Transamerica, Smart, and Finhabits Expand Retirement Plan Coverage to Underserved Markets

Finhabits, a U.S. fintech provider “by Latinos for Latinos” is partnering with Transamerica and Smart on a new small business 401(k) solution.

The program is designed to offer small businesses and their workers a simple, bilingual, and affordable alternative to state-mandated retirement plans in California and other states.

The Finhabits group plan solution brings together multiple providers:

  • Transamerica will serve as the program’s recordkeeper.
  • Smart will serve as the program’s lead fiduciary and plan administrator.
  • TAG Resources, LLC a wholly owned subsidiary of Transamerica, will act as the plan’s third-party administrator and 3(16) plan administrator fiduciary.
  • Finhabits Advisors, LLC will serve as the program’s 3(38) investment fiduciary.

The plan emphasizes digital connectivity. Employers will be able to start a 401(k) plan directly in the Finhabits app, and plan implementation is fully electronic.

Participants will have access to Transamerica’s website in Spanish and English and Transamerica will offer call center representatives that are fluent in Spanish. The website’s features include resources to participants to take control of their retirement planning, access educational materials to make informed decisions, and initiate transactions, such as contribution increases or distribution requests.

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