The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
The Standard Launches Simplified Solution for Retirement Plan Participants
PORTLAND, Ore.--(BUSINESS WIRE)--Standard Retirement Services ("The Standard"), a subsidiary of StanCorp Financial Group, Inc. (NYSE:SFG), announced the launch of enhanced retirement plan solutions, featuring auto-enrollment with the company’s Mainspring Managed service as the qualified default investment alternative (QDIA). This offering combines behavioral finance research and proven best practices to help make retirement goals attainable for plan participants.
Coinciding with the release of its new simplified participant solution, The Standard has also sponsored a new research paper written by Dr. Alessandro Previtero of UCLA’s Anderson School of Management. The paper makes the case for applying behavioral finance principles to improve retirement plan design with regard to desired participant outcomes. The paper validates Mainspring Managed as a solution that successfully incorporates behavioral finance best practices.
“As Dr. Previtero’s paper illustrates, many participants fail to enroll due to a number of challenges, including inertia. And those that do enroll often fail to contribute adequately and have difficulty managing their investments,” said Sheri Fitts, director of communications and large plan sales. “The Standard’s simplified solution addresses each of these challenges by automatically enrolling new participants into our Mainspring Managed service – which includes automatic contribution increases as needed as well as management and reallocation of investments as appropriate.”
The Standard also offers select target date funds as QDIAs, in order to be flexible in meeting the needs of its distribution channel as well as plan sponsors. The company has also launched expanded online services for both plan sponsors and plan participants, including new automatic enrollment tools and reporting capabilities.
“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.”
The Standard’s new sponsored research paper, entitled “Using Behavioral Finance to Help Employees Achieve Their Retirement Savings Goals,” is available for downloading on www.standard.com or by contacting a Pension Consultant at 877.805.1127.
StanCorp Equities, Inc., member FINRA, distributes group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor.
About The Standard
The Standard is a leading provider of financial products and services. The company serves approximately 8.0 million customers nationwide as of June 30, 2010, with group and individual disability insurance, group life, AD&D, dental and vision insurance, retirement plans products and services, individual annuities and investment advice. For more information about The Standard, visit www.standard.com.
The Standard is the marketing name for StanCorp Financial Group, Inc. and its subsidiaries.