Following The Standard’s recent acquisition of Securian Financial’s retirement plan recordkeeping business, the firm has introduced seven new products and services to its retirement plan recordkeeping business.
According to the announcement, those include pooled employer plans, Automated Clearing House electronic loan repayment and a new practice to return foreign tax credits to participant accounts.
“We’ve brought together the best of both organizations—Securian and The Standard—to deliver a comprehensive suite of differentiated products and services,” Jason Burlie, head of retirement plan sales for The Standard, said in a statement.
Here are the details about the company’s newest products and services:
Pooled Employer Plans. The firm now offers pooled employer plans (PEPs) to make retirement plan adoption more accessible and attractive to businesses of all sizes. As most industry stakeholders know, with a PEP, employers can outsource certain tasks, including plan sponsorship, to the pooled plan provider. The benefits are real-time savings and risk mitigation, along with a competitive benefit for their employees.
ACH Loan Repayment. By adding electronic loan repayments to its platform, this service allows payments via the ACH process, resulting in less work for employer human resource and payroll departments. For participants, the process makes it easy to set up payments from their personal bank accounts.
Foreign Tax Credits. The firm has also adopted a practice to return foreign tax credits to participant retirement accounts. For the 2022 tax year, it will return $2.7 million in foreign tax credits. This practice can lower separate account expenses, which can lead to increased performance for those investments receiving the credits, the announcement notes.
Financial Wellness. The Standard has increased financial wellness resources for participants by partnering with Enrich to provide an online platform offering personalized and interactive experiences that cover a range of financial needs. The firm offers this service at no extra cost to employers or participants.
Step-Up Savings. A new “Step-Up Savings” service will help boost retirement savings with automatic annual contribution rate increases. The optional service is available at no extra cost to employers or participants.
Resources for Spanish Speakers. The firm also is increasing accessibility for Spanish-speaking customers to help them take full advantage of their plans. Beginning in September 2023, users of The Standard’s online Personal Savings Center can get information in English and Spanish.
TargetAge and Target Risk Portfolios. Finally, new TargetAge and Target Risk portfolios are being added to its platform, available at no extra cost. These investment models use existing plan investments to create diversified asset allocations for participants, the announcement notes.
