Transamerica Retirment Services released an application that will let participants monitor their retirement accounts using the iPhone and iPod touch.

Users can get read-only mobile access to account information such as account balance, vested balance, available loan amount, most recent contribution date, year-to-date rate of return and pending transactions and distributions. Other features include investment choice selections and allocation percentages under users’ plan and current investment performance.

“Our participants will now be able to monitor their retirement savings progress in new, convenient ways and we are looking forward to further leveraging this technology and expanding these capabilities for our financial advisors, plan sponsors and participants,” said David Shute, vice president of marketing at Transamerica Retirement Services, Los Angeles.

Transamerica is a marketing unit of Transamerica Financial Life Insurance Co. designed to customize retirement plan services to meet the unique needs of small to mid-sized businesses.

Retirement

Transamerica does not have a specific target demographic, but rather aims to accommodate those that are mobile dependent.

“With more than 15,500 retirement plans under management, as of December 31, 2009, Transamerica has a broad range of plan participants that span various demographics,” Mr. Shute said.

“But all of them live in a increasingly mobile society, so it’s important that we provide them with the most convenient ways to track their retirement savings progress,” he said.

Here is a screen grab of the Transamerica menu page:

Transamerica also has a Web site, http://www.TA-Retirement.com, where plan participants can access their accounts.

Here is a screen grab of  account information on the iPhone:

Here is a screen grab of the stable value option:

Transamerica soon plans to expand these features in the near future.

“Our participants will now be able to monitor their retirement savings progress in new, convenient ways and we’re looking forward to further leveraging this technology and expanding these capabilities for our financial advisors, plan sponsors and participants,” Mr. Shute said. “We also want to encourage financial literacy through the use of technology.”