Securian Financial Group

Securian requires an egregiously long blackout period of 15 business days to close the 401K investment contract. In addition they do not know the rules relating to blackouts since they are also stating that distribution requests must be submitted 5 business days «prior to the blackout», effectively increasing their blackout to 20 business days… a full month they freeze the 401K plan assets.
I have requested their compliance department confirm the information since the representative clearly doesn’t understand what «blackout» means.

I hate this company. I signed my small business of 15 people up for Securian Financial Group retirement in 2004.
There are so many ways that we are all dead tired of dealing with Securian: my accountant that now deals with them, my spouse who used to deal with them, & myself are fed up.
First for the first 3 years each year before the end of the year I talked with them about performing an analysis to see if my spouse & I who own the company would be allowed to contribute to our personal retirement plans that year. Each year Securian said yes go ahead and so we contributed funds. Each year they were wrong, Completely wrong. Each year they sent all our $$ back to us saying our program would not allow us to contribute that year. One year they charged us a penalty for return of the contribution.
After 5 years of never being able to put in any funds for my spouse or myself we wanted to stop using the plan. They would NOT allow us to transfer the plan to another company unless we paid a $ 28,000 fee which galled me. Our employees wanted to stop using them & switch to other firms, but they would not allow any current employees to transfer their funds to another retirement company.
So now they treat us badly because we don’t want to use their plan. But will not let us transfer out unless we pay the Huge fee to them. They called me today at 5am to ask about a form that we filled out 2 months ago. The group manager claimed they did not know the call was to me CELL PHONE. They called about a form that was already filled out correctly. But I think our account guy was being petty and thought it would be funny to give me & my 3 kids a 5am wake up call.
I actually considered Closing the company & letting all the staff go & starting a new company to get rid of these folks.
Don’t sign up for a retirement plan with Securian. If you want to ask them to tell you (in writing) what the fees will be if later you want to stop using Securian Financial Group?