Does Securian Financial offer 401(k) plans?

Securian Financial Group is one of the largest group insurers and financial planners in the U.S.. Along with the Securian 401(k) plan, its suite of retirement products also includes pension plans and 403(b) and 457 plans for tax-exempt and non-profit businesses. 

Securian 401(k) plans are available to employers who want to offer their teams competitive benefits packages. Employees will appreciate over 6,000 unique investment options, and employers will appreciate the competitive rates.

However, recent customer reviews may cause you to think twice before you buy. You may have already heard of Securian life insurance via Minnesota Life Insurance, one of its affiliations. Read this guide now for a closer look at the company and the Securian retirement options. We also examine the Securian’s history and financial strength and how their investment options compare to the competition. 

But before you choose any retirement plan for your employees, compare Securian 401(k) plans against other retirement options from other life insurance companies near you. Enter your ZIP code now to start comparing companies today for free.

Does Securian Financial offer 401(k) plans?

Yes, Securian Financial started providing 401(k) plans in 1984. Since then, 401(k) investment options have expanded to include over 6,000 different opportunities for employees. 

With a Securian 401(k) retirement plan, employees contribute to their retirement fund while employers offer to match that contribution amount after a certain number of years of employment.

Securian offers both bundled and unbundled 401(k) options. If you choose a bundled Securian 401(k) plan, Securian will provide additional recordkeeping resources, investment tools, and customer service tools, such as a website. Unbundled 401(k) plans will require a third party to provide recordkeeping and customer service. When evaluating these options, considering 401(k) ratings can help you understand the quality and reliability of the plans offered, providing insight into the performance and customer satisfaction associated with Securian’s 401(k) offerings.

Can I withdraw from my Securian 401(k) plan?

Yes, you can withdraw early if your 401(k) plan allows. However, if your plan doesn’t have withdrawal options, you cannot take money from your 401(k) plan until you retire, or you may face steep penalties. Make sure that you have explored all of the options before filling out a Securian 401k withdrawal form.

Securian requires a minimum withdrawal amount of $250 but will allow policyholders to schedule Systematic Withdrawals monthly, quarterly, or annually. 

To request a withdrawal, use your Securian 401(k) login to access your account and choose Plan Documents from the menu. The Securian 401(k) withdrawal form will inform you of the additional steps you need to take to complete the process. 

Be aware that 401(k) withdrawals will be taxed. Every year, Securian will report your distributions on the IRS Form 1099-R. Any withdrawals made before you retire or turn 60 will be subject to a 10% penalty. 

Throughout the year, Securian will send you a Confirmation of Activity for any unscheduled withdrawals. In addition, if you have Systematic Withdrawals, you will receive a quarterly statement with all of your distributions every April, July, and October.

If you have any questions about your 401(k) plan or noticed any discrepancies in your statements, call the Securian 401(k) phone number at 1-800-233-2881.

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What are other Securian retirement options for employers?

Along with flexible 401(k) plans, Securian offers the following retirement plans for employers:

• Pooled Employer Plans (PEP)
• Cash balance plans
• Pensions and pension transfers
• 403(b) and 457 plans

PEPs are a type of retirement plan where multiple employers can work with a single plan. It is easier to work with than a traditional 401(k) and maximizes financial security, but fiduciary and customer service duties are outsourced to a third party.

Securian cash balance plans work better for smaller businesses than 401(k) plans by allowing employers to promise a contribution equal to a percentage of the business’ profits. On the other hand, pension plans may be better if you have high-income employees as you can promise them a higher benefit at retirement. 

If you are a non-profit business or otherwise tax-exempt, you may benefit from a 403(b) or 457 plan. It will also help to research the pros and cons of 401(k) plans and compare 401(k) vs. indexed universal life to ensure you and your employees understand all of your retirement options.

Research your options at the online Securian retirement center before you buy to ensure you’re getting the right retirement plan for your employees and your budget. The retirement center also provides resources for your employees to help them budget for their retirement and estimate their pre- and post-tax contributions. (For more information, read our “Securian Retirement Plans“).

What are Securian Financial Group’s financial and customer ratings?

Securian life insurance company is one of the largest in the country. Below you’ll see how Securian’s financial and customer service ratings compare to the competition:

Credit Ratings of the Top 10 Life Insurance Companies

Companies	A.M. Best	Better Business Bureau (BBB)	Fitch Ratings	Moody's	Standard & Poor (S&P)
State Farm	A++	A+	N/A	Aa	AAA
Northwestern Mutual	AA+	A-	AAA	Aaa	AA+
New York Life Group	A++	A+	AAA	Aaa	AA+
MassMutual	A++	B-	AA+	Aaaa	AA+
Metlife	A+	A-	AA-	Aaaa	AA-
Lincoln Financial	A+	A-	A+	Aa	AA-
Aegon / Transamerica	A+	NR	A+	Aaaa	A
John Hancock	A+	A+	AA-	Aaa	AA-
Minnesota Life / Securian	A+	A+	AA	Aaaa	AA-
Prudential Financial	A-	B-	A+	Aaaa	A

Are Minnesota Life and Securian financial services the same? Yes, Minnesota Life is the original insurance company established in 1880. Minnesota Life created Securian as an asset management and broker subsidiary in 1984.

Securian/Minnesota Life has some of the strongest financial scores, with an A+ from A.M. Best and a very strong AA from Fitch. An A+ rating from the Better Business Bureau (BBB) also means positive customer reviews. (For more information, read our “Minnesota Life Insurance Review“).

