Omaha, Neb. – (February 13, 2008) Mutual of Omaha is now offering plan sponsors added fiduciary protection through retirement solutions that satisfy new Qualified Default Investment Alternative (QDIA) regulations.
Designed to minimize a plan sponsor’s fiduciary risk under the Pension Protection Act, Mutual of Omaha’s recently added QDIA solutions include an individually managed account option and target date maturity funds.
For the individually managed account option, Mutual of Omaha has enlisted 401k Toolbox, which provides plan sponsors and participants with a variety of investment portfolios that can be selected automatically based on age or individually based on an individual’s investment preferences. By electing the 401k Toolbox option provided by PMFM, plan sponsors take advantage of a fully automated feature that invests actively and manages participant contributions based on current market conditions.
In addition to the 401k Toolbox QDIA option, Mutual of Omaha also offers Mutual GlidePath portfolios as a default investment for plan sponsors. Consisting of a series of nine target date funds, the Mutual GlidePath portfolios provide participants with an investment strategy based on projected retirement dates. Funds contained within the Mutual GlidePath portfolios are automatically rebalanced on an ongoing basis to ensure they continue to reflect their target allocations and overall objectives.
“We understand the challenges that today’s plan sponsors face when selecting default investments on behalf of their participants. While they clearly want to do what is best for their employees, they must also consider their fiduciary obligations,” said David Ahrendt, vice president of Retirement Services at Mutual of Omaha. “Our QDIA solutions are designed to provide plan sponsors with peace of mind through added fiduciary protection, while still offering plan sponsors and participants some of the best nonproprietary investment options available in the industry.”
Mutual of Omaha’s QDIA solutions are designed to meet the criteria established by the U.S. Department of Labor for default investments, which took effect on Dec. 24, 2007. Under the regulations, a QDIA is defined as a default investment option that provides plan sponsors with fiduciary protection under ERISA section 404(c)(5).
For more information about Mutual of Omaha’s Retirement Services and the new QDIA investment solutions, visit www.getretirementright.com.
Mutual of Omaha is a full-service, multi-line provider of insurance and financial services products for individuals, businesses and groups throughout the United States. Founded in 1909, Mutual of Omaha and its affiliate companies are ranked among the Fortune 500.
