Products July 8, 2014

ANB Teams Up to Offer Retirement Solution

American National Bank of Texas (ANB) has teamed up with several firms to offer a retirement plan services solution known as the Select Open Architecture Retirement (SOAR) program.
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ANB, a provider of fiduciary and trust services, has partnered with United Retirement Plan Consultants, Aspire Financial Services, IRON Financial, RJ20 and Financial Wellness4Life, with the aim of providing fiduciary protection for plan sponsors and enhanced retirement outcomes for their participants via the SOAR program. The program acts as a simple turnkey platform with low fees, according to ANB. 

“The program is designed to make it easier for plan sponsors to outsource the fiduciary duties they are permitted to by law and help participants to save enough for a dignified retirement,” Jeff Atwell, senior vice president at ANB, tells PLANADVISER.

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Atwell, who is based in Fort Worth, Texas, says under the SOAR program, ANB acts as the ERISA 3(16) named fiduciary, as well as the 402(a) named fiduciary and the 403(a) named discretionary trustee. United Retirement Plan Consultants serves as the third-party administrator for SOAR, handling administration and compliance services, while Aspire Financial Services acts as the recordkeeper.

Other SOAR services, such as advice and education, will be handled by IRON Financial, RJ20 and Financial Wellness4Life.

According to Atwell, SOAR can also be customized to meet specific service needs of plan sponsors and participants.

The program is geared to retirement plans with at least $1 million in plan assets, says Atwell.

More information about the SOAR program is available at 855-439-6709 or SalesSupport@UnitedRetirement.com.

Products July 8, 2014

OneAmerica Tools Monitor Retirement Plan Health

The companies of OneAmerica have launched OneCheck, a set of retirement plan health monitoring tools and reports for participants and sponsors.
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“OneCheck tools and reports can help clients make comprehensive and strategic decisions about their retirement plan,” says Marsha Whitehead, vice president of retirement services for the companies of OneAmerica, based in Indianapolis.

She adds, “Helping the work force achieve retirement goals requires more than promoting participation. Plan sponsors must also be able to collectively provide strategies for specific employee demographics, a variety of investment options and financial education and planning tools. OneCheck allows plan sponsors to deliver all of these services cohesively to assist employees in preparing for retirement.”

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One component of the new tool set is the OneCheck Plan Report, which provides a plan-level analysis of an employee group’s average income replacement ratio. The report uses assumptions provided by the plan sponsor, such as static rate of return, inflation rate and participants’ average retirement age. This can help indicate the overall success of the plan and whether employees are on track for adequate retirement savings.

The content of the report can also be used to start conversations among plan administrators about how plan design changes like automatic enrollment, automatic increases/escalation, targeted education and portfolio diversification assistance can positively impact both the plan and its participants.

The Plan Report provides forecasted replacement ratios for employees grouped by income and age. A separate Retirement Readiness Report provides retirement income replacement forecasts for individual employees, as well as an employee’s retirement readiness status and suggestions for key action steps to take. Plan sponsors and participants can use the reports and compare their results to baseline data.

Retirement plan consultants can use the Plan Report to complement other efforts such as participant communications, monitoring participant interactions, identifying plan trends and mapping future plan design initiatives. The Plan Report can also be used along with other OneCheck tools and services, which cover participant-level reporting, fiduciary consulting, advocate training, workshops, webinars and regulatory services.

OneAmerica Financial Partners, Inc. (www.oneamerica.com) is a provider of retirement plan products and services, individual life insurance, annuities, long-term care solutions and employee benefit plan products.

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