ELGIN, ILLINOIS – November 5, 2024 – Eder Financial today announced it has signed a contract to sell Eder Retirement Plan annuities to Securian Life Insurance Company. The transaction, which increases retirement security for nearly 2,000 retirees and their beneficiaries, is a part of the long-term strategy and fiduciary duty Eder has to care for its members.
“The markets have been up and in this specific year, interest rates have been higher than they have been in over 20 years,” said Nevin Dulabaum, president of Eder Financial. “This combination of factors - increased market gains and higher interest rates - created a unique opportunity for us to turn over caretaking of the annuities to an insurance company that will offer greater protections and infrastructure than we could ever provide.”
In conducting its assessment of Securian, Eder Financial staff and its advisers went through a thorough review process of five potential annuity purchasers, following fiduciary standards like those set forth under ERISA, the federal law that governs retirement plans. In addition, staff reviewed guidance from the U.S. Department of Labor regarding the purchase of annuities for benefit plans. These guidelines require, among other things, that the staff analyze the criteria applicable to identifying the “safest available annuity.” Each insurer’s customer service reputation, financial strength ratings, church plan experience, environmental, social, and governance investment practices, and core values were also considered.
Securian will begin issuing annuity payments to Eder Retirement annuitants in January 2025. At that time, Securian will assume full financial responsibility for making the annuity payments to members per the annuity contract. Eder Financial will continue to work with active employees who are accumulating funds for retirement and, when the time comes, will offer three options for how members can receive their retirement distributions, including an out-of-plan annuity.
“At this time when many Americans are ill-prepared for retirement, Eder Financial is proud to continue to provide a retirement plan platform and resources to all we are privileged to serve, said Dulabaum.”
Detailed information about the annuity transfer can be found at ederfinancial.org/annuity-transfer.
About Eder Financial
Eder Financial is a not-for-profit agency, reportable to the Church of the Brethren Annual Conference, that provides retirement, insurance, and organizational investing services. Governed by a Board of Directors comprised of twelve Church of the Brethren members who have expertise in law, finance, benefits, and investment, Eder Financial serves individuals, organizations, and congregations affiliated with the Church of the Brethren as well as those of like mind within the broader faith-based and non-profit community. For further information, visit ederfinancial.org.
Contacts
Precious Earley, Public Relations Director, (847) 622-3366
Michelle Kilbourne, VP, Internal Capabilities, (847) 622-3371
Email: communications@eder.org
