Retirement Plan Exchange® uses the Transamerica 401(k) Retirement Plan Exchange® solution platform. It is based on sound structural elements that have been developed over the past 20 years, reviewed, and successfully tested to accept fiduciary responsibilities specified by ERISA law and IRS and Department of Labor (DOL) regulations while striving to maintain compliance with applicable laws and regulations.

The PMA 401(k) Retirement Plan Exchange® is a complete, cost-effective, turnkey retirement solution.

PMA has partnered with Transamerica to help employers spend more time running their business, not their retirement plan. TAG's design handles administrative duties, reduces your risk, and is cost-effective.

Advantages

5 advantages with the PMA 401(k) Retirement Plan Exchange® solution

Making it simple

Employers don't want to be 401(k) experts.

As the plan's third party administrator, TAG Resources supports plan setup, implementation, monitoring, enrollment, and other duties.

Fiduciary protection

Employers don’t want to be at risk. 

By shifting administrative and certain named fiduciary duties to TAG Resources, employers can significantly reduce their defined legal obligations and responsibilities.

Compliant

Employers don’t want fines or penalties.

The plan uses processes developed to administer plans according to DOL and IRS guidance to help avoid compliance issues.

Well-known providers

Employers want to work with industry leaders.

The PMA 401(k) Retirement Plan Exchange® solution combines industry-leading professional service providers for "end-to-end" retirement plan oversight, including robust tools and resources for employees.

Cost-effective

Employers don’t want to overpay.

The PMA 401(k) Retirement Plan Exchange® solution is built on a pooled pricing model and may cost less than other programs offering fewer comprehensive services.

Administrative responsibilities

The PMA 401(k) Retirement Plan Exchange® solution removes more than 90% of your administrative tasks compared to sponsoring a plan outside of the Exchange.

Your load is lighter with the Retirement Plan Exchange® solution

As a retirement plan sponsor, your primary responsibilities* are to select and monitor service providers and:

  • Upload payroll files**
  • Collect year-end data**

Without the PMA 401(k) Retirement Plan Exchange® solution, your responsibilities are:

  • 3(38) Investment Manager appointment, monitoring, and removal (if applicable)
  • 402(g) limit on elective deferrals reporting
  • 404(a)(5) Participant Fee Disclosure provided to sponsor for distribution (or directly to plan participants, as applicable)
  • 404(c) Participant Direction of Investments Disclosure provided to sponsor for distribution (or directly to plan participants, as applicable)
  • 415 limit on annual contributions
  • Annual discrimination & coverage testing
  • Automatic Enrollment Notice provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Beneficiary determinations
  • Blackout Notice provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Census review
  • Corrective distributions
  • Death benefit approval
  • Distribution approval, such as in-service distributions, plan terminations, and termination of service
  • Distribution processing

  • DOL and IRS issue resolution assistance
  • Eligibility calculations
  • Eligibility notifications
  • Error correction monitoring
  • Force out distribution processing
  • Form 5330 preparation, signing & filing
  • Form 5500 preparation, signing, & filing
  • Form 8955 preparation, signing & filing
  • Fund Change Notice provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Hardship withdrawal approval
  • Loan approval & reporting (if applicable)
  • Loan default monitoring
  • Loan policy administration
  • Lost earnings calculations
  • Participant termination date tracking & maintenance
  • Payroll aggregation
  • Plan design review upon request
  • Plan document interpretation
  • Plan document preparation

  • Qualified Default Investment Alternative (QDIA) notice provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Obtaining ERISA Fidelity Bond
  • Qualified Domestic Relations Order (QDRO) determinations
  • Required Minimum Distributions (RMD) monitoring
  • Safe Harbor Notice provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Summary Annual Report (SAR) provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Summary of Material Modifications (SMM) provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Summary Plan Description (SPD) provided to sponsor for distribution (or directly to plan participants, as applicable)
  • Vesting verification & tracking
  • Year-end data collection & review

DOL audits can be costly for your business!

The IRS penalty for late filing of a 5500-series return is $250 per day, up to a maximum of $150,000. The DOL penalty for late filing can run up to $2,739 per day, with no maximum.

As named fiduciaries on your plan, we will mitigate this risk for you, provided that your business provides complete, accurate, and timely data for TAG to prepare and submit the Form 5500 filing on your behalf.

