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.
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It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
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