In the wake of the Department of Labor’s finalized fiduciary rule, providers continue to position product and platform offering to address the small and midsize plan market.

The new rule will require all brokers and advisors servicing 401(k) plans with less than $50 million in assets to act as fiduciaries, impacting how thousands of defined contribution plans are serviced across the country.

Security Mutual Life

To that end, Security Mutual Life has announced that it is expanding functionality to its cloud-based retirement plan proposal platform.

Read: New tools and resources for DOL fiduciary rule

The platform, developed by Plan Gen, Inc., was introduced last October as a defined benefit plan platform accommodating traditional defined benefit and section 412(e)(3) plans.

The new expanded platform can also accommodate defined contribution plans, from simple 401k designs to complicated 401(k)/profit-sharing combination designs.

It includes a dedicated website that allows insurance advisors to request custom plan designs 24/7 and to access the designs, both existing plans and pending plans, at any time and from any location with Internet service. Insurance advisors can also access custom marketing materials, from PowerPoint presentations to executive summaries.

J.P. Morgan Asset Management

Even as Security Mutual Life’s increased functionality expands opportunities for insurance brokers to compete for plan business, J.P. Morgan Asset Management has announced the expansion of its Retirement Link bundled DC plan offering for the micro market—small- and middle-market clients with assets from $1 million to over $50 million seeking a full suite of retirement services.

In addition to the micro-market offering, Retirement Link’s resources for plan sponsors and participants have been expanded, including an enhanced enrollment experience and access to educational tools and resources.

Among those resources are interactive tools to help participants prepare for potential challenges such as health care costs in retirement, college savings and withdrawing from Social Security.

The platform has also updated its enrollment experience by providing customized features unique to each plan and participant, to help plan sponsors communicate with participants beyond investment advice.

Instant Insights /

Competition in smaller retirement plan market heats up

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