A news release said that the new Saving for Retirement product also features a range of investment options and various levels of employee education and investment services.
“Awareness of fiduciary responsibility has gone beyond ERISA plans,” said Kevin Watt, vice president of Security Benefit Group Retirement Plans, in the news release. “Employers increasingly realize their dual responsibilities. They must meet the requirements of federal and state regulations and ensure their employees have the best, most secure retirement savings plan possible, particularly critical since the defined contribution plan has become the primary retirement savings vehicle for most Americans.”
The program provides a written Investment Policy Statement that includes fund selection and retention standards; monitoring that ensures investments are the most prudent for employees; and updating, removing or replacing investments that do not adhere to the organization’s Investment Policy Statement.
For information about the product, please contact Security Benefit at 800-747-5164.