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OneAmerica First to Adopt Benartzi’s PensionPlus

Retirement Income

OneAmerica will become the first retirement plan provider to offer PensionPlus – a personalized retirement withdrawal strategy developed with co-founder Shlomo Benartzi.

According to a press release, PensionPlus provides participants with a monthly retirement paycheck tailored to the individual, based on their unique goals and needs in retirement. In addition, users maintain control over their plan assets and how they’re invested.

“As an industry, we’ve spent a lot of energy educating retirement plan participants about market risk, asset allocation, and the importance of beginning deferrals early,” said Sandy McCarthy, president of Retirement Services for OneAmerica. “These are, of course, critical elements. But there’s more that’s needed to help individuals establish peace of mind about their financial security — and that includes a discussion about the importance of decumulation.”

McCarthy noted that in many cases, participants are conditioned since their first paycheck to save a portion of their income for their future; yet, when retirement begins, there may be a psychological barrier to reverse course and begin decumulation.

Benartzi, a behavioral economist known for his research on retirement savings – and innovations like Save More Tomorrow that he developed with Richard Thaler - explained that this first-of-its-kind solution incorporates a variety of behavioral insights and digital nudges not considered by more traditional retirement income projections.

“As people accumulate assets, they also accumulate differences,” said Benartzi. “This means that personalization is an essential part of retirement income planning. PensionPlus makes it extremely easy for every American to create a sustainable retirement paycheck that fits who they are and what they want. Our mission is to overserve the underserved and give all retirees the peace of mind they deserve.”

OneAmerica will offer access to PensionPlus to participants approaching retirement. In just a few minutes time, the service makes it easy for users to run projections on their own to learn how different preferences could impact their retirement income.

According to OneAmerica, advisors who participated in beta versions of PensionPlus appreciated the value that the service brings to their customer relationships. At the same time, plan sponsors in the pilot embraced the effectiveness of the new service in helping participants understand the impact of important decisions like whether to delay Social Security for higher benefits or how to factor a family inheritance into their retirement income plan.

“This collaboration is built on our belief in the power of relationships, education, and customization,” said McCarthy. “And, it demonstrates our commitment to advisors, plan sponsors, and participants — offering access to expertise and services to help participants throughout their financial lives.”

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