AUL Retirement Services marketing new Multiple Employer Plan
MidAmerica MEP, Inc. to be plan sponsor and trustee
Contact:
Jim Gavin, Media Relations Manager
(317) 285-4168 or jim.gavin@oneamerica.com
For Immediate Release:
Indianapolis (March 21, 2011) – American United Life Insurance Company® (AUL), a OneAmerica company, is introducing a new 401(k) option designed to give small- to mid-sized employers access to many of the features and conveniences found in larger retirement plans but with much less hassle and often at a lower cost. The MEP Choice 401(k) plan, offered by MidAmerica MEP, Inc., allows multiple businesses to offer a retirement plan under the umbrella of a single, qualified retirement plan. It provides a complete, customizable plan design that is suited for small- to mid-sized companies. As the plan sponsor for MEP Choice, MidAmerica MEP, Inc. assumes fiduciary responsibility and liability.
“The multiple employer plan is an attractive option for employers who want to offer their employees a robust 401(k), but would rather leave the burdens of plan design, management, audits and fund selection to someone else,” said Bill Yoerger, senior vice president of AUL Retirement Services. “With this multiple employer plan, many of the traditional concerns like cost, complexity and liability – concerns that may prevent a company from fully endorsing and supporting a retirement plan – are addressed on behalf of the employer.”
Any employer can apply to be part of the MEP Choice 401(k) plan. Once established as an adopting employer, the company’s participating employees receive the benefits associated with being a part of an AUL retirement plan, such as enrollment kits, live customer service and online access to their plan information and fund options.
The employers in a multiple employer plan are not required to be related or affiliated in any way. Once an employer is accepted to be part of the plan, the plan becomes available to employees at least 21 years of age and with at least one year of service to the employer.
Participants in the MEP Choice 401(k) plan can contribute dollars pre-tax or on a Roth basis where future accumulated balances would be exempt from taxes.
Mesirow Financial Investment Management, Inc. will act as investment manager (as defined in Section 3(38) of ERISA) to the MEP Choice 401(k) plan with responsibility for fund selection and ongoing monitoring of the plan lineup.
About AUL
American United Life Insurance Company® (AUL) is the founding member of OneAmerica® and is focused on providing a strong portfolio of products for individuals, families and small businesses. AUL uses a national network of experienced professionals utilizing an extensive menu of financial products, including life insurance, annuities and employee benefit plan products. The company helps consumers prepare for tomorrow by helping to protect their financial futures.
About AUL Retirement Services
American United Life Insurance Company® (AUL) is the founding member of OneAmerica® and offers a wide range of products and services for retirement plans of individuals and employers. As a leader in the retirement services industry, AUL provides local service through a national network of experienced professionals focusing on the 401(k), 403(b) and 457 markets.
About OneAmerica
OneAmerica Financial Partners, Inc., is headquartered in Indianapolis, IN. The companies of OneAmerica® can trace their solid foundations back more than 130 years in the insurance and financial services marketplace.
OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals.
About Mesirow Financial
Mesirow Financial is a diversified financial services firm headquartered in Chicago. Founded in 1937, it is an independent, majority employee-owned firm with nearly $40.2 billion in assets under management, of which 24.3 billion are in currencies and commodities, and more than 1,200 employees in locations across the country and in London. With expertise in Investment Management, Global Markets, Insurance Services and Consulting, Mesirow Financial strives to meet the financial needs of institutions, public sector entities, corporations and individuals. For the fiscal year ended March 31, 2010, the firm posted $526 million in revenue, with more than $297 million in capital. For more information about Mesirow Financial, visit its web site at mesirowfinancial.com.
Non-registered group annuity contracts are issued by AUL, One American Square, Indianapolis, IN 46206, (800) 249-6269.
Mesirow Financial is not an affiliate of American United Life Insurance Company® or OneAmerica and is not a OneAmerica company.
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