PLANADVISER - September/October 2018 - 39
Driving Retirement Readiness:
Helping Sponsors Meet the
Evolving Needs of Plan Participants
Interview with Sandy McCarthy
PARTICIPANT expectations
for their retirement plans
are
constantly evolving as new generations enter the workforce-
and as new technologies and past experiences enable new and
better plan design features. To find out what's changing now and
how advisers can help plan sponsors respond to these changes,
PLANADVISER spoke recently with Sandy McCarthy, a 35-year
veteran of the financial services industry who in June was appointed
president of the retirement services division of OneAmerica, an
insurance and financial services enterprise with a history of more
than 140 years.
PA: You have significant experience in the retirement industry.
How have you seen it change, and what's catching your attention
today?
Sandy Mccarthy: Over time, the end goal has largely stayed the
same-we all want successful retirement outcomes. But there
have been changes in at least three areas. One is consumer demographics
and behavior, especially as millennials have moved into the
workforce and forced us to think harder about how we connect
with them. Another is technology, which has changed both how we
communicate with retirement plan participants and the products
and services we're developing to help them achieve their goals.
Finally, there's the ever-changing regulatory front.
PA: How are consumers behaving differently? Are their expectations
different than they were 10 or 20 years ago?
Mccarthy: Participants today are more focused on information
and are more capable of honing in on what is meaningful to them.
They're also more focused on their overall financial health. As a
result, we've become much more specific in the way we deliver
content. We're much more focused on customizing information
and solutions for individual audiences, even as we look more
broadly at helping them consider their total financial wellness.
PA: What challenges-or opportunities-do these changes
present for plan advisers and their clients?
Mccarthy: To the extent they embrace data and technology and
all the new tools now at their disposal, advisers have a clear opportunity
to work with retirement plan sponsors to drive better
retirement outcomes for plan participants. We've seen many plans
increase participation and deferral rates, for example, because
they took the time to understand their participants and work with
us to design their plans and communications programs around the
concerns, expectations and characteristics of that audience. When
it truly becomes an extension of the plan sponsor's culture, this
approach also can help with talent retention.
PA: What advice do you have for plan advisers seeking to help
sponsors do all these things?
Mccarthy: Do business with organizations that are culturally
connected with what's important to you and your clients. You
want somebody who understands the needs of your clients and
their plan participants and regularly provides guidance around plan
design features and functionality in a way that meets those needs.
On that score, I'll put in a plug for OneAmerica, because this is an
organization that is truly customer-focused, both high tech and
high touch.
PA: There's a lot of talk in the marketplace today about total
financial wellness. What are you doing to help plan advisers
deliver more to plan sponsors and participants on this front?
Mccarthy: We've built an array of educational tools and calculators
to help participants improve their financial wellness, and we
also provide access to our concierge service, which offers one-onone
guidance from a financial professional.
PA: Retirement income is an area of increasing focus for plan
sponsors and participants alike. How can advisers work with
plan sponsors to help participants convert their savings into a
reliable stream of retirement income?
Mccarthy: There are a variety of income strategies and products
that provide flexibility for plan sponsors and participants
using
time-tested concepts. Our OnePension offering
allows
participants to annuitize their account balance, providing them
with the option of guaranteed income for life. It's flexible enough
that employers can dial their plan contributions up or down based
on their profitability, or any other factor important to them. We
think this can work well for everybody. n
OneAmerica®
is the marketing name for the companies of OneAmerica.
Products issued and underwritten by American United Life Insurance Company®
Administrative and recordkeeping services provided by McCready and Keene,
(AUL), a OneAmerica company.
Inc. or OneAmerica Retirement
Services LLC, companies of OneAmerica which are not broker/dealers or investment advisors. Provided content is
for overview and informational purposes only and is not intended and should not be relied upon as individualized tax,
legal, fiduciary, or investment advice. Lifetime income is not the only annuity payout option and the individual should
consider with care their specific needs and financial situation prior to annuitizing.
SPONSORED SECTION
PLANADVISER - September/October 2018
Table of Contents for the Digital Edition of PLANADVISER - September/October 2018
Valuable Partnerships
Pension Risk Transfer
How to Explain CITs to Sponsors
Open MEP Opportunities
Appropriate Benchmarking
Investigations Intensify
PLANADVISER - September/October 2018 - Cover1
PLANADVISER - September/October 2018 - Cover2
PLANADVISER - September/October 2018 - 1
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PLANADVISER - September/October 2018 - 45
PLANADVISER - September/October 2018 - 46
PLANADVISER - September/October 2018 - 47
PLANADVISER - September/October 2018 - Valuable Partnerships
PLANADVISER - September/October 2018 - 49
PLANADVISER - September/October 2018 - Pension Risk Transfer
PLANADVISER - September/October 2018 - 51
PLANADVISER - September/October 2018 - How to Explain CITs to Sponsors
PLANADVISER - September/October 2018 - 53
PLANADVISER - September/October 2018 - Open MEP Opportunities
PLANADVISER - September/October 2018 - Appropriate Benchmarking
PLANADVISER - September/October 2018 - Investigations Intensify
PLANADVISER - September/October 2018 - Cover3
PLANADVISER - September/October 2018 - Cover4
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