Client Wins Highlight OneAmerica® Commitment to Participants
PLANSPONSOR Magazine ‘Best in Class’ a recognition of 401(k) strengthIndianapolis, March 28, 2019
Three OneAmerica® retirement services clients have been recognized as PLANSPONSOR Best in Class 401(k) Plans, a designation that puts them in the top 1 percent of entries to the PLANSPONSOR Defined Contribution Survey and signifies they raise the bar when it comes to plan design, oversight/governance and participant outcomes.
The three Best in Class 401(k) Plan winners are:
- Early Warning Services LLC of Scottsdale, Arizona
- Seacoast Bank of Stuart, Florida
- FAC Services LLC of Madison, Wisconsin
They were among 34 winners out of 3,495 participating 401(k) plans submitting responses to the 2018 Defined Contribution Survey.1 The Best in Class 401(k) plans were required to have certain features to be considered and were then evaluated and scored on more than 30 criteria. Plans with more than 90 points, out of a possible 120, received the designation. Each of the three include saving/budget as a component of financial education.
“These client honors mean a great deal to us because they recognize retirement plan sponsors that show a commitment to their participants’ financial health and retirement success,” said Sandy McCarthy, president of Retirement Services for OneAmerica. “As a service-focused recordkeeper, they also showcase the strength of OneAmerica, and we are pleased to collaborate with them in an effort to help their participants prepare for retirement.”
Early Warning Services LLC, an innovative payment and risk solution partner to financial institutions nationwide and creator of The Zelle Network®, has 830 retirement plan participants, a 95 percent participation rate in its 401(k), a 7.9 percent average deferral rate, and offers a 100 percent match on the first four percent of salary deferrals.2 The plan advisor is Karstens Investment Counsel of Omaha, Nebraska.
Seacoast Bank, a more than 90-year-old community bank with customers in multiple Florida counties and 1,092 retirement plan participants, has a 98 percent participation rate, a 6.4 percent average deferral rate, and offers a 100 percent match on the first three percent of salary deferrals and then 50 percent on the next two percent.4
FAC Services LLC, formed in 1985, provides its affiliated companies with risk management, legal, finances, business systems, training, benefits, payroll, and travel services. FAC’s plan has a 98 percent participation rate, a 9.9 percent average deferral rate, and a match rate of 50 percent of the first six percent of salary deferrals.5 The investment advisor is Francis Investment Counsel LLC, based in Brookfield, Wisc.
In addition to the three Best in Class winners, OneAmerica client Kokua Kalihi Valley (KKV) of Honolulu, Hawaii is a finalist in the 2019 PLANSPONSOR Plan Sponsor of the Year for “Nonprofit DC under $250 million” category. KKV is a community-based service organization founded 47 years ago.
According to the PLANSPONSOR profile6 OneAmerica was part of the team that worked to optimize KKV’s 403(b) plan design, get participant loans compliant with IRS guidelines, move from individual annuities to a group annuity, implement a robust methodology for benchmarking, and encourage investing. The plan advisor is Retirement Benefits Group, LLC, of San Diego.
Additionally, OneAmerica was awarded PLANSPONSOR Best in Class awards for 2018 in all sponsor service/support categories across the four asset markets the company qualified. OneAmerica earned 12 of its total 27 awards for Sponsor Service/Support.7
In a separate awards competition, a OneAmerica 401(k) retirement plan client, NOVA Financial & Investment Corporation (NOVA) of Tucson, Arizona, won first place in March for corporate plans with fewer than 1,000 employees in the “Ongoing Investment Education” category in Crain Communications publication Pensions & Investments 2019 Eddy Awards.8 The plan advisor is Retirement Benefits Group (RBG).
According to P&I, Retirement Benefits Group (RBG) Advisor George Fraser implemented his “Penny on the Dollar” system into participant education for NOVA employees. NOVA worked with OneAmerica to engage participants “through customized communications that resonated with employees and reached them on a regular basis, along with educational meetings and events.” A significant increase in participation was a testament to NOVA’s commitment to investment education.
OneAmerica® is the marketing name for the companies of OneAmerica. OneAmerica is a mutual insurance holding company.
Products issued and underwritten by American United Life Insurance Company® (AUL), a OneAmerica company. Administrative and recordkeeping services provided by McCready and Keene, Inc. or OneAmerica Retirement Services LLC, companies of OneAmerica which are not broker/dealers or investment advisors. Neither the companies of OneAmerica nor their representatives provide tax, legal, fiduciary, or investment advice.
Past performance does not guarantee future results.
PLANSPONSOR is a national industry trade magazine published by Strategic Insight. PLANSPONSOR, Strategic Insight, Crain Communications, Pensions & Investments, Karstens Investment Counsel, Francis Investment Counsel LLC, and Retirement Benefits Group, LLC are not affiliates of any OneAmerica company.
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A national leader in the insurance and financial services marketplace for more than 140 years, the companies of OneAmerica have helped customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit OneAmerica.com/companies.
PLANSPONSOR, a business of Institutional Shareholder Services (ISS), is the most respected provider of information and events to America's retirement plan sponsors and the industry that serves this large constituency. Through its award-winning magazine, website, e-newsletters, research and conferences, PLANSPONSOR reaches the most engaged retirement plan and benefits executives in America. For more information, visit www.plansponsor.com
7 An award is earned by being one of the top three providers in a specific category or by achieving net satisfaction higher than the category benchmark. Subcategories include plan/industry knowledge, responsiveness and consistency, and regulatory/compliance support.
Tom Spalding, Public Relations Manager, 317-285-1461