Does Securian Financial offer 401(k) plans?

Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in…

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Written by



Rachael Brennan

Licensed Insurance Agent

Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Benji Carr

Former Licensed Life Insurance Agent

UPDATED: Feb 16, 2022

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Quick Facts

Securian Financial Group offers both bundled and non-bundled 401(k) plans for employers to provide as benefits to their employees
You can withdraw from Securian 401(k) plans, but you will face penalties of 10% or more
Securian Financial has strong financial ratings, but its customer complaints have nearly tripled over the past year

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.

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.

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.

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

CompaniesA.M. BestBetter
Business
Bureau
(BBB)Fitch RatingsMoody’sStandard & Poor
(S&P)

State FarmA++A+N/AAaAAA

Northwestern MutualAA+A-AAAAaaAA+

New York Life GroupA++A+AAAAaaAA+

MassMutualA++B-AA+AaaaAA+

MetlifeA+A-AA-AaaaAA-

Lincoln FinancialA+A-A+AaAA-

Aegon / TransamericaA+NRA+AaaaA

John HancockA+A+AA-AaaAA-

Minnesota Life / SecurianA+A+AAAaaaAA-

Prudential FinancialA-B-A+AaaaA

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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.

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.

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.