AUL Releases New 'No Wrap" NAV Product

May 29, 2003 ( - Plan sponsors have a new "no wrap" variable annuity contract to consider for their retirement plans from American United Life Insurance Company (AUL).

Foundation is the no asset fee, or “no wrap,” Net Asset Value (NAV) product that can be tailored for specific 401(k), profit sharing, money purchase, or safe harbor plans.   Some of the customizations might include vesting schedules, eligibility and age requirements, loan or hardship availability, and employee matching or profit-sharing contributions, according to a news release.

The product provides service support designed to reduce administrative burden, daily valued participant accounts, and testing. Among the providers that have made the product available in their various retirement plans:

  • Fidelity
  • T. Rowe Price
  • American Century
  • SsgA
  • OneAmerica Funds, Inc.

Foundation is designed for organizations with $3 million in plan assets, a minimum of $50,000 of ongoing annual contributions, and a $10,000 minimum average account balance.