However, the company’s annual National Association of Insurance Commissioners (NAIC) complaint report is something to note. Securian’s complaint ratio jumped from .96 to 3.66 in one year. Further, Securian received a 741 out of 1,000 for customer service in the J.D. Power Life Insurance Study, below the average of 763.

What could have increased the company’s customer complaints? Generally, most complaints circle around claim denials and billing notices. But recent changes to the Securian 401(k) withdrawal options due to COVID-19 are aimed at controlling some of these complaints. 

If you’re considering buying Securian 401(k) plans for your employees, research these customer complaints closely to ensure the company doesn’t conflict with your values.

Navigating 401(k) Plans with Securian Financial

For those considering a Securian 401(k) loan, understanding the process and terms is essential. You can contact Securian Financial directly at the Securian 401(k) phone number to get detailed information and guidance on how to apply for a loan against your 401(k) account. It’s important to evaluate whether a 401(k) loan is the right financial decision for you, considering the potential impact on your retirement savings. Additionally, Securian Financial retirement services offer comprehensive plans to help you manage your retirement goals effectively, ensuring you have the support needed throughout your retirement planning journey.

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Comparing 401(k) Plans and Providers

When looking for an affordable 401(k) option, it’s crucial to compare different plans and providers. 401(k) fee comparison tools can help you understand the costs associated with various plans, ensuring you find a cheap 401(k) plan that meets your needs without compromising on benefits. Reading 401(k) customer reviews and checking 401(k) plan ratings can provide insights into the experiences of other participants. Companies like New York Life and Securian, which offer 401(k) plans, are well-regarded in the industry and provide reliable options for your retirement savings.. Utilizing a 401(k) plan comparison tool can simplify the process of evaluating different plans, making it easier to choose the best option for your retirement. For more personalized service, contacting the Securian processing center can provide you with detailed information and assistance tailored to your specific retirement needs.

Accessing and Understanding Securian Financial Services

For those managing their retirement accounts, the Securian Financial 401(k) login portal provides easy access to view balances, make adjustments, and plan for the future. The Securian Financial address for their headquarters is located in St. Paul, Minnesota, and serves as the central hub for their operations. Securian Financial benefits include a comprehensive range of services such as life insurance, retirement plans, and investment opportunities, making it a versatile choice for financial planning. Career opportunities at Securian can be explored through Securian Financial careers, offering roles in various fields with the potential for growth and development. If you need assistance or have claims to process, the Securian Financial claims department is available to help, and you can reach them through the Securian Financial contact number for prompt support.

Exploring Securian Financial Group and Insurance Services

The Securian Financial Group address is integral for those looking to visit or send correspondence. They offer a robust suite of Securian Financial Group benefits, including health insurance, retirement plans, and other employee perks. Employees can also benefit from the Securian Financial Group pension plans, which provide additional security for retirement. With multiple Securian Financial locations across the country, access to their services is convenient. Customer feedback, such as Securian life insurance reviews, highlights their commitment to client satisfaction. The Securian Insurance Company offers various policies to protect families and individuals, supported by Securian investments that help grow your financial portfolio. Additionally, the Securian Foundation emphasizes their dedication to community support and philanthropy. For a comprehensive range of insurance products and financial services, Securian Insurance stands out as a reliable provider.

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Case Studies: Securian Financial 401(k) Plans

Case Study 1: Non-Profit Organization’s Tax-Exempt Retirement Plan

A non-profit organization wanted to establish a retirement plan for their employees while ensuring compliance with tax-exempt regulations. They explored different retirement options and found Securian Financial’s 403(b) plan to be the most suitable.

The plan allowed employees to contribute a portion of their income, while the organization made contributions on their behalf. Securian’s expertise in serving tax-exempt businesses ensured smooth plan administration and adherence to regulatory requirements.

The non-profit organization successfully implemented a tax-efficient retirement plan, benefiting both their employees and their mission.

Case Study 2: Small Business’s Customized Cash Balance Plan

A small business with fluctuating profits wanted to provide their employees with a retirement plan that aligned with their financial capabilities. They discovered Securian Financial’s cash balance plan, which allowed employers to promise a contribution based on a percentage of the business’s profits.

This flexible plan allowed the small business to adjust their contributions according to their financial situation while still offering a valuable retirement benefit to their employees. Securian’s expertise in designing tailored cash balance plans ensured a seamless implementation and administration process.

The small business successfully implemented a retirement plan that suited their unique financial circumstances.

Case Study 3: Large Corporation’s Transition to Securian’s Unbundled 401(k) Plan

A large corporation with a diverse workforce and complex retirement needs decided to reassess their existing bundled retirement plan. They sought a plan that offered more flexibility, customization, and cost-effectiveness. After thorough research and comparisons, they opted to switch to Securian Financial’s unbundled 401(k) plan.

By choosing the unbundled option, the corporation gained the freedom to select third-party providers for recordkeeping and customer service, allowing for a more tailored approach. This decision resulted in reduced administrative costs and improved plan management.

Securian’s expertise in coordinating with multiple service providers ensured a seamless transition, providing comprehensive support throughout the process. The corporation’s employees appreciated the expanded investment options and personalized retirement planning resources available through the new plan.

Securian 401(k) Plans: The Bottom Line

If you’re a business owner looking for affordable retirement plans for your employees, Securian Financial Group does offer 401(k) plans. But that is not the only retirement option available from Securian. 

Depending on your budget and your employee’s needs, compare Securian 401(k) against its other pension and cash balance plans before you buy. You should also compare Securian 401(k) against other retirement plans from other financial planners in your area. 

Get started now with our free comparison tool below. Enter your ZIP code to find affordable life insurance companies offering 401(k) plans in your area.

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