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.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
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A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
