Enhanced Portal To Extend Online Opportunity For OneAmerica Annuitants
OneAmerica(R) 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.
"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
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
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
About OneAmerica(R)
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.
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