With American unemployment at its lowest rate since the year 2000—just 3.9 percent—employers of all sizes are finding it difficult to recruit and retain employees. And, unfortunately, it’s not uncommon for small companies to have an even tougher time.
Many are hesitant to invest in the attractive benefits packages bigger companies use to lure job-seekers due to heavy-handed regulations, and recruitment efforts tend to suffer as a result.
In an attempt to somewhat level the playing field, Saint Paul, Minn.-based Securian Financial Group has unveiled its new “ReadyPlan.”
ReadyPlan is designed to be “a stress-free, fiduciary-friendly way” of setting up a retirement plan for employees of small businesses, Securian said in an announcement today.
Seemingly a win-win from both the sponsor- and participant-standpoint, the new plan intends to help employers navigate the complexities of offering this workplace benefit, while enabling employees to save for a comfortable retirement.
“ReadyPlan incorporates the key features of an effective plan while transferring the majority of the work to retirement specialists—making it easy for employers to stay focused on running their business,” Rick Ayers, vice president of Securian’s retirement plans division, said in a statement.
The easy-to-manage offering boasts a streamlined investment process and also includes:
- An ERISA 3(16) fiduciary service that transfers time-consuming administrative tasks to Securian
- An ERISA 3(38) investment fiduciary service provided by third-party investment experts that take on the responsibility for managing the plan’s investments
- High-touch customer service from long-tenured Securian retirement plan specialists
- A relevant and targeted employee experience, that provides assistance from enrollment through retirement
“For advisors, whether you have multiple plans or are new to the business, ReadyPlan’s simplicity means reduced time commitment and the potential for increased operational efficiency,” added Steve Chappell, vice president of retirement plan sales at Securian.