OneAmerica is expanding its online service for pension annuity customers whose accounts came to the company through the pension risk transfer (PRT) market.
Besides the ease of access, the expanded portal will provide the same level of service to retirees (who are currently receiving a payment/annuity) that it does to those still employed (or who are eligible but have not started to draw from their pension). That service includes the ability to see to their account, make banking changes, change tax withholding, and manage their beneficiary information.
“This portal will expand the number of self-service features and resources,” says Andrew Wilkinson, FSA, MAAA, senior vice president for OneAmerica.The number of annuitants who have this web-based technology will jump from more than 11,000 to just fewer than 40,000 post-rollout, which is expected to occur in the third quarter, says Gene Monnin, director, Pension Risk Transfer, Retirement Services. OneAmerica is currently in the process of notifying the planned offering to third-party consultants who typically act as intermediaries on behalf of plan sponsors looking to transfer their pension liabilities.