One401K provides retirement solutions to the small business owner
One401k provides retirement solutions to the small business owner
Indianapolis -- January 6, 2005
American United Life Insurance Company® (AUL), a OneAmerica company, announces a new retirement solution for small business owners. One401k is a new turnkey approach to individual retirement planning. It allows small business owners to take advantage of a traditional 401(k) plan without the reporting and administration demands typically required by the standard 401(k) plan.
One401k offers a packaged funding vehicle for retirement plan and administration plan services. The product is funded by The StarPoint individual variable annuity, which is issued and underwritten by AUL. This product provides full-service third party administration (TPA) through Benefits Plans Plus. The plan can be customized and allows both individual and employer contributions. One401k can provide clients with the opportunity to invest higher amounts than typical retirement plans. Annually, the client can set aside up to 25 percent of his or her income up to $44,000 in taxable income with indexed contribution limit increases scheduled for 2005-2007.
"OneAmerica knows that one of the challenges of being a small business owner is planning for retirement," said Cheryl Gentry, vice president of Individual Marketing. "This plan was developed for independent business owners who are not necessarily searching for a plan that accommodates the masses, but one that will fit their individual needs."
Who benefits from One401k?
One 401k is designed for most small businesses, including part-time and home-based businesses. It can accommodate sole proprietorships, partnerships, S or C corporations, limited liability companies and limited liability partnerships. Spouses who are employed with the business have the opportunity to participate in the plan.
"OneAmerica is excited about the opportunity to add the One401k plan to AUL's portfolio and introduce it to our customers," said Gentry. "As a financial services company, we provide products that offer custom-made solutions for our clients. One of the great benefits of the One401k plan is the contribution flexibility. Contributions are discretionary and can vary from year to year. This means that investors can increase or decrease their contributions to meet their individual needs."
This plan offers several advantages not provided by all retirement plans, including simplified plan adoption and maintenance, providing the ability for account consolidation of other retirement plans, and loan provisions. Other benefits include tax-free transfers among a host of investment options that are managed by nationally recognized advisors; dollar cost averaging; access to the account via the Internet or telephone 24-hours a day, seven days a week.
The StarPoint Variable Annuity is distributed by OneAmerica Securities, Inc., member NASD, SIPC, a wholly owned subsidiary of AUL. For complete information including charges and expenses, a prospectus may be obtained by calling 1-877-446-4285. Please read the prospectus carefully before you invest or send money.
Products may not be available in all states. While a contract owner may benefit from tax deferral under an IRA or other qualified plan without the use of an annuity contract, annuities may provide additional investment and insurance or annuity-related benefits to individual contract owners. The tax treatment may not be important for purchasers using the contract in connection with certain qualified plans. Any withdrawals that are considered investment gains are taxed as ordinary income. Withdrawals or distributions made prior to age 59-1/2 may be subject to a 10 percent income tax penalty.
OneAmerica Financial Partners, Inc., is a stock subsidiary of American United Mutual Insurance Holding Company (AUMIHC), headquartered in Indianapolis, IN. OneAmerica's nationwide network of companies and affiliates offers products and services for 401(k) and other retirement plans; individual life insurance and annuities; long-term care insurance; and group insurance. The company was formed Dec. 17, 2000, as part of the conversion of American United Life Insurance Company® (AUL) to a mutual insurance holding company. OneAmerica is not a licensed insurance company. As of Dec. 31, 2005, OneAmerica had more than $17 billion in assets.
