CINCINNATI, Feb. 19, 2018 (GLOBE NEWSWIRE) -- For the 50th year, Ohio National Financial Services announced its profit sharing plan (PSP) contributions for associates. This included a 4.3 percent contribution to the PSP retirement plan and a 2.25 percent cash bonus. This is the 18th consecutive year of Ohio National offering a cash bonus to eligible associates.
“Ohio National experienced another positive financial year in 2017, and it’s our culture to share that success with our associates,” said Gary T. “Doc” Huffman, chairman, president and chief executive officer, at a meeting with all associates today. “In a time when our industry is facing external headwinds due to increased regulations and prolonged low interest rates, we are still growing and achieving positive results. This success would not be possible without the hard work of our associates. They are highly committed to serving our company, our customers and our community.”
Ohio National provides financial services through the production and administration of insurance and investment products distributed through a network of independent financial professionals throughout the U.S. At its Board of Directors meeting Feb. 9, Ohio National announced a 2.7 percent increase in core earnings and its highest levels of GAAP equity and assets under management, along with other positive sales and financial results.
“We’ve been hearing a lot of recent buzz around the new tax law and companies sharing profits with their employees. This is something that Ohio National has been doing every year for the last 50 years,” Huffman continued. “I’m proud of what our associates do every day – and so is our Board of Directors. Our associates make Ohio National a great place to work.”
Established in 1967, the PSP is available for all qualifying part-time and full-time associates. PSP payments have been made to the plan every year since its establishment and an additional cash bonus has been paid every year since 2000.
Through the PSP, associates share in Ohio National’s financial success and plan for a secure retirement. In addition to the PSP, eligible associates also receive a 3 percent contribution to their 401(k) plan), regardless of whether they personally contribute.
Ohio National was recognized as a Top Workplace in Cincinnati by Enquirer Media for the eighth year in a row in 2017. The Top Workplace honor was based on confidential associate surveys related to leadership, direction, environment, communications, trust, work/life flexibility, appreciation and benefits. The PSP program continues to be a highly valued benefit by associates.
About Ohio National
Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 49 states (all except New York), the District of Columbia, Puerto Rico and through affiliated operations in South America. An additional subsidiary operates in New York. As of December 31, 2017, its affiliated companies have $42.0 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Ohio National is proud to be named a “Top Workplace” in Cincinnati for eight consecutive years by Enquirer Media (June 2010-2017) and employs nearly 1,300 associates. Visit www.ohionational.com for more information.
Contact: Lisa Doxsee, APR
Susan McDonald, ALMI
Source:Ohio National Financial Services