Known as OnePension, this plan design helps satisfy the industry demand for guaranteed lifetime income. It’s an innovative option that removes the administrative hassles, costs, and inflexibility associated with a traditional defined benefit (DB) plan.
"In their heyday, DB plans were how businesses and organizations addressed the desire to provide guaranteed lifetime income to the workforce," said 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-centric world in which we live, while at the same time providing maximum flexibility for the employer and the […]
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