Securian Financial is waiving all COVID-19-related 401(k) distribution fees for the retirement plans in which it is the recordkeeper. Additionally, it is permanently waiving fees on all hardship withdrawals.
For its existing full-service 401(k) customers, Securian will act as an Employee Retirement Income Security Act (ERISA) 3(16) fiduciary for distributions and loans under the Coronavirus Aid, Relief and Economic Security (CARES) Act for no additional cost. Securian will also waive the ordinary applicable plan amendment fee.
Full-service customers will also receive a suite of wellness services for their participants, free of charge through the end of the year. This will include access to professional financial and grief counselors, self-service tools to prepare legal documents, such as a will, power of attorney or health care directive, and relevant education.
“Many of our retirement plan customers are struggling and need help during this challenging time,” says Ted Schmelzle, senior director of retirement solutions at Securian Financial. “We are here to support them and their employees by providing financial relief and one-on-one wellness counseling resources, at no cost, to those who need it most.”