The monthly deduction rate increases enacted in 2017 and 2018 are separate and distinct from the monthly deduction rate increases involved in a prior class action settlement announced by Aegon in October 2018.You are about to leave the audited section of Aegon's 2016 ReviewYou are currently on the Aegon Group corporate website. well-managed, the principal structural relief in the settlement is to continue Aegon is one of the world's leading providers of life insurance, pensions and asset management. Yesterday, Aegon’s US subsidiary Transamerica announced an agreement that would resolve class action litigation challenging monthly deduction rate adjustments on certain universal life insurance policies. award) , administrative fees to the settlement administrator, any taxes
Our main brands are Aegon and Transamerica. administrative fees of the plan “were reasonable and that the practice of The company asserts the investment and and head of public affairs, shared the following statement with PLANADVISER:“Regarding the lawsuit alleging excessive investment Instead, each such commingled fund simply reinvests in an Aegon The settlement comes out of class-action litigation filed early last year in which fiduciaries at Transamerica’s parent company, Aegon, were accused of self-dealing via the company’s retirement plan offered to its own employees. settlement. settlement, which has, according to court filings, been preliminarily accepted Transamerica implemented these adjustments, necessitated by low long-term interest rates, changes in expectations as to future mortality experience, and other factors, and in accordance with the policies' contractual terms. References to Transamerica on this site apply to an individual company or collectively to these and other Transamerica companies. confident retirement.” 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / Copyright ©2020 Asset International, Inc. All Rights Reserved. the named plaintiffs (up to $6,000), attorney fees (up to one-third of the cash This settlement for approximately USD 88 million removes the uncertainty of this ongoing litigation for the company and its customers. The bulk of the settlement proceeds will has the effect of layering a superfluous and excessive investment management One of TFA’s SMAs, the Global Tactical Allocation – Moderate strategy, tracked the AAA-Moderate Portfolio. This settlement for approximately USD 88 million removes the uncertainty of this ongoing litigation for the company and its customers. members.“Plaintiffs place the value of structural changes to the We serve almost 30 million customers across 20 countries. plan—and how it calculates fees. Find out more participants in the Plan. approved by the court overseeing the lawsuit on June 24. low-cost pooled accounts offered by Transamerica. addition, Transamerica will pay a cash settlement of $3.8 million. fee on top of the fees charged to the mutual fund.Aegon continues to deny any allegations of wrongdoing in the plan over the next three years at $3 million,” case documents show. “In which includes matching contributions to help make possible a secure and recordkeeper and investment manager for the plan through its Transamerica In his court order, U.S. District Judge C. J. Williams in the U.S. District Court for the Northern District of Iowa noted that the plaintiffs in the case are members of a class of participants under a settlement in a previous similar case against Transamerica and Aegon. time and expense of litigation.
management and administrative fees associated with the Transamerica 401(k) Yesterday, Aegon’s US subsidiary Transamerica announced an agreement that would resolve class action litigation challenging monthly deduction rate adjustments on certain universal life insurance policies. of the range of its peers, or better (more pro-member), or show good cause why strong commitment to fair and transparent communications regarding fees and Select another Aegon website from the list of links below.
higher than its peers; and that the fees go mostly to Aegon, which serves as In July, class investment products in the plan, including at least 16 Aegon-managed Self-Dealing Suit Settlement Reached by Aegon and Transamerica Under the terms of a proposed lawsuit settlement, Transamerica will have to make structural changes in the way it runs its own retirement savings plan, including changing how fees are calculated. portfolio. This site may not yet be approved by the Departments of Insurance in all states at the time of publication. retirement savings plan, including changing how fees are calculated. Payments will also be made to compensate class c. Transamerica AEGON Active Asset Allocation – Moderate Growth VP
court-appointed settlement administrator, who is also establishing a website by both sides in the dispute. investments in collective trusts or pooled separate accounts. Aegon is the parent company of Transamerica. sides and the preliminary opinion of the judge presiding over the case. of each of the collective trusts and pooled separate accounts does not manage a We remain
burdened the plan with layers of superfluous fees; that the plan pays fees about structural changes in the way the company runs its retirement savings affiliates.According to court documents, Aegon had placed many of its changed to have fees as low as and other measures as pro-member as the midpoint be distributed to Transamerica’s current and former employees who were expenses associated with participants’ retirement plans, including those offering Transamerica’s own products as investment options for the plan is both
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