Strategic Retirement Partners (SRP), an industry leading retirement plan consulting services firm, has selected Securian Financial as the pooled plan provider and recordkeeper for their WELLthBUILDER Pooled Employer Plan (PEP).
Created by the federal SECURE Act, PEPs allow unrelated companies and organizations to band together to create a single 401(k) retirement plan for all their combined employees. PEPs offer employers the potential to offload their retirement plan’s fiduciary and administrative responsibilities while combining their purchasing power with other employers to negotiate lower plan fees.
The WELLthBUILDER PEP offers broad and flexible plan design capabilities so each individual employer can select provisions best suited for their needs. Securian Financial will serve as the pooled plan provider and ERISA 3(16) fiduciary, while Strategic Retirement Partners will provide ERISA 3(38) investment management and consulting services for the platform.
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“We are honored to work with Strategic Retirement Partners as the primary recordkeeper for the WELLthBUILDER PEP,” said Ted Schmelzle, second vice president for retirement solutions at Securian Financial. “PEPs have the potential to materially change the way 401(k) plans are offered to employers and their employees. We believe our long-standing fiduciary-friendly offerings and solid record as a 3(16) fiduciary, along with SRP’s consulting and investment expertise, will offer maximum protection and less work for our shared clients.”
“At SRP, we really pride ourselves on our deep institutional knowledge of all things ERISA,” said Jeff Cullen, CEO of Strategic Retirement Partners. “During our extensive selection process, we were hoping to find a 3(16) fiduciary who shared that same level of enthusiasm towards ERISA compliance and governance, and we found that in Securian Financial. We’re confident that this relationship and WELLthBUILDER will deliver on the potential of PEPs and delight our clients.”
A history of retirement plan service excellence
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.
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