Core benefits

Removes pressure

Takes pressure off your internal administrative resources and allows you to use those resources elsewhere

ERISA support

Provides access to service providers with ERISA and investment expertise

Fiduciary responsibility

TAG delivers fiduciary protection at the highest level

Work with investment professionals

Outsources investment selection responsibility to investment professionals

Over 20 years of experience

Experience over enthusiasm

Retirement plan providers are currently struggling to deal with pooled structures. Many are enthusiastically working with pooled plans, such as pooled employer plans (PEPs), for the first time. Transamerica has been an innovator in pooled structures for nearly 25 years. Our experience has helped employers understand how to structure the plan to get the best savings and protection available to you.

We have a proven track record of understanding employers' needs and effectively meeting those needs.

Additionally, retirement plans carry significant fiduciary liability and government compliance exposure for employers. The PMA 401(k) Retirement Plan Exchange® solution outsources most fiduciary responsibilities and compliance to TAG Resources to the highest extent available. While most retirement plans do not offer this level of fiduciary and compliance assistance, TAG works as your retirement department by becoming a signatory named fiduciary on your retirement plan.

Participant experience

Driving participant success

The Transamerica participant experience is designed to help people understand if their savings and investment strategy is in line with their retirement goals. It starts with enrollment and continues with personalized communications and financial education showing participants how they can improve their retirement readiness.

An easy-to-understand forecast is generated by the underlying methodology provided by Morningstar. Using simple weather icons, it shows participants if their current investment strategy is likely to produce the income they’re seeking in retirement and offers steps to improve their chances of achieving their goals. Your Retirement Outlook® is featured prominently on the participant website, mobile app, and quarterly statements.

Key partnerships

Association

Precision Metalforming Association®

The Precision Metalforming Association (PMA) is the full-service trade association representing the $137 billion metalforming industry of North America — the industry that creates precision metal products using stamping, fabricating, spinning, slide forming and roll forming technologies, and other value-added processes. Its more than 850 member companies also include suppliers of equipment, materials, and services to the industry.

Our mission is to shape the environment of the metalforming industry, leading innovative member companies toward superior competitiveness and profitability.

Financial Professional, Principal Securities is a member of the Principal® Financial Network.

PMA website

Plan administrator

TAG Resources

TAG Resources is a named fiduciary as a plan administrator and a non-investment 3(21) fiduciary under ERISA sections 402(a), 3(16), and 3(21). It is our job to perform all functions necessary to keep your plan compliant.

As such, TAG is responsible for the day-to-day operations of your plan. The functions we perform on your behalf include services such as: the signing and filing of the Form 5500, QDRO determinations, plan operations, participant claims and appeals, distributions, and beneficiary determinations.

TAG website

Recordkeeper

Transamerica

Transamerica is an industry-leading recordkeeper with nearly 25 years of experience with pooled arrangements. Our time-tested recordkeeping technology offers a proven infrastructure allowing for pooled arrangements, ensuring a plan will be administered successfully and accurately for the plan participant’s transition to retirement.

Transamerica website

Investment manager

Fiduciary-Plus

Fiduciary-Plus is a named fiduciary to the plan, responsible for the investment selection, monitoring, and ongoing due diligence of the funds in the investment menu in accordance with the Investment Policy Statement (IPS) for the plan. RPA Financial helps business owners and plan committees manage fiduciary liability by accepting responsibility for investment decisions as an ERISA-defined 3(38) discretionary investment manager and also offers clients cost analysis with annual fee benchmarking, plan governance educational webinars, and a fiduciary vault to support storage of vital documentation. RPA Financial, as the 3(38) investment manager, has over $24 billion in assets under advisement as of December 31, 2023.

Fiduciary website

Financial professional

Principal® Financial Network

N. Lee Bissmeyer

Principal® Financial Network Principal Securities, Inc Financial Professional

Offering a retirement plan and selecting the providers to run the plan is a fiduciary decision. The financial professionals who offer access to the Exchange know the complexity and liability of running a retirement plan. Financial professionals use the Exchange as a means to assist you in reducing plan administrative duties and risks at a cost that is competitive.   

In addition, working with a financial professional offer services that help increase participation, help with enrollment meetings and education, provide regular plan reviews, and suggest potential plan enhancements.

Bissmeyer.Lee@Principal.com

Contact us today

Call 515-246-4954 or email us