INDIANAPOLIS, November 2, 2021 / PRNewswire / – OneAmerica® today unveiled OneConnectSM, a pension plan solution that facilitates administration and retains the independence of companies seeking to grow through a mutualized or multi-employer approach. OneConnect offers flexible plan design and simplified fiduciary oversight.
OneConnect by OneAmerica offers many of the benefits of group retirement plans, but with greater simplicity.
“OneConnect provides a dynamic solution for pension plan sponsors to consider as they look for 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 bundled plans, but with greater simplicity.”
The passage of the Setting Every Community Up for Retirement Enhancement (SECURE) law included a provision authorizing the creation of common employer plans (PEP) to replace the traditional single plan sponsor with one that allows independence that brings together several independent employers.
The legislation, however, requires the participation of up to four financial professionals: an ERISA 3 (16) trustee to keep plans compliant with federal laws; a third party trustee who is responsible for collecting contributions; a common plan provider; and a separate 3 (21) or 3 (38) trustee responsible for the plan’s investments. OneConnect by OneAmerica allows the diet advisor to act in role 3 (21) or 3 (38), while OneAmerica works in role 3 (16). Additionally, while the PEP provision of the SECURE Act only affected 401 (k) plans, OneConnect is available for all types of ERISA plans, including tax-exempt categories such as 403 (b) and 457.
“For employers, offering a solid pension plan is no longer just a ‘good to have’ when it comes to recruiting talent. It is increasingly a ‘must have’ – a crucial aspect of a value added benefit package, ”said Steven kofkoff, Vice President, Retirement Services Strategy, Product Management and Practice Leadership at OneAmerica. “But it adds complexity to the workload for employers. Too often, pension plan administrators lack the time and expertise to manage the day-to-day administrative operations of a pension plan. Our approach relieves them of this task while allowing plan sponsors to retain ultimate ownership of a valuable talent recruitment and retention tool. “
OneAmerica provides the following 3 (16) administrative fiduciary services to new clients or those wishing to restructure:
- Interpretation of the plan, discretion
- Determination of eligibility
- Acquisition calculations
- Form 5500 Government Deposits and Signature (optional)
- Rollover contributions
- Withdrawals from difficulties
- Breakdown of terminations
- Distributions in service
- Minimum required distributions (RMD)
- Mandatory collections (MCO)
- 1099 tax declaration
- Monitoring of beneficiaries
- Qualified Family Relations Orders (QDROs)
- Non-discrimination tests
- Loan management assistance
- Sending notices to participants
- Disclosure of Fees
- Loan management
For more information about 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 trade name of the OneAmerica companies.
A national insurance and financial services provider for more than 140 years, OneAmerica companies help clients build and protect their financial futures. OneAmerica offers a variety of products and services to meet the financial needs of their policyholders and customers. These products include pension plan products and record keeping services, individual life insurance, annuities, asset-based long-term care solutions and benefit plan products. Products are issued and underwritten by OneAmerica companies and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to delivering value to our customers. To learn more about our products, services and OneAmerica businesses, visit oneamerica.com/about-us/companies-of-oneamerica.