OneCheck Program Helps Plan Sponsors Take the Pulse of Retirement Plans

The companies of OneAmerica^© introduce OneCheck^SM, a set of plan health monitoring tools and reports for participants and sponsors included in the recently launched OneSolution™ suite of retirement plan management capabilities.

“OneCheck tools and reports can help clients make comprehensive and strategic decisions about their retirement plan,” said Marsha Whitehead, vice president, Retirement Services for the companies of OneAmerica. “Helping the workforce 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 of the components of OneCheck is the OneCheck^SM 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 report can also be used to start conversations with the plan sponsor about how plan design changes like auto-enrollment, auto-increase, offering models, targeted education and diversification can positively impact both the plan and its participants.

The 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. The report also indicates an employee’s retirement readiness and suggests key action steps to take. Plan sponsors and participants can use the reports and compare their results to baseline data.

"OneAmerica’s Retirement Readiness Report gives our plan participants an easy-to-read snapshot of where they stand today in terms of the income they are on track to replace in retirement,” said Cindy Louser, plan sponsor and benefits administrator at Moms365, one of the first companies to use OneAmerica’s OneCheck program. “Participants can then take the suggested action steps provided in the report to keep making progress toward their long-term financial goals."

Retirement plan consultants will use the OneCheck Plan Report to complement and enhance OneAmerica’s award-winningⁱ Annual Plan Reviews. This once-a-year analysis and consultation gives plan sponsors precise, customized and targeted data that is critical for planning communications programs, monitoring participant interactions, identifying plan trends and mapping future plan design initiatives. Plan consultants may recommend other plan health components available under the OneCheck umbrella including participant-level reporting, fiduciary consulting, advocate training, workshops, webinars and regulatory services as a result of the OneCheck Plan Report.

# # #

About OneAmerica
OneAmerica Financial Partners, Inc. (www.oneamerica.com), headquartered in Indianapolis, Ind., has companies that can trace their solid foundations back more than 135 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 customers. 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 nationwide 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.

Visit the OneAmerica Newsroom or follow @OneAmericaNews on Twitter for more information.

ⁱ2013 International Academy of the Visual Arts Communicator Award of Distinction