December 12, 2011 (PLANSPONSOR.com) – Security Benefit is launching a 401(k) product with fiduciary protection.
Expected to be released in the first quarter of 2012, SecurePoint Retirement will combine the 3(38) Employee Retirement Income Security Act (ERISA) fiduciary capabilities offered by Mesirow Financial's Investment Strategies group, in a package that includes the firm's investment selection, monitoring, and replacement services.
Built around investment options from Security Benefit's open-architecture, multi-manager mutual fund platform, SecurePoint Retirement relies on Mesirow Financial to make all the decisions for selecting, monitoring, reporting and replacing the investments under their investment management agreement with the plan sponsor (see Security Benefit Partners with Mesirow on Fiduciary Services).
"We've seen an increased awareness occurring with regard to fiduciary responsibility for plan sponsors and their plan advisers," says Kevin Watt, senior vice president, Security Benefit. "With this awareness in mind, we decided to bring Mesirow Financial's 3(38) investment management service through our platform so advisers can continue to service their plan sponsor clients without placing themselves in the investment management role."
"The significance of this product's fiduciary protection for plan sponsors cannot be understated," says Michael Annin, senior managing director and head of Mesirow Financial's Investment Strategies' group, "both from a risk perspective and an ongoing time commitment. SecurePoint Retirement will allow them to meet their fiduciary obligations and focus more on running their businesses." Additional information on Security Benefit's Corporate Retirement Programs is available at http://www.securitybenefit.com and http://www.securityretirement.com.