Press Release

October Three Expands O3 PRIME to Address Shortcomings of Corporate Retirement Plans

Issued by October Three, LLC

Mar. 19, 2025

Modernized retirement program mitigates risk, volatility and uncertainty for plan sponsors

CHICAGO ─ October Three, an industry-leading retirement strategy, actuarial and administration consulting firm, announced the expansion of its O3 PRIME lifetime retirement income plan. PRIME stands for Personalized Retirement Income for My Employees (or, from the employee’s perspective, for ME).

O3 PRIME provides security and flexibility by combining the best advantages of a defined benefit (DB) plan and a defined contribution (DC) plan. The result is a market-based cash balance plan tightly integrated with a 401(k) plan that reduces risk and complexity for businesses while producing up to 30 percent more lifetime income for employees compared to what a DC plan can provide. It is a win-win for employers and employees.

October Three has been implementing market-based cash balance plans for over a decade and is the market leader in this design. In 2023, October Three constructed the PRIME design and began implementing it for several clients. Based on the success of this design, October Three rolled out a PRIME plan for its own staff in January.

“Traditional retirement plans fail to meet the needs of a modern workforce,” said Jeff Stevenson, President and CEO of October Three. “O3 PRIME goes beyond traditional retirement savings methods to create a plan that effectively balances the needs of employers and employees, to help employees secure their retirement without exposing their employer to excessive risk.”

Americans are finding it harder to save money for retirement through employer-sponsored 401(k) plans due to the current economic climate. According to the Employee Benefit Research Institute (EBRI), “83% of workers are concerned that the increasing cost of living will make it harder to save as much as they want.” As a result, only “two in 10 workers are very confident in having enough money to live comfortably in retirement.”

“The plan design of O3 PRIME modernizes companies’ current retirement programs to make managing the plan easier for employers while delivering predictable monthly retirement income for their employees,” said Idan Shlesinger, Partner and Retirement Solutions Practice Leader at October Three. “PRIME provides incentives that are attractive to the modern workforce. This is a key piece of the strategy for companies to recruit and retain the best talent.”

About October Three:

October Three Consulting, LLC is a full service actuarial, consulting and technology firm that is re-engineering defined benefit plan strategy, management and administration to meet the needs of the modern and future workforce. The company’s O3 PRIME (Personalized Retirement Income for My Employees) plan is based on cutting-edge technology, risk analysis and data-driven insights that minimize financial risk and volatility while maximizing employees’ potential for predictable retirement income. For more information, follow October Three on LinkedIn and visit our website at octoberthree.com.

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