Baltimore-based Transamerica announced Monday the availability of Transamerica Employee Resources, a suite of new benefits that employers can offer to their employees. This comes as the company faces layoffs at its Cedar Rapids location and an ongoing complaint regarding a data breach affecting retirement plan participants.
Transamerica Employee Resources consists of three value-added services: A choice of Employee Assistance Program (EAP) models, EAP Core, and EAP Plus. EAP Core provides employees with access to counseling services, legal assistance, and financial resources. EAP Plus offers additional benefits, including identity theft protection, pet care assistance, and health advocacy services.
With a history that dates back more than 100 years, Transamerica is a leading provider of life insurance, retirement, and investment solutions. The company has been dedicated to helping individuals and families achieve financial security and peace of mind. The launch of Transamerica Employee Resources aims to further support employees in their journey towards financial well-being.
The original complaint claimed that, for years following the data breach, Transamerica retirement plan participants who were affected would face increased risk of identity theft and fraud. The company has been working to address these concerns and implement additional security measures to protect its customers' sensitive information.
Transamerica Asset Management Inc. selects and monitors the sub-advisers managing Transamerica's mutual funds. The Transamerica Floating Rate Fund is one such fund that has been affected by the data breach, as it exposed the personal information of its investors.
In addition to the data breach concerns, Transamerica Life Insurance Co., a subsidiary of AEGON Global Services, announced that it will lay off 42 people at its Cedar Rapids location. This decision has been met with criticism, as it comes at a time when the company is enriching its stock price.
Another international company is laying off dozens of Iowans, Transamerica Life being one of them. These layoffs have raised concerns about the stability of the company and its ability to continue providing quality services to its customers.
Transamerica has also recently partnered with Cetera on a pooled retirement plan. The Cetera Advantage(k) GPS is designed for small and midsize businesses, providing them with a comprehensive retirement plan solution. This partnership aims to expand Transamerica's offerings in the retirement plan market and strengthen its position as a leading provider of such services.
Despite the challenges it currently faces, Transamerica remains committed to providing top-notch financial solutions to its customers. The launch of Transamerica Employee Resources, along with its partnership with Cetera, demonstrates the company's dedication to innovation and growth.
In conclusion, Transamerica is taking steps to enhance its employee resources and address the complaints stemming from the data breach. While the company faces some challenges, it remains dedicated to providing quality financial services and ensuring the well-being of its employees and customers.
