OneAmerica Tools Monitor Retirement Plan Health
“OneCheck tools and reports can help clients make comprehensive and strategic decisions about their retirement plan,” says Marsha Whitehead, vice president of retirement services for the companies of OneAmerica, based in Indianapolis.
She adds, “Helping the work force achieve retirement goals requires more than promoting participation. Plan sponsors must also be able to collectively provide strategies for specific employee demographics, a variety of investment options and financial education and planning tools. OneCheck allows plan sponsors to deliver all of these services cohesively to assist employees in preparing for retirement.”
One component of the new tool set is the OneCheck Plan Report, which provides a plan-level analysis of an employee group’s average income replacement ratio. The report uses assumptions provided by the plan sponsor, such as static rate of return, inflation rate and participants’ average retirement age. This can help indicate the overall success of the plan and whether employees are on track for adequate retirement savings.
The content of the report can also be used to start conversations among plan administrators about how plan design changes such as automatic enrollment, automatic increases/escalation, targeted education and portfolio diversification assistance can help both the plan and its participants.
The plan report provides forecasted replacement ratios for employees, grouped by income and age. A separate retirement readiness report provides retirement income replacement forecasts for individual employees, as well as an employee’s retirement readiness status and suggestions for key action steps to take. Plan sponsors and participants can use the reports and compare their results to baseline data.
Retirement plan consultants can use the plan report to complement other efforts such as providing participant communications, monitoring participant interactions, identifying plan trends and mapping future plan design initiatives. The plan report can also be used along with other OneCheck tools and services, which cover participant-level reporting, fiduciary consulting, advocate training, workshops, webinars and regulatory services.
OneAmerica Financial Partners Inc. (www.oneamerica.com) is a provider of retirement plan products and services, individual life insurance, annuities, long-term care solutions and employee benefit plan products.