AUL, a OneAmerica company, is offering Pension Risk Transfer, a Single Premium Group Annuity (SPGA) guaranteed buy-out product that allows plan sponsors to transfer pension risk to AUL. It is a true buy-out product by which AUL will assume all liability and contact with participants, Andy Wilkinson, vice president and actuary at OneAmerica in Indianapolis, Indiana, tells PLANADVISER.
Pension Risk Transfer includes recordkeeping of individual employee data and tax withholding and reporting administrative services and is supported by professionals with experience in defined benefit administration. Enrolled actuaries and compliance attorneys are also available for consultation.
According to Wilkinson, the stated minimum for the product is $1 million in liability, and the firm is targeting plans with up to $100 million. Plan sponsor costs for the product will depend on pricing in the marketplace on the day the premium is quoted. Plan sponsors will work through intermediaries to purchase the solution.
“We’re excited about entering the marketplace,” Wilkinson says. “We think the market is growing, and it fits right into our retirement niche and mission to be there when our customers need us most.”
Plan sponsors and advisers interested in learning more may call (317) 285-1189.