Digital enhancement comes on 5th anniversary of Pension Risk Transfer relaunch
INDIANAPOLIS, IN (June 27, 2019) – OneAmerica® is expanding its online service for pension annuity customers whose accounts came to the company through the pension risk transfer market, offering another differentiator for retirement plan sponsors whose annuitants want to be able to elect to start receiving their benefits and make changes to their personal information.
The announcement about this digital enhancement comes on the fifth anniversary of OneAmerica re-entering the market for PRT, a Single Premium Annuity product that allows companies to transfer pension liabilities and risk to an insurer. For many publicly-traded companies, PRT has been an attractive strategy because it can reduce earnings volatility, risk, and allow them to focus their core business.
To Be There For Our Clients
“Plan sponsors and consultants point to our flexibility, commitment to service, and administrative capabilities in addition to competitive pricing, and now we’ve significantly enhanced their participants’ experience,” said Andrew Wilkinson, FSA, MAAA, senior vice president for OneAmerica. “This portal will expand the number of self-service features and resources. The online portal is an extension of what we’re known for – to be there for our clients when they need us most.”
The number of annuitants who have this robust web-based technology will jump from over 11,000 to just under 40,000 post-rollout, which is expected to occur in the third quarter, said Gene Monnin, director, Pension Risk Transfer, Retirement Services. OneAmerica is currently in the process of notifying the planned offering to third-party consultants who typically act as intermediaries on behalf of plan sponsors looking to transfer their pension liabilities.
Besides the ease of access, the expanded portal will provide the same level of service to retirees (who are currently receiving a payment/annuity) that it does to those still employed (or who are eligible but have not started to draw from their pension. That service includes the ability to see to their account, make banking changes, change tax withholding, and manage their beneficiary information – which is not a common offering with all companies that deal with pensions, Monnin added.
The PRT product offered by OneAmerica includes administrative services supported by actuarial and legal professionals with extensive experience in defined benefit administration.
Nationally, corporate pension plan buyout sales totaled about $4.7 billion during the first quarter of 2019, the highest for any first quarter in more than 30 years, according to LIMRA Secure Retirement Institute.
A national provider in the insurance and financial services marketplace for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit oneamerica.com/about-us/companies-of-oneamerica
OneAmerica® is the marketing name for the companies of OneAmerica. Products issued and underwritten by American United Life Insurance Company® (AUL), Indianapolis, IN, a OneAmerica company. Administrative and recordkeeping services provided by McCready and Keene, Inc., a OneAmerica company, which is not a broker/ dealer or investment advisor.