A Midwestern insurer is offering a new 457(b) retirement services option.

Mutual of Omaha Insurance Company, Omaha, Neb., is having its United of Omaha Life Insurance Company and Companion Life Insurance Company affiliates underwrite the 457(b) program.

The program offers some investment portfolios designed for participants who want to allocate assets based on risk tolerance, and some portfolios designed for participants who prefer to use their targeted retirement dates to allocate assets.

The program also offers a self-directed brokerage account option.

For sponsors, the program offers fiduciary support; online access to plan data; and recordkeeping and administration services.

RSM McGladrey Inc., Minneapolis, will handle tax compliance and plan document support, Mutual of Omaha says.