Transamerica waives retirement plan fees for wildfire Victims

Transamerica is waiving certain retirement plan transaction fees for participants affected by the Southern California wildfires.

The company is reaching out to plan sponsors and participants to inform them of available disaster relief options, including the Qualified Disaster Recovery Distribution, which allows eligible withdrawals of up to $22,000 without early withdrawal penalties or mandatory tax withholdings.

Fee waivers apply to distributions for residents in FEMA-designated disaster zones and overnight check deliveries, while ACH distributions remain free. The Aegon Transamerica Foundation is also providing financial support to the American Red Cross, including a three-to-one employee donation match.

“It is heartbreaking to see the profound impact these wildfires have had on so many lives. Transamerica is committed to being a force for good during times of crisis by providing the flexibility and assistance customers need to access their financial resources. By waiving these fees, we hope to alleviate some of the financial burden on those directly affected as they work to rebuild their lives.” – Luke Stroh, head of Retirement Operations at Transamerica.

The fee waivers will remain in place until further notice, depending on circumstances.