Security Benefit, a Guggenheim Partners