Products May 10, 2018

New Plan From OneAmerica Offers Participants Guaranteed Lifetime Income

“OnePension is a good fit at the workplace for plan sponsors wanting to provide participants an annuity (guaranteed lifetime income) to ensure that employees, once their working career is finished, have retirement income,” says Pete Welsh, vice president and managing principal, OneAmerica Retirement Services.

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OneAmerica unveiled a type of profit-sharing retirement plan design that leverages its company legacy by allowing participants to annuitize their account balances when they retire, providing them with the option of guaranteed income for life.

Known as OnePension, this plan design helps satisfy the industry demand for guaranteed lifetime income. It also removes the administrative hassles, costs, and inflexibility associated with a traditional defined benefit (DB) plan.

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“In their heyday, DB plans were how businesses and organizations addressed the desire to provide guaranteed lifetime income to the workforce,” says Pete Welsh, vice president and managing principal, OneAmerica Retirement Services. “We’ve figured out a way to refresh a time-tested concept to fit the defined contribution (DC)-centric world in which we live, while at the same time providing maximum flexibility for the employer and the adviser.”

OnePension is different than an in-plan guaranteed lifetime income fund—which OneAmerica says is laden with uncertainty and additional fiduciary risk—and different than a variable annuity. OnePension is a qualified plan, so it allows retirement plan sponsors to invest on behalf of participants.

“OnePension is a good fit at the workplace for plan sponsors wanting to provide participants an annuity (guaranteed lifetime income) to ensure that employees, once their working career is finished, have retirement income,” says Welsh.

Welsh recommends that any interested retirement plan sponsor contact its OneAmerica representative to learn more about how it and its employees can have guaranteed income for life.
Products May 10, 2018

LifeYield Partners with United Planners on Tax Efficiency Scores

Through a new strategic partnership boosting its direct-to-adviser footprint, LifeYield will make its proprietary Taxficient Score available to United Planners’ nearly 500 financial advisers.

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LifeYield, provider of cloud-based solutions that facilitate tax-smart investing, has announced a new strategic partnership with United Planners Financial Services, an independent broker/dealer and registered investment adviser firm.

The new partnership will bring LifeYield’s “Taxficient Score” program to United Planners’ advisers.

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Billy Oliverio, senior vice president and chief marketing officer for United Planners Financial Services, says the new offering will improve advisers’ ability to help achieve significant tax savings for clients. He also suggests the Taxficient Score “will serve as a powerful business development and investor management tool for our financial advisers.”

As the firms explain, similar to a credit score, the Taxficient Score assesses the tax efficiency of an investors’ accounts on a scale of 0 to 100. The higher the score, the better-positioned the investor is to minimize taxes to keep more money, as well as achieve retirement goals. Additionally, the score “enables financial advisers to coordinate and aggregate all accounts in one place to provide a holistic view of an investor’s portfolio.”

Mark Hoffman, CEO of LifeYield, says the strategic partnership marks his firm’s ongoing commitment to grow in the direct-to-adviser channel.

More information on the Taxficient Score offering is available here.

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