October Three is expanding its O3 PRIME lifetime retirement income plan.
PRIME stands for Personalized Retirement Income for My Employees (or, from the employee’s perspective, for ME).
O3 PRIME is a cash balance plan that’s integrated with a 401(k) plan aimed at reducing risk and complexity for businesses.
In 2023, October Three constructed the PRIME design and began implementing it for several clients. October Three later rolled out a PRIME plan for its own staff in January.
“Traditional retirement plans fail to meet the needs of a modern workforce,” said Jeff Stevenson, president and CEO of October Three. “O3 PRIME goes beyond traditional retirement savings methods to create a plan that effectively balances the needs of employers and employees, to help employees secure their retirement without exposing their employer to excessive risk.”
More workers today struggle to save for retirement due to shifting markets and high inflation. According to the Employee Benefit Research Institute (EBRI), “83% of workers are concerned that the increasing cost of living will make it harder to save as much as they want.” As a result, only “two in 10 workers are very confident in having enough money to live comfortably in retirement.”
“The plan design of O3 PRIME modernizes companies’ current retirement programs to make managing the plan easier for employers while delivering predictable monthly retirement income for their employees,” said Idan Shlesinger, partner and retirement solutions practice leader at October Three. “PRIME provides incentives that are attractive to the modern workforce. This is a key piece of the strategy for companies to recruit and retain the best talent.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
