Press Release

OneAmerica Launches New Retirement Plan Offering More Flexibility and Streamlined Administration

Issued by OneAmerica

Nov. 2, 2021

National insurance and financial services provider delivers OneConnectSM as a powerful alternative to MEPs and PEPs for organizations in all tax codes

Indianapolis -- OneAmerica® today unveiled OneConnectSM, a retirement plan solution that eases administration and retains independence for businesses seeking to gain the scale that comes with a pooled or multiple-employer approach. OneConnect features flexible plan design and streamlined fiduciary oversight.

“OneConnect provides a dynamic solution for consideration by retirement plan sponsors as they investigate ways to optimize plan design and streamline administrative requirements,” said Sandy McCarthy, president of Retirement Services for OneAmerica. “OneConnect offers many of the benefits of pooled plans, but with greater simplicity.”

The passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act included a provision that allowed for the creation of pooled employer plans (PEPs) to replace the traditional single plan sponsor with one that allows for independence that aggregates multiple unrelated employers.

The legislation, however, mandates the involvement of up to four financial professionals: an ERISA 3(16) fiduciary to keep the plans compliant with federal laws; a third-party trustee who is responsible for contribution collections; a Pooled Plan Provider; and a separate 3(21) or 3(38) fiduciary responsible for plan investments. OneConnect by OneAmerica allows the plan’s advisor to act in the 3(21) or 3(38) capacity, while OneAmerica functions in the 3(16) role. Furthermore, while the PEP provision of the SECURE Act only pertained to 401(k) plans, OneConnect is available to all types of ERISA plans, including tax-exempt categories such as 403(b) and 457.

“For employers, providing a robust retirement plan is no longer just a ‘nice-to-have’ to recruit talent. It’s increasingly a ‘must have’ – a crucial aspect of a value-add benefit package,” said Steven Kofkoff, vice president, Retirement Services Strategy, Product Management and Practice Leadership at OneAmerica. “But doing so adds complexities to employers’ workload. All too often, retirement plan administrators find themselves lacking the time and expertise to manage the daily administrative operations of a retirement plan. Our approach takes that task off their hands while allowing plan sponsors to retain ultimate ownership of a valuable talent recruiting and retention tool.”

OneAmerica provides the following 3(16) administrative fiduciary services for new clients or those wanting to restructure:

• Plan interpretation, discretion
• Eligibility determination
• Vesting calculations
• Form 5500 government filings and signing (optional)
• Rollover contributions
• Hardship withdrawals
• Termination distributions
• In-service distributions
• Required minimum distributions (RMDs)
• Mandatory cash outs (MCO)
• 1099 tax reporting
• Beneficiary tracking
• Qualified domestic relations orders (QDROs)
• Nondiscrimination testing
• Loan administration assistance
• Participant notice mailings
• Fee disclosures
• Loan administration

For more information on OneConnect or advisor managed accounts, contact your financial professional or OneAmerica representative. You can also download this special white paper: https://sforce.co/2ZnEm14

OneAmerica is the marketing name for the companies of OneAmerica.

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About OneAmerica®

A national provider of insurance and financial services 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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