OneAmerica chairman of the board and CEO Dayton H. Molendorp announced his plan to retire as CEO on March 31, 2014. He will remain chairman of the board of OneAmerica and its parent company American United Mutual Insurance Holding Company (AUMIHC).

The AUMIHC board named OneAmerica’s current president, J. Scott Davison, CLU, ChFC, as OneAmerica’s next CEO, effective April 1, 2014, upon Molendorp’s retirement. Davison was also elected to the AUMIHC board of directors at its Jan. 14, 2014 board meeting.

Contribution by Dayton Molendorp: Make 2014 a year of growth, prosperity for life industry

Dayton MolendorpMolendorp, 66, has been with AUL since 1987. He became senior vice president of AUL’s Individual Operations in 1999 and was named president of AUL affiliate Pioneer Mutual Life Insurance Company in 2002. In 2003, he was named executive vice president of AUL and president of The State Life Insurance Company. He was named president and CEO of OneAmerica in 2004 and chairman of the AUMIHC board in 2007.

Davison, 49, joined OneAmerica in 2000 and was named president in August of 2013 after serving as the company’s executive vice president since 2011. Davison served as OneAmerica’s chief financial officer (CFO) from 2004-2011. A 28-year industry veteran, Davison previously worked in various financial roles at UNUM Corporation. He serves on the boards of IU Health, LL Global, The American College, Indiana Sports Corporation, Indiana Bond Bank and Camptown.

Jim McGovern has been appointed as vice president for the Employee Benefits division of American United Life Insurance Company.

In his new role, Jim will assume leadership of the business line and report directly to Scott Davison, president, the companies of OneAmerica.

Jim McGovernMcGovern joined OneAmerica and has led the Employee Benefits national sales and service team since April 2012.

McGovern is a graduate of the University of Indianapolis and has held previous positions in the industry at Cigna and Unum.

AUL announced Pension Risk Transfer, a Single Premium Group Annuity (SPGA) guaranteed buy-out product that allows plan sponsors to transfer pension risk to AUL.

The Pension Risk Transfer offered by AUL includes recordkeeping of individual employee data and tax withholding and reporting administrative services and is supported by professionals with extensive experience in defined benefit administration. Enrolled actuaries and compliance attorneys are also available for consultation.

 

New York Life developed the Chronic Care Rider for its whole life product line, giving policyholders the option of accelerating their policy’s face amount to help pay for chronic care needs. 

The Chronic Care Rider is a flexible, low-cost addition to a whole life insurance policy with a premium that is guaranteed to stay level.  If a policyholder does not need to use their benefits for chronic care, those funds remain intact as life insurance benefits for heirs or as cash value that can help supplement retirement income as their life insurance needs decrease. 

The Chronic Care Rider is also very easy to use once the insured is certified as permanently chronically ill.  Policyholders are not required to submit receipts or a care plan for claim reimbursement, and policyholders can decide how their monthly claim payments are spent.  The benefits may be used – for at-home care, a nursing home stay, or even to help supplement the needs of family members who are spending time providing care — no receipts or plan of care needed. 

 

The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America (Guardian), announced the addition of Federated Investors Inc.’s (Federated) Capital Preservation Fund to The Guardian Choice and The Guardian Advantage fund line-ups.

By including the Fund in these retirement products, GIAC is aiming to provide new investment options and an expanded breadth of asset classes for plan sponsors and participants who utilize GIAC’s  group retirement products as the funding vehicle for their qualified plan.

See also: Guardian launches stop loss insurance for self-funders

The Federated’s Capital Preservation Fund is a value fund aimed at preserving principal and generating high current income by investing in guaranteed investment contracts, money market mutual funds, and other stable value products.  Stable value funds are an asset class for 401(k) plan participants who seek preservation of principal, particularly in a turbulent market environment.

The inclusion of the Federated’s Capital Preservation Fund in The Guardian Choice and The Guardian Advantage products comes on the heels of several other major fund enhancements to these products. In September, GIAC announced the addition of 24 new investment options to The Guardian Choice and five new investment options to The Guardian Advantage, providing a larger and more diverse range of investment options for the micro- to small-plan market.

 

Individuals can now sign up to save for retirement in minutes with a text message with quick enrollment through Principal Financial Group.

Quick enrollment allows individuals to send a text message or access the mobile-friendly website to enroll in their employer’s retirement plan. Once individuals have chosen their contribution amount by text message or the quick enrollment website, new participants can then select their investment elections online or by phone. This can be done at the same time or at a time convenient for the individual.

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Russell Investments made a series of asset allocation changes in several U.S. retail funds in responce to expected global market conditions in 2014. The shifts in allocations to fixed income, U.S. equity, international equity and alternative asset classes took effect in January and will include the Russell LifePoints Funds, Target Portfolio Series and Russell Core Model Strategies.

The reallocation decisions are outlined as such:

  • Fixed income: Reallocate assets from core bond exposures (Russell Strategic Bond Fund and Russell Investment Grade Bond Fund) to equities and global high yield bonds that represent a higher return potential with corresponding increase in risk;
  • U.S. equity: Increase overall exposure to U.S. equity, with a majority of this increase going to the small capitalization equity allocation, in an effort to compensate for the lower return expectations of fixed income markets;
  • International equity: Take a more targeted approach to our non-U.S. equity exposure with an emphasis on emerging markets and adjustments within global equity allocations;
  • Alternatives: Change the real asset composition by decreasing commodities and increasing infrastructure allocations in an effort to maintain non-U.S. exposure levels while also offering higher return potential.

 

NBCUniversal and ING U.S., Inc. (NYSE: VOYA), launched a cross-portfolio, multiplatform sponsored initiative to encourage a national conversation about financial education, including the important topic of retirement readiness. Through April 2014, this interactive program will engage NBCUniversal viewers and run on-air and online across the NBCUniversal News Group and the NBCUniversal Sports Group brands.