| | Products, Deals & People | | OneAmerica to Acquire BMO’s U.S. Retirement Business | | OneAmerica and BMO Financial Group have reached
an agreement for OneAmerica to acquire BMO’s Milwaukee-based, U.S. retirement
services business, BMO Retirement Services, a division of BMO Global Asset
Management. OneAmerica, based in Indianapolis, will have about $56 billion in
defined contribution (DC) assets, making 401(k) plans the firm’s largest market,
says Bill Yoerger, president of the retirement services division for
OneAmerica. “We continue to invest and grow 403(b) plans,” Yoerger tells
PLANSPONSOR, “with about 40% of sales in nonprofits.”Read more > | | John Hancock Offers LPL’s Advice Tool | | John Hancock Retirement Plan Services has
integrated LPL Financial’s Employee Advice Solution into its recordkeeping
platform. The Web-based advice tool asks employees about their financial
holdings. Based on that information, participants can receive personalized
retirement advice or manage their accounts on their own.Read more > | | White Paper Urges Revisit of Plan Design | | It is no longer enough to simply offer a
retirement plan and hope that employees participate, according to a new white
paper from retirement plan consultancy Axia Advisory. According to the report,
“Redefining the Retirement Plan,” plan sponsors must completely
rethink their retirement plan to make certain that participants are saving,
saving enough and saving properly. “Most plan sponsors are familiar with the
three Fs: fiduciary, fees and funds,” the report says. “Organizations, though,
can end up with a fourth F if they’re not careful: failure of their employees
to be ready to retire.”Read more > | | | GAO Requests | | Survey of 401(k) Plans’ Use of Eligibility and Vesting
Requirements: Building savings in a 401(k) plan is a key step
to achieving income security in retirement for millions of Americans. That
savings may be affected by the eligibility and vesting requirements that are
used by many plans. The Government Accountability Office (GAO) is asking plan
sponsors to participate in its survey examining why plan sponsors use certain
eligibility and vesting requirements, how they may have changed the
requirements, and how they communicate the rules to employees and participants.Read more > |
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