OneAmerica Financial Partners, an Indianapolis-based insurer and record keeper, has created a retirement plan for smaller businesses that's intended to compete against pooled and multiple-employer plan offerings known as PEPs and MEPs.
The company said that its OneConnect solution “offers many of the benefits of pooled plans, but with greater simplicity.”
Instead of involving up to four financial professional — an ERISA 3(16) fiduciary to keep the plans compliant with federal laws; a third-party trustee responsible for contribution collections; a pooled plan provider; and a separate 3(21) or 3(38) fiduciary responsible for plan investments — as is required for a PEP or MEP, OneConnect allows a plan’s adviser to act in the 3(21) or 3(38) capacity, while OneAmerica functions in the 3(16) role.
And while PEPs are permissible only for 401(k) plans, OneConnect can be used by all types of ERISA plans, including 403(b) and 457 plans, OneAmerica said.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
