Minnesota Life Parent To Make Big Match

Securian Financial Group Inc. says 401(k) plan contributions will amount to 5.5% of employees' annual salaries.

Securian, the main operating subsidiary of Minnesota Mutual Insurance Companies Inc., St. Paul, Minn., and the parent of Minnesota Life Insurance Company, produced solid operating profits in 2008, the company says.

Over the past 35 years, 401(k) match percentages have ranged from 4% of participating employees' annual salary to 10%, Securian says.