Retirement Transition Changes for Securian Participants

If you currently have assets with Securian, this page will give you details on what will happen during and after the transition to Fidelity with your account(s). We have organized the information below by the type of retirement plan you have. 

All Plans 

Installment Payments 

If you are currently receiving required minimum distributions (RMDs) or systematic withdrawals, these payments will transfer to Fidelity if your assets transitioned. 

At Securian, you had the option to select the 10, 20 or 30th of the month to receive a regularly scheduled installment payment. Theses dates will be mapped to Fidelity. Fidelity will process distributions on those dates. If you have an ACH process set up at Fidelity, the information will transfer to Fidelity. If you do not have ACH set up yet, this would be a good time to consider setting that up at Securian. 

Installments scheduled for April 10 will be processed on March 23 by Securian to avoid a delay during the blackout period. 

Beneficiary Elections

If a Social Security number is on file for your beneficiary(s) at Securian, beneficiary elections will transfer to Fidelity.  During the Early Choice Window, you will be able to make a beneficiary election that will be effective April 1, 2020.  After the transition, we recommend that you review your beneficiary elections.

Statements

Securian will create quarterly statements for accounts held at Securian only after starting with the second quarter statement in 2020.  

Securian Platform

If you still have an account at Securian after the transition, Securian will move any remaining assets to a new recordkeeping platform.  Additional detail will be provided early in 2020. 

Faculty Retirement Plan 

Will My Account Automatically Transfer?

Most assets in the FRP will transfer to Fidelity. For some participants, their contributions made before July 1, 1989 will be handled differently. See below for details.

For Contributions Made After June 30, 1989

All assets will transfer to Fidelity during the transition and be mapped to the new fund lineup if you do not make an investment election at Fidelity during the Early Choice Window. Detailed information regarding fund mapping will be available in January 2020.

For Contributions Made Before July 1, 1989

All assets in the following funds will automatically transfer to Fidelity and be mapped to the new fund lineup if you do not make an investment election at Fidelity during the Early Choice Window:

  • Minnesota Life General Account
  • Minnesota Life General Account Limited
  • Minnesota Life Separate Account A will transfer to Fidelity.

Your assets in any other fund at Securian for contributions in the FRP made prior to July 1, 1989, will not transfer or map to Fidelity without your direction. To transfer the rest of your funds to Fidelity, contact Securian and Fidelity after the transition.

Optional Retirement Plan

Will My Account Transfer?

All assets in the following funds will automatically transfer to Fidelity and be mapped to the new fund line up if you do not make an investment election at Fidelity during the Early Choice Window

  • Minnesota Life General Account
  • Minnesota Life General Account Limited
  • Minnesota Life Separate Account A
  • Fund D Balanced
  • Fund D Government Money Market
  • Fund D Growth
  • Fund D Index 500
  • Fund D Small Cap Growth

Your assets in any other fund will not transfer or map to Fidelity without your direction. To transfer the rest of your funds to Fidelity, contact Securian and Fidelity after the transition. 

Loans

Securian will no longer administer new loans after the transition. Information will be available in January for the last date you will be able to initiate a new loan at Securian.

Outstanding loans from Securian will transfer to Fidelity. After April 1, loan payments will be made on a monthly basis via ACH to Fidelity. A separate letter will be mailed to participants with loans closer to the transition date that will provided detailed information on the process. 

457 Deferred Compensation Plan (457 Plan)

Will My Account Automatically Transfer?

All assets will transfer to Fidelity during the transition and be mapped to the new fund line up if you do not make an investment election at Fidelity during the Early Choice Window. Detailed information regarding fund mapping will be available in January 2020.

Find Help

You can contact University Benefits by calling 4-UOHR (612-624-8647 or 800-756-2363) and select option 1 or you can send an email to benefits@umn.edu.

For questions about your current account, contact Securian.