RBC Wealth Management is collaborating with FuturePlan by Ascensus and Transamerica to develop RBC Group Retirement Plan (GRP), a new pooled plan retirement solution for US business owners.

According to RBC Wealth Management, the RBC GRP solution is designed to tackle the regulatory, administrative, and financial challenges associated with providing a retirement plan. It is also said to make it easier for small and mid-sized employers to compete with larger employers in drawing and retaining talent.

The RBC GRP solution will be exclusively offered through RBC Wealth Management and is open to existing as well as start-up 401(k) plans.

Additionally, RBC Wealth Management will serve as the 3(38) investment fiduciary for the new pooled plan retirement solution.

RBC Wealth Management – U.S. retirement solutions director Tracy Hanson said: “RBC Wealth Management is pleased to add the RBC Group Retirement Plan to our broad range of products and services to provide business owners with an easier way to offer 401(k) plans to their employees.

“An employer-sponsored 401(k) plan helps to attract and retain employees and provides more American workers with access to essential retirement savings opportunities.”

Transamerica will act as the plan’s recordkeeper, while FuturePlan will serve as the third-party administrator and 3(16) plan administrators, stated RBC Wealth Management.

The RBC GRP solution will include a proprietary 100-point payroll data integrity check called FuturePlan Fiduciary Assistant to avoid the common plan errors highlighted in the US Department of Labor (DOL) and IRS audits.

The Fiduciary Assistant works in conjunction with the approved payroll vendors of Transamerica’s PayStart.

Transamerica workplace solutions president Phil Eckman said: “With more than 20 years of experience in group retirement plans, Transamerica is proud to be a pioneer and stalwart advocate for group retirement solutions.

“We offer plan participants a wide array of resources to help save for retirement. Transamerica offers a powerful participant engagement program that includes personalised financial education, an online financial wellness center, and a forecast tool to help participants improve their chances of achieving their retirement savings goals.”