Securian Offers Open MEP for Small and Mid-Sized Employers

Securian Financial introduced MEPconnect, its open multiple employer plan (MEP) designed to expand access to employer-sponsored retirement plans in the small to mid-sized business market.

The company explains that an open MEP is a type of retirement vehicle maintained as a single plan while allowing multiple, unrelated employers to participate, achieving economies of scale typically only attained by larger plans.

Securian Financial provides recordkeeping services and an investment platform for MEPconnect, along with easy access to account tools and resources through a secure website. The company also teamed up with two other industry professionals to complete the retirement plan for employers:

• The Platinum 401(k) assumes the role of the ERISA 3(16) Plan Administrator and principal fiduciary for administrative functions of the plan; and
• Fidelis Fiduciary Management serves as the ERISA 3(38) Investment Manager, taking full fiduciary responsibility and discretion regarding the selection and monitoring of investments offered under the plan.

“As much as they’d like to offer it as a benefit to their employees, many small business owners know that sponsoring a retirement plan can take specialized knowledge and add time-consuming administrative and fiduciary obligations to their already busy workload,” says Rick Ayers, Securian Financial’s vice president of retirement solutions. “MEPconnect incorporates the key features of an effective plan while transferring the bulk of the work and risk to third-party retirement professionals—making it easy for employers to stay focused on running their businesses.”