Securian’s fiduciary-friendly 401(k) practices verified by CEFEX
Retirement plan service provider addressed key conflict of interest concerns long before DOL scrutiny of industry
ST. PAUL, Minn.--(BUSINESS WIRE)--401(k) plan sponsors and advisors concerned about how they will be impacted by the impending Department of Labor conflict of interest rule can take comfort from a Registered Opinion Letter issued to Securian Retirement.
The Centre for Fiduciary Excellence (CEFEX), an independent certification organization, has issued a Registered Opinion Letter verifying that Securian’s 401(k) recordkeeping platform:
- on a daily basis, passes all revenue sharing payments it receives back to retirement plan participants’ accounts
- uses the lowest net share class of the funds it offers within its group variable annuity
- has no hidden fees
Securian Retirement also does not vary its 401(k) contract fees based on the use of proprietary investment options. All of these practices—which Securian’s 401(k) recordkeeping platform has been consistently performing since 1993, when mutual funds were first added to the company’s investment array for 401(k) plans—address key conflicts of interest expected to be impacted by the DOL rule.
“Obtaining the CEFEX Registered Opinion Letter will assist our clients and advisors that work with us no matter the final conflict of interest rule language,” said Ted Schmelzle, Securian’s director of plan sponsor services. “As fee and expense litigation continues to be in the headlines, our clients and their advisors can take comfort in this third-party verification of our practices. We made fiduciary friendly decisions on these issues long before they were scrutinized by the DOL and courts.”
About Securian Retirement
Securian’s Retirement Plans division has been helping people save for retirement since 1930. Its platform features long-tenured retirement specialists, industry-leading fee levelization practices and extensive administrative outsourcing (offered at no additional cost). Securian provides services to thousands of employer-sponsored retirement plans.
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.
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