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.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.