Amid an atmosphere that promises change—think the Department of Labor’s fiduciary rule, which will make fiduciaries out of many retirement plan advisors who currently don’t serve in that capacity—one company has beefed up its small business retirement plan program rather than contemplating an exit from the sector.

Lincoln Financial Group’s Retirement Plan Services business has expanded fund choices, increased services and changed its pricing structure for its Lincoln Director employer-sponsored retirement plan program for small business clients. It has also added options that will allow plan sponsor clients to seek fiduciary support at a range of levels.

The Lincoln Director program is a retirement solution for advisor and third-party administrator-serviced plan sponsors focused on 401(k) plans with assets of up to $10 million.

One of the changes is an expanded nonproprietary investment universe, consisting of more than 250 revenue-neutral investment options in nearly 60 different asset categories, represented by 40 fund families. The program has also added a range of qualified default investment alternative (QDIA) options, including eight target-date and risk-based series and a managed account solution, StoryLine, from Stadion.

The changes allow plan sponsors and their advisors to draw upon a broader investment options universe in customizing small market retirement plan offerings.

Changes to the cost structure of the Lincoln Director program “[provide] a simple, transparent and level fee environment” to make it easier for advisors, small business owners and participants to understand the plan’s cost.

The enhanced program also provides plan sponsors with access to fiduciary support, as well as solutions from Morningstar Investment Management LLC that provide 3(21) and/or 3(38) fiduciary services.

Instant Insights /

Small business retirement plan program adds options

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