Argus launches 401(k) Advantage Plan

The Argus Group, through its wholly owned subsidiary Bermuda Life Insurance Company Limited and in partnership with U.S.-based retirement services company TAG Resources, LLC (“TAG”), today announces the launch of the Argus Connections 401(k) Advantage Plan, a new retirement savings product for U.S. spouses of Bermudians and dual citizenship holders. This product caters to the requirements of both U.S. and Bermuda pension and tax legislation. Argus has offered a version of its 401(k) product in Bermuda to U.S. nationals on work permits through participating employers since September 2011.   

Argus Connections complies with IRS requirements and is a cost-effective method of long-term savings available to employees of participating employers in Bermuda. It allows U.S. citizens, including U.S. spouses of Bermudians and dual citizenship holders, working and living in Bermuda to take advantage of certain approved tax relief under section 401(k) of the U.S. Internal Revenue Code. Contributions made to the plan, as well as the income earned, will be exempt from U.S. income tax until the money is withdrawn at retirement.

Lauren Bell, Executive Vice President, Life and Pensions, The Argus Group, says: “After listening to our customers, we partnered with world-class providers to develop a product that is now compliant with U.S. tax law. We know that companies want a world-class retirement product for their U.S. employees, including those who are dual citizens or spouses of Bermudians who must comply with Bermuda pension legislation.   We also know that those employees want a tax compliant retirement savings vehicle as if they were working in the United States. So, we did the research and created this product just for those customers as we know this is important to them. It’s part of our commitment to our client relationships.”

TAG Resources, LLC (“TAG”) is a leading U.S. retirement ser­vices company, based in Knoxville, Tennes­see. The company’s executive team has serviced the retirement plan industry for over 150 years. Troy Tisue, President of TAG Resources, LLC, offered: “We’re proud to be working alongside Argus on this.  This is a ground breaking program that is going to help a lot of people.  The tireless dedication of the Argus Team over the past few years is what made this 401(k) offering possible.”  TAG has retained ERISA Services to provide compliance services and well-known provider Transamerica Retirement Services to provide recordkeeping services. 

ERISA Services was formed in 1981 to specifically design and administer qualified retirement plans.  They administer more than 800 plans and will assist our clients with developing a plan design that will suit each company’s employee demographics.

Transamerica Retirement Services offers customised retirement plan solutions designed to fit the growing business needs of today’s companies. Leveraging expertise honed by more than 70 years in the retirement services industry, Transamerica ranks as one of the top providers of retirement plans for more than 17,000 plans throughout the U.S. and serves more than 750,000 individual participants.