Summer 2010
The Standard Launches Simplified Automatic Enrollment Solution
The Standard launched enhanced retirement plan solutions on June 1, 2010, with new technology that simplifies administration for sponsors of plans with a Qualified Default Investment Alternative (QDIA). We offer a range of QDIA options – a single fund, a portfolio of funds, a family of target date funds or a managed account option – which allow us to be very flexible in meeting the needs of our advisor partners and plan sponsors.
Auto enrollment with our Mainspring Managed service as the QDIA combines behavioral finance research and proven best practices to help make retirement goals attainable for plan participants.
From an advisor's perspective, Mainspring Managed may offer more flexibility and transparency than many target date funds. With Mainspring Managed, the advisor works with the plan sponsor to choose the underlying investment options in the managed portfolios, based on the plan’s investment policy statement criteria.
The Standard also has expanded online services for both plan sponsors and participants, including new automatic enrollment tools and reporting capabilities. All communication and notifications are fully integrated into The Standard’s enrollment strategy, websites and contact center functions.
"Offering Mainspring Managed as a QDIA is just one way we are simplifying retirement plans for our plan sponsor clients," said Dan Hall, regional sales vice president. "Easing their administrative burden, providing a high level of fiduciary support and practicing full fee transparency are all core to our goal of providing true value to our customers and being a service leader in the marketplace."
Through our processes and systems, The Standard's services make it easy to enjoy the benefits of an automatic contribution arrangement. An automatic contribution arrangement (ACA) is one way to encourage participants to grow their retirement investments, bringing them closer to a secure future. For more information, view our "Automatic Enrollment: Benefits and Considerations" brochure.