OneAmerica Overcomes Obstacles with Combo Retirement Plans Approach
The streamlined ComboPlan solution, continuously refined through years of experience, allows plan sponsors of tax-exempt organizations to administer multiple plans simultaneously.
Maintaining multiple retirement plans can be a time-consuming and confusing process for donor-dollar-stressed employers, but the OneAmerica® ComboPlan solution offers “simplicity without sacrificing flexibility” when it comes to plan administration.
The streamlined ComboPlan solution, continuously refined through years of experience, allows plan sponsors of tax-exempt organizations to administer multiple plans simultaneously.
Four in 10 employers in the non-profit and governmental space offer more than one type of retirement plan, according to the Plan Sponsor Council of America. This means a complex mix of 401(a), 401(k) or 403(b) and 457 plans may all be in play, depending on the organization and how it allocates dollars to those with different job classifications.
“Tax-exempt organizations have always been a focus for OneAmerica and finding ways to help these employers maximize their time and impact is top-of-mind for us,” said Sandy McCarthy, president, Retirement Services, at OneAmerica. “By simplifying the complexities of plan administration, we can help free up plan sponsors to focus on what can move their organizations, and those they serve, forward.”
ComboPlan is an especially relevant solution for the many tax-exempt employers who have been challenged and stretched by COVID-19. These organizations have been pillars of their communities in times of trouble, offering needed support and resources, even as they’ve faced the same pandemic-related challenges as all employers.
“HR professionals at organizations are under incredible demands to deliver services while facing pressure due to reduced contributions and reimbursements,” said Kim Cochrane, award-winning client services director at Raffa Retirement Services in Rockville, Maryland. “This is compounded by staffing challenges posed by COVID-19.”
Those at the employer level who administer multiple retirement plans are likely duplicating tasks such as payroll contributions and census (employee status updates) retrievals,” said Kevin Kidwell, vice president, national tax-exempt sales, OneAmerica. “They may even have different points of contact for their plans. For the employee, things are just as complicated. Separate account logins result in twice the effort for account and investment monitoring changes.”
Kidwell continued: “We know that administering a retirement plan can be complex and laden with regulatory concerns so we’re proud to support these mission-driven organizations, understand their unique challenges and know the value they bring to their communities.”
At some record-keepers, the more complex the multiple plans, the more costs the employer faces. For OneAmerica clients, it’s simply a few additional signatures, he said.
“If organizations are wondering who to turn to, we’ve been optimizing outcomes for clients for over 50 years on tax-code neutral plans,” said Kidwell. “We understand testing and the myriad, ever-shifting regulations that can stress the employer, and we continue to enhance our service capabilities. This is a core competency for us, not a sideline business.”
OneAmerica® is the marketing name for the companies of OneAmerica. Raffa Retirement Services is not an affiliate of any company of OneAmerica.
Products issued and underwritten by American United Life Insurance Company® (AUL), a OneAmerica company. Administrative and recordkeeping services provided by McCready and Keene, Inc. or OneAmerica Retirement Services LLC, companies of OneAmerica which are not broker/dealers or investment advisors.
About OneAmerica®
A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit oneamerica.com/about-us/companies-of-oneamerica.
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