OneAmerica Responds to Industry Desire for Guaranteed Income
OneAmerica(R) 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.
"In their heyday, DB plans were how businesses and organizations addressed the desire to provide guaranteed lifetime income to the workforce," said
OneAmerica has provided retirement plan options through
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 tools.
OneAmerica(R) is the marketing name for the companies of OneAmerica. Products issued and underwritten by AUL. Administrative and recordkeeping services provided by
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