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Products September 28, 2004
Standard Offers Plan Loan Administration
September 28, 2004 (PLANSPONSOR.com) - Standard
Insurance Company has launched a new fee-based service
allowing plan sponsors to designate The Standard as the
Manager of the Approval Process (MAP) for retirement plan
loans and distributions.
Reported by Fred Schneyer
Using this service, plan sponsors transfer the administration of the approval process, evaluation of hardship conditions and distribution of funds to The Standard.
The service coincides with the enhancement of an online offering allowing participants to initiate paperless loan and distribution requests using The Standard’s Personal Savings Center Web site.
“These online services bring information to the fingertips of plan participants and our business partners, allowing them to easily initiate loans and distributions and view transaction details,” said John Nord, assistant vice president of administration of The Standard’s Retirement Plans Division.