SOURCE: Security Benefit

Security Benefit

August 03, 2009 11:28 ET

Security Benefit Chosen to Provide Retirement Plans for State of Iowa Teachers, Government Employees

Retirement Plans to Be Offered by Security Benefit's Saving for Retirement Product

TOPEKA, KS--(Marketwire - August 3, 2009) - Security Benefit has been notified by the Iowa Department of Administrative Services of their intent to award Security Benefit a contract with the Retirement Investors' Club (RIC) of Iowa. The Security Benefit team will immediately begin finalizing the contracting process in anticipation of beginning enrollments by the end of the year.

Security Benefit -- with its retirement plans offered to the State of Iowa through its SFR (Saving for Retirement) product -- was one of only five providers for all 403(b), 457 and 401(a) business for more than 370 public employers in the state. Currently, there are more than $500 million in assets and 30,000 participants within the plans covered by the Iowa RIC contract.

"This is an incredible accomplishment for our team," said Kris A. Robbins, Security Benefit chairman of the board, president and chief executive officer. "We believe this 'win' definitely will lead to quicker growth in Iowa and continues our momentum nationwide as we expand our presence in the market, gain efficiencies and tell a compelling story as a leader in the education retirement market. It is another example of our ability to continue gaining traction in these unprecedented economic times while providing much-needed retirement programs and services to the participants in the RIC of Iowa. We are delighted to have been chosen!"

"We are especially encouraged that we were selected because of our excellent performance as a 403(b) provider for the state," said Kevin Watt, Security Benefit vice president, Retail Retirement business development.

Watt explained that only 18 months ago, Security Benefit was one of more than 30 providers offering 403(b) programs in Iowa. Last year, we were selected to be one of seven 403(b) providers for the state.

"The hard work and dedication of an incredibly talented operations, marketing and sales team enabled us to add more than 3,000 new Iowa 403(b) participants in less than six months," said Watt. "Today, one in five participating Iowa teachers is contributing to a Security Benefit retirement program. Our ability to execute earned us a five-year contract to be one of five providers not only for all the teachers in Iowa, but all of the state employees as well."

Currently, Security Benefit provides 403(b) plans to more than 4,000 school districts across the United States, including many major districts such as Houston Independent School District, Baltimore County Public Schools and Charlotte-Mecklenburg Schools. The Iowa plan is the second state level contract secured by Security Benefit in the last 18 months. Security Benefit was selected by the State of Delaware 403(b) plan in 2008.

For more information about Security Benefit's SFR (Saving for Retirement) plan, please contact Chris DeGrassi, Security Benefit assistant vice president, education markets, at (785) 438-3298 or chris.degrassi@securitybenefit.com.

About Security Benefit

Security Benefit fosters strong partnerships to provide insightful and customized retirement solutions for employers and individual investors nationwide. Through a broad advisor network and its nationally recognized money managers, Security Benefit provides mutual funds, annuities and retirement plans and programs. As an industry leader in service technology, Security Benefit affiliates also offer business processing and broker/dealer solutions tailored to the financial services marketplace. For more information about us, visit www.securitybenefit.com

Contact Information

  • For more information:
    Michel' Philipp Cole
    (785) 438-3396
    Email Contact