ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial Group has again 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).
Securian’s Retirement Plans 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 certification means Securian adheres to the industry’s highest standards for the services we provide,” said Rick Ayers, vice president of Securian’s Retirement Plans division. “CEFEX certification 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 of the Centre for Fiduciary Excellence.
Securian has received CEFEX certification every year since 2007. The 2016 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.