The Standard’s Retirement Plan Business Introduces New Products and Services to Its Recordkeeping Platform
August 11, 2023
PORTLAND, Ore. — The Standard has introduced seven new products and services to its retirement plan recordkeeping business, including Pooled Employer Plans, Automated Clearing House electronic loan repayment and a unique practice to return foreign tax credits to participant accounts. The enhanced offerings follow The Standard’s recent acquisition of Securian Financial’s retirement plan recordkeeping business.
“We’ve brought together the best of both organizations — Securian and The Standard — to deliver a comprehensive suite of differentiated products and services,” said Jason Burlie, head of retirement plan sales for The Standard.
Here are the details about the company’s newest products and services:
Pooled Employer Plans
The Standard now offers Pooled Employer Plans, or PEPs, to make retirement plan adoption more accessible and attractive to businesses of all sizes. With a PEP, employers can outsource certain tasks, including plan sponsorship, to the pooled plan provider. The benefits are real-time savings and risk mitigation, along with a competitive benefit for their employees.
ACH Loan Repayment*
The company has added electronic loan repayments to its platform. This service allows payments via the ACH process. For employers, the ACH payment process means less work for their human resources and payroll departments. For participants, the process makes it easy to set up payments from their personal bank accounts.
Foreign Tax Credits
The company has adopted a unique practice to return foreign tax credits to participant retirement accounts. For the 2022 tax year, it will return $4.8 million** in foreign tax credits. This practice can lower separate account expenses, which can lead to increased performance for those investments receiving the credits.
The Standard has increased financial wellness resources for participants by partnering with EnrichTM. (More information below.) The online platform offers personalized and interactive experiences that cover a range of financial needs. The company offers this service at no extra cost to employers or participants.
The Standard’s new Step-Up Savings service helps boost retirement savings with automatic annual contribution rate increases. The optional service is available at no extra cost to employers or participants.
Resources for Spanish Speakers
The company is increasing accessibility for Spanish-speaking customers to help them take full advantage of their plans. Beginning in September 2023, users of The Standard’s online Personal Savings Center can get essential information in English and Spanish.
TargetAge® and Target RiskTM Portfolios*
The company has added new TargetAge and Target Risk portfolios to its platform, available at no extra cost. (More information below.) These investment models use existing plan investments to create diversified asset allocations for participants.
About The Standard
The Standard is a family of businesses dedicated to helping our customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial products and services for groups and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, paid family leave and absence management services, and retirement plans and annuities for employers and individuals. For more information about The Standard, visit standard.com or follow us on Facebook, Twitter or LinkedIn.
The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries. StanCorp Equities, Inc., member FINRA, wholesales a group annuity contract issued by Standard Insurance Company and a mutual fund trust platform for retirement plans. Standard Retirement Services, Inc., provides financial recordkeeping and plan administrative services. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc., and StanCorp Investment Advisers, Inc., are subsidiaries of StanCorp Financial Group, Inc., and all are Oregon corporations.
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