An automated contribution rate and loan repayment change service
January 27, 2016 — ST. PAUL, Minn.–(BUSINESS WIRE)– Securian is collaborating with payroll providers to offer plan sponsors an automated 401(k) contribution rate and loan payment change service.
On an automated basis, Securian will generate an employee contribution rate and loan payment change file for the plan sponsor’s payroll provider. The payroll provider will pick up the file and automatically make the changes without client involvement—saving the plan sponsor time and hassle.
All Securian retirement plan clients with a willing payroll provider can implement the service. One provider has already joined forces with Securian to bring the service to mutual clients.
“We are excited to offer another time saving service at no additional cost to our clients,” said Ted Schmelzle, Securian’s director of plan sponsor services. “Our goal is to not only provide innovative retirement plan solutions with a wide variety of investment options, but to also make it as easy as possible for clients to do business with us.”
Other key administrative outsourcing services Securian offers at no additional cost to its plan sponsor clients include ACH loan payments, enhanced distribution services, contribution rate management, terminated employee tracking, required notices management and audit support.
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.