Answering Questions About The Standard and Securian Financial's Integration

In case you missed it, we announced on Dec. 1 that we completed the purchase of Securian Financial’s retirement plan recordkeeping business. We compiled many of your questions and our answers here.

Q: When did this agreement finalize?
A: Dec. 1, 2022. This transaction brings together two respected organizations and is an important milestone in our measured growth in the retirement plan marketplace.

Q: When will the plans transition to The Standard?
A: The plans will transition to The Standard’s business systems starting in the second half of 2023. As we thoughtfully transition plans — from Securian's OMNI platform to The Standard's OMNI platform — we’ll regularly communicate with affected plans and their advisors.

Q: What are the benefits to me and my clients?
A: We’re blending two providers with deep expertise in retirement plan administration, award-winning customer service and a shared focus on fiduciary protections. The Standard is deeply committed to the retirement plan business, and the wealth of talent joining us from Securian Financial furthers our capabilities to offer differentiated service for plan sponsors, participants and distribution partners. Both companies’ recordkeeping distribution networks and suite of products are highly complementary and, together with a combined geographic presence across the U.S., will enhance coverage and scale.

Q: What does this arrangement mean for my current plan(s) with Securian?
A: All Securian retirement plan employees became employees of The Standard on Jan. 1, 2023. If you have plans with Securian, your clients will be served by the same team members you interact with today. No change to fees. No change to services. No change to investments. We believe we are better together and are excited about the future and strength of our combined organization.

Q: Will my clients be able to access their accounts as usual during the transition to The Standard?
A: Because plans are transitioning between OMNI platforms, there will not be a blackout period. Clients can continue to make changes to their accounts and access loans and distributions. Plan sponsors and participants will be informed about changes to website and call center access.

Q: Will changes occur to any of the investments and the investment features we offer within our plan?
A: No changes are required to your plan’s investment fund lineup. You can continue to use your selected investments. Both organizations are committed to an open architecture investment platform with no proprietary investment requirements. Both organizations recognize the importance of helping participants achieve their desired outcomes with value-added investment portfolios and managed account offerings. Both organizations provide 3(38) investment fiduciary services, which we will continue to offer. There may be nuanced differences in how each organization delivers these services, and both organizations are committed to providing the experience you selected us for. We’re also committed to continually enhancing your participants’ experience, as both organizations have routinely done for their clients.

Q: Will my compensation or the advisory fees that you are facilitating continue uninterrupted?
A: Yes. The Standard will assume this responsibility in the future, and fees will continue to be paid as previously agreed upon.

We’re excited about the future and strength of our combined organization. We’ll use this opportunity to learn from each other and deliver an enhanced experience to our clients and partners.

We’re committed to ensuring a smooth transition and welcome all questions. Please reach out to your representatives at The Standard and they’ll assist you further.