Security Benefit Corp. is partnering with Mesirow Financial to launch a new 401(k) product with fiduciary protection.
Expected to be released in the first quarter of 2012, SecurePoint Retirement will combine the 3(38) 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.
"SecurePoint Retirement puts us very much at the forefront of the small- and mid-size retirement plan market," said Kevin Watt, senior vice president at Security Benefit. "With Mesirow Financial at the table, we will offer a platform that removes questions about fiduciary responsibility regarding investment management responsibilities for a plan's investments."
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Mesirow will be responsible for selecting, monitoring, reporting and replacing the investments under their investment management agreement with the plan sponsor.
"We've seen an increased awareness occurring with regard to fiduciary responsibility for plan sponsors and their plan advisors," Watt said. "With this awareness in mind, we decided to bring Mesirow Financial's 3(38) investment management service through our platform so advisors can continue to service their plan sponsor clients without placing themselves in the investment management role."
Security Benefit, which focuses exclusively on individual and employer-sponsored retirement plan arrangements, partners with 27,000 licensed and appointed financial planners and representatives through a network of 700 broker and dealers around the nation. The firm was purchased last year by a group of investors led by Guggenheim Partners, a privately held global financial services firm with more than $125 billion in assets under management.
The Investment Strategies group at Mesirow Financial is an independent, third-party investment consultant that provides robust asset allocation strategies and fund selection to defined contribution providers, insurance companies, broker, dealers and mutual fund companies.
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