Securian’s Retirement Plans division continues to receive high marks from fiduciary watchdogs
ST. PAUL, Minn.--(BUSINESS WIRE)--Two organizations dedicated to the prudent management of investors’ money have again certified that Securian Financial Group’s Retirement Plans division adheres to the highest of industry standards.
For the 10th consecutive year, Securian has earned the Service Provider Excellence Certification for recordkeeping and third party administration for 401(k), money purchase and defined benefit plans from the Centre for Fiduciary Excellence (CEFEX).
CEFEX assesses the risk and trustworthiness of investment fiduciaries. The organization’s independent experts conducted a detailed audit of Securian’s Retirement Plans division, concluding that it follows industry best practices for service providers as established by the American Society of Pension Professionals and Actuaries (ASPPA).
Securian also maintained its five-star rating — the highest possible — from the Investment Fiduciary Leadership Council (IFLC).
IFLC rates of hundreds of companies that provide services to pension plans, foundations and endowments. IFLC researchers base ratings on the extent to which companies’ processes are suitable for supporting fiduciary organizations.
“The CEFEX certification and IFLC five-star rating provide third-party validations for plan sponsors that Securian uses industry best practices to help them meet their fiduciary duties,” said Rick Ayers, vice president of Securian’s Retirement Plans division. “These high marks also speak well of the advisors who market our products, demonstrating their commitment to excellence.”
About Securian’s Retirement Plans division
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 through group annuity products issued by Minnesota Life Insurance Company.
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.
The Investment Fiduciary Leadership Council is a not-for-profit organization that advocates standards for entities entrusted with the care of other peoples’ money. IFLC achieves its mission by advocating adherence to uniform standards for two groups; those that are accountable for the investment of others’ assets and entities that provide support services to them.
CEFEX is an independent, global assessment and certification organization providing comprehensive assessments as measures of risk and trust-worthiness of investment fiduciaries and service providers. A CEFEX assessment includes reviews of an organization’s practices by an independent Accredited Investment Fiduciary Analyst (AIFA™). The assessment is documented by the AIFA and subject to review by the CEFEX Registration Committee comprised of independent fiduciary experts. A CEFEX registration is an independent recognition of a Service Provider’s conformity to the ASPPA Retirement Plan Service Provider Standard of Practice. It demonstrates that a Service Provider demonstrates adherence to the industry’s best practices, and is positioned to earn its clients trust. The Scope of the Registration is “Recordkeeping and Third Party Administration services for 401k, profit sharing, money purchase and defined benefit plans.” The Standard of Practice is published by CEFEX and the American Society of Pension Professionals and Actuaries (ASPPA). Learn more about CEFEX at www.cefex.org.
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