Securian Retirement and 401(k) Advisors Offer Timely 3(38) Fiduciary Risk Management Program

ST. PAUL, Minn., Nov. 30, 2010 /PRNewswire/ -- Securian Retirement has teamed with 401(k) Advisors to offer a 3(38) investment management fiduciary service. It allows employers to transfer the responsibility for selecting and monitoring funds to 401(k) Advisors, a nationally recognized investment advisory firm. 401(k) Advisors accepts responsibility and discretion for the investment due diligence process under section 3(38) of ERISA.

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The new service also provides timely support to retirement plan advisors as the industry prepares for new rules regarding fiduciary roles. The rules are scheduled to go into effect July 2011 and will, in part, require service providers to disclose whether they act as a fiduciary to a plan and in what capacity.

"This 3(38) approach gives broker-dealers a way to support their retirement plan advisors by offering a means of addressing key aspects of new federal regulations," said Bruce Shay, executive vice president, Securian Financial Group, Inc. "It also helps clients clearly understand the role their service providers play in helping them meet their investment fiduciary needs.(1)"

Shay said many employers exhibit a "do it for me" behavior when it comes to retirement plan investment selection. The new 3(38) service will help to bring clarity to this important fiduciary task for plan sponsors and for retirement plan advisors.

"3(38) investment advisory services will appeal to many plan sponsors who do not have the time, resources, or expertise to select and monitor funds," said Jeffrey Elvander, CFA, CIO, 401(k) Advisors. "They will embrace the simplicity and efficiency of having an outside investment expert accept this pivotal role in the investment due diligence process."

Securian Retirement is well-positioned to support the 3(38) service because of its long-standing policies of transparency in investment selection and revenue neutrality. Under their contract with the employer, 401(k) Advisors has full discretion regarding the selection, oversight and replacement of investment options. Securian accepts no compensation from the plan sponsor or 401(k) Advisors, eliminating potential conflicts of interest.

Securian Retirement is a unit of Minnesota Life and offers a full range of retirement products and services to individuals, plan sponsors and advisors. All Securian retirement plan products are offered through a group variable annuity contract issued by Minnesota Life. Products and services are provided by one or more of the following affiliates of Securian Financial Group, Inc: Minnesota Life Insurance Company or Securian Retirement, a unit of Minnesota Life, 400 Robert Street North, St. Paul, MN 55101-2098.

401(k) Advisors provides independent retirement plan consulting services to major and mid-sized private and institutional plan sponsors nationwide and currently oversees over $11 billion in assets. The firm is recognized for best practices in retirement planning, investment due diligence, vendor service and fee benchmarking, compliance processes, and education for sponsors and participants.

(1) Providing investment fiduciary services may be subject to registration or other regulatory requirements. If you are affiliated with a firm as a Registered Representative or an Investment Adviser Representative, you should consult with your firm before providing these services or entering into an agreement with a plan sponsor.

DOFU – 11-2010

A05050-1110

SOURCE Securian Financial Group, Inc.