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. Family doesn’t have to branch from your tree, but it always shares your roots. Roots woven by common understanding, shared values and mutual respect. Like you, we believe a rewarding life is really about being present in the here and now, and that money isn’t the only thing when family is your everything.
Since 1880, we’ve been here for those who see family as their most valuable asset. Our longevity is a testament to the strength of our company. We’ve weathered economic ups and downs while staying true to our customers. We’re not publicly traded, so we can focus on you and what you care most about. We believe your financial picture should support the everyday moments as much as the major milestones. That’s why our insurance, investment and retirement solutions give you 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.
ERISA 3(16) and 3(38) fiduciary services for MEPconnect are provided by The Platinum 401k, Inc. and Fidelis Fiduciary Management, respectively. Neither The Platinum 401k, Inc. nor Fidelis Fiduciary Management are affiliated with Securian Financial or Minnesota Life Insurance Company.
Securian Financial is the marketing name for Securian Financial Group, Inc. and affiliates. Insurance products issued by affiliated insurance companies. Securities and investment advisory services offered through Securian Financial Services, Inc., registered investment advisor, member FINRA/SIPC.
*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.