OnePension plan design brings innovative options to retirement plan sponsors
INDIANAPOLIS (May 10, 2018) —OneAmerica® today unveiled an innovative type of profit-sharing retirement plan design that leverages its company legacy by allowing participants to annuitize their account balance when they retire, providing them with the option of guaranteed income for life. Known as OnePension, this plan design helps satisfy the industry demand for guaranteed lifetime income. It’s an innovative option that removes the administrative hassles, costs, and inflexibility associated with a traditional defined benefit (DB) plan.
Refresh a Time-Tested Concept
“In their heyday, DB plans were how businesses and organizations addressed the desire to provide guaranteed lifetime income to the workforce,” said Pete Welsh, vice president and managing principal, OneAmerica Retirement Services. “We’ve figured out a way to refresh a time-tested concept to fit the Defined Contribution-centric world in which we live, while at the same time providing maximum flexibility for the employer and the advisor.”
OneAmerica has provided retirement plan options through American United Life Insurance Company® (AUL) a OneAmerica company, since the 1960s.
OnePension is different than an in-plan guaranteed lifetime income fund—which is laden with uncertainty and additional fiduciary risk—and different than a variable annuity. OnePension is a qualified plan so it allows retirement plan sponsors to invest on behalf of participants.
“OnePension is a good fit at the workplace for plan sponsors wanting to provide participants an annuity (guaranteed lifetime income) to ensure that employees, once their working career is finished, have retirement income,” said Welsh.
Welsh recommends that any interested retirement plan sponsor contact their OneAmerica representative to learn more about how they and their employees can have guaranteed income for life. OneAmerica experienced record sales growth in 2017, as the retirement plan industry responded favorably to client service and effective participant-focused retirement planning tool
OneAmerica® is the marketing name for the companies of OneAmerica.
Products issued and underwritten by AUL. Administrative and recordkeeping services provided by McCready and Keene, Inc. or OneAmerica Retirement Services LLC, companies of OneAmerica which are not broker/dealers or investment advisors. Lifetime income is not the only annuity payout option and the individual should consider with care their specific needs and financial situation prior to annuitizing.
Retirement ready? OneAmerica has resources for plan sponsors designed to improve participant retirement outcomes. Learn more at https://www.oneamerica.com/retirement-readiness # # # About OneAmerica
A national leader 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/companies.
Media Contact: Tom Spalding 317.656-7644 firstname.lastname@example.org