Portfolio

Security Benefit Expands Retirement Platform With New App and Enhanced Service Capabilities

Small plans especially benefit from the new range of digital offerings

TOPEKA, KS, August 20, 2020 – Security Benefit announced today the expansion of its retirement plan service platform with a broad set of new digital enhancements, among them is its new My Security Benefit app and SmartChoice open architecture platform.

“While this has been a time when many companies have taken a step back or paused in the retirement space, we have been moving forward and upgrading our service capabilities to improve the experience and ease-of-use for retirement plan participants,” said Doug Wolff, senior vice president of Security Benefit Corporation (Security Benefit). “We believe our platform offers plan sponsors and financial professionals a powerful, flexible suite of solutions to help meet the challenges they face in today’s environment.” Small plans in particular may benefit from access to capabilities that have typically been available to larger companies.

The My Security Benefit mobile app gives participants on-the-go access to their mutual fund retirement accounts. The app offers a number of features that make retirement planning easier, including the ability to:

  • Calculate and estimate retirement income needs based on individual goals
  • View account holdings and track activity real time
  • Track investment performance and update investment allocations
  • Analyze different investment scenarios and the impact on retirement readiness
  • Improve financial and health literacy through a comprehensive wellness feature

Library Of Wellness

A unique feature of the app is the library of health and financial wellness articles and brief, online classes. Participants have the ability to earn rewards* for gift cards to well-known retailers nationwide just by reading the materials. Content covers financial and personal well-being and can be tailored to one’s lifestyle, financial skill and interests. “We believe it is essential to address wellness for our customers in a broad, holistic sense,” noted Greg Kratz, Head of Mutual Fund Platforms at Security Benefit. “You can even link your fitness tracker to hit goals and earn rewards. We want customers to think about their overall well-being as they look to and through retirement.”

The interactive nature of the app gives financial professionals the opportunity for more contact with their retirement clients, on a more consistent basis. This is especially useful today, given that COVID-19 has often reduced the number of face-to-face meetings clients are open to.

While this has been a time when many companies have taken a step back or paused in the retirement space, we have been moving forward and upgrading our service capabilities to improve the experience and ease-of-use for retirement plan participants...

Security Benefit is also launching a new open architecture platform, SmartChoice, aimed at providing the defined contribution market with greater investment choice and flexibility. Financial professionals can customize fund lineups for retirement plans, choose from various levels of fiduciary support, and set their own fee structure to service those plans. SmartChoice also allows the option of choosing a bundled fiduciary services package or integrating an advisor’s own fiduciary services into the new platform.

Online Enrollment Capability

In addition to SmartChoice, the company has enhanced its online enrollment capability for group mutual fund programs. Participants can work with their financial advisors to enroll into their company’s retirement plan online, safely and conveniently.

“We’ve been known as an innovator and the combination of these toolsets provide independent representatives the ability to add value and expand their relationships with plan sponsors and their clients,” Wolff added. “It can also provide businesses both large and small, the level of financial service, education, and support they need for their employees with our turn-key approach.”

Taken together, Security Benefit offers comprehensive and powerful solutions for financial professionals in the retirement plan space.

 

 

 

*Rewards provided by a third party. To access the app and content features you must hold a Security Benefit retirement plan account. Security Financial Resources, Inc. serves as the record keeper for such accounts, and is a subsidiary of Security Benefit.
Fiduciary services are provided by Mesirow Financial Investment Management, Inc., an SEC-registered investment advisor (Mesirow Financial). Mesirow Financial is not related to Security Benefit, its subsidiaries or its affiliates.
About Security Benefit
Security Benefit Corporation (“Security Benefit”), through its subsidiary Security Benefit Life Insurance Company, a Kansas-based insurance company that has been in business for 128 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and held $41.1 billion in assets under management as of December 31, 2019. Security Benefit is one of the fastest growing U.S. retirement companies and continues its mission of helping Americans To and Through Retirement®. www.securitybenefit.com