Securian Financial Group Inc. has come out with a product aimed at employers that want to participate in a stable multi-employer retirement program: a multi-employer plan based on a group annuity.
(Related: Securian Airs Its First National TV Ads)
The St. Paul, Minnesota-based company is using a group annuity contract from its Minnesota Life Insurance Company affiliate to fund the plans in the new MEPconnect program.
The Platinum 401k Inc. will administer the program and serve as the principal administrative services fiduciary.
Fidelis Fiduciary Management will serve as the fiduciary for the investment options menu.
Securian is aiming the program at small and midsize employers. Securian says the program should help smaller employers offer retirement benefits at a relatively low cost per participant, by offering the kinds of economies of scale that large, single-employer plans typically get.