Standard Insurance Introduces Online Retirement Plan Loan Service
PORTLAND, OR, September 28, 2004 -- Standard Insurance Company ("The Standard"), a subsidiary of StanCorp Financial Group, Inc. (NYSE: SFG), announces a new fee-based service that allows plan sponsors to designate The Standard as the Manager of the Approval Process (MAP) for retirement plan loans and distributions.
Using this service, plan sponsors may choose to transfer the administrative burden of the approval process, evaluation of hardship conditions and distribution of funds to The Standard.
The MAP service coincides with the enhancement of an online service that allows retirement plan participants to initiate paperless loan and distribution requests using The Standard's Personal Savings Center Web site.
"Plan sponsors who choose to have The Standard as the Manager of the Approval Process will realize significant time savings," says John Nord, assistant vice president of administration of The Standard's Retirement Plans Division. "These online services bring information to the fingertips of plan participants and our business partners, allowing them to easily initiate loans and distributions and view transaction details."
The Standard has provided retirement plan services for more than 65 years and offers investment options through 26 mutual fund alliances. Products are available on a full service or recordkeeping-only basis.
About StanCorp Financial Group, Inc.
StanCorp Financial Group, Inc., through its wholly owned subsidiaries -- Standard Insurance Company and The Standard Life Insurance Company of New York -- is a leading provider of employee benefits products and services. StanCorp's subsidiaries serve customers nationwide with group and individual disability insurance and retirement products, and group life and dental insurance with more than 30,000 group insurance policies in force covering almost 6.5 million employees as of June 30, 2004. For more information about StanCorp Financial Group, Inc., visit its Web site at http://www.stancorpfinancial.com.
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