Securian Financial adds open multiple employer plan to portfolio of retirement plan solutions
ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial is adding another fiduciary-friendly solution to its suite of products designed to expand access to employer-sponsored retirement plans in the small- to mid-sized business market.
MEPconnect™ is Securian Financial’s new open multiple employer plan. A MEP is a type of retirement vehicle maintained as a single plan while allowing multiple, unrelated employers to participate — achieving economies of scale typically only attained by larger plans.
MEPs operate similar to traditional single employer retirement programs but with the majority of the administrative and fiduciary duties outsourced to retirement professionals — minimizing the adopting employer’s involvement while maximizing fiduciary protection.
“As much as they’d like to offer it as a benefit to their employees, many small business owners know that sponsoring a retirement plan can take specialized knowledge and add time-consuming administrative and fiduciary obligations to their already busy workload,” said Rick Ayers, Securian Financial’s vice president of retirement solutions.
“MEPconnect incorporates the key features of an effective plan while transferring the bulk of the work and risk to third-party retirement professionals — making it easy for employers to stay focused on running their businesses.”
Securian Financial provides complete recordkeeping services and a robust investment platform for MEPconnect, along with easy access to account tools and resources through a secure website.
Securian Financial teamed up with two other industry professionals to complete the streamlined retirement plan for employers:
- The Platinum 401(k) assumes the role of the ERISA 3(16) Plan Administrator and principal fiduciary for administrative functions of the plan.
- Fidelis Fiduciary Management serves as the ERISA 3(38) Investment Manager, taking full fiduciary responsibility and discretion regarding the selection and monitoring of investments offered under the plan.
“We're thrilled to be teaming up with Securian Financial. They've created an open multiple employer plan solution that is truly unique in the retirement plan industry. We're excited about the impact that MEPconnect will have on the small- to mid-sized retirement plan marketplace,” said Terrance Power, The Platinum 401k’s CEO.
Securian Financial has been helping people save for retirement since 1930. Its platform features long-tenured retirement specialists, fiduciary-friendly fee levelization practices and extensive administrative outsourcing, most of which is offered at no additional cost. Securian Financial provides services to employer-sponsored retirement plans through group annuity products issued by Minnesota Life Insurance Company.
About Securian Financial
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
About the Platinum 401k
Founded in 2010, The Platinum 401k, Inc. is one of the financial service industry’s most experienced multiple employer plan administrators and consultants. Their team of professionals brings over 50 years of multiple employer plan administration experience to their clients.
About Fidelis Fiduciary Management
Fidelis Fiduciary Management is one of the few ERISA fiduciary firms to be CEFEX® certified* by the Centre for Fiduciary Excellence® specifically for defined contribution ERISA 3(38) services. Advisors and plan sponsors turn to the Fidelis team as trusted professionals, with a wealth of experience and a dedication to the retirement plan industry that goes back to 1977.
DOFU 5-2017 516297