Securian earns CEFEX registration for eighth consecutive year
Prestigious registration demonstrates highest standards for fee transparency
ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial Group earned the registration for retirement plan Service Provider Excellence from the Centre for Fiduciary Excellence (CEFEX).
Securian’s retirement plan division underwent detailed scrutiny by independent experts who concluded that Securian follows best practices for retirement plan service providers. The standards were established by the American Society of Pension Professionals and Actuaries (ASPPA).
“This registration means Securian meets the highest standards for transparency and fairness in fees and services for each plan we provide,” said Rick Ayers, vice president, Retirement Plans, Securian Financial Group. “For employers and employees, CEFEX registration implies that a firm can demonstrate adherence to the industry’s best practices, and is well positioned to earn the public’s trust.”
The ASPPA Standard of Practice describes how retirement plan providers can help employers fulfill their fiduciary obligations as required by federal law. The standard includes best practices for governance, organization, human resources, operations, planning, systems, and disclosure as defined by a cross-industry task force.
“Maintaining certification requires a continued adherence to the industry’s best practices, which is verified annually,” said Carlos Panksep, managing director, Centre for Fiduciary Excellence.
Securian has received CEFEX registration every year since the standard was developed back in 2007. The 2015 Certification offers a dual classification, and Securian earned both:
- Recordkeeping Services: Bookkeeping for retirement plans trading transactions and individuals' accounts
- Administration Services: Administrative functions including compliance testing against relevant pension and tax laws and filing of government reports
About Securian Financial Group
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
The Centre for Fiduciary Excellence, LLC. is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, record keepers, administrators and managers. CEFEX has offices in Pittsburgh, PA and Toronto, Canada.
DOFU 02-2015 A00728-0215