Securian Financial Group, Inc. 401(k) Review & Grade
Securian Financial Group, Inc. Performance Share Plan
Saint Paul, MNFinance & Insurance2,825 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,803Employer $ per active participant
$10,029Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$980.6MNet plan assets, end of year
$241,408Average balance per account
Score breakdown
- Employer generosity11.6 / 5023th percentile for employer $ per participant
- Low cost24.0 / 2596th percentile for low admin cost vs. same-size plans
- Employee saving10.3 / 1569th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 23th |
| Lower admin cost | 96th |
| Employee saving | 69th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $7,013 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Securian Financial Group put in about $2,803 per active participant, below the typical peer ($4,489). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $7,917,992 |
| Participant (employee) contributions | $28,332,192 |
| Other contributions (incl. rollovers in) | $7,670,571 |
| Administrative expenses paid from the plan | $140,837 |
| Contract administrator fees | $140,837 |
| Benefits paid out | $101,799,853 |
| Net assets, start / end of year | $915.6M / $980.6M |
| Active participants, start / end of year | 2,878 / 2,772 |
| Participants with account balances | 4,062 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $140,837 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250905094132NAL0035376386001, received 2025-09-05, EIN 41-1919752, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.