Press Release
AUL Introduces New Product That Eliminates The "Wrap," But Not The Service
Indianapolis, IN, May 29, 2003 -- For organizations looking for retirement products without asset charges, known as "wraps," they need not look further than Foundation, a new group variable annuity contract offered by American United Life Insurance CompanyŽ (AUL).
With a consultative approach to plan design, Foundation can be designed to meet organizations' needs. They will find prototype plan documents including 401k, profit sharing, money purchase, safe harbor and new comparability.
"This new product builds upon AUL's 19 years of experience providing quality service to the 401k market," said Mike Grimme, vice president of Marketing, AUL Retirement Services division. "Foundation allows us to reach sponsors of larger plans who are seeking a product with no asset charges from a full service provider."
This "no wrap," Net Asset Value* (NAV) product provides full service support designed to reduce administrative burden. Daily valued participant accounts, responsive service professionals and testing are some of the key features offered from AUL Retirement Services.
A wide range of name brand funds from leading companies is made available to help meet the needs of a diverse work force. The NAV funds are available from Fidelity, T. Rowe Price, American Century, INVESCO, SSgA and OneAmerica Funds, Inc.
Foundation is designed for organizations with $3 million in plan assets, a minimum of $50,000 of ongoing annual contributions and a $10,000 minimum average account balance.
AUL can help organizations determine appropriate plan features that reflect the needs of a work force. Some of those features might include vesting schedules, eligibility and age requirements, loan or hardship availability and employee matching or profit-sharing contributions.
AUL is a diversified company offering 401k plans and other retirement plan products; individual, group and credit insurance; and annuities. Headquartered in Indianapolis, AUL is licensed to sell in 49 states and the District of Columbia. AUL is the founding member of OneAmerica Financial Partners, Inc., and can trace its history back to 1877. As of Dec. 31, 2002, AUL had more $9.1 billion in assets.
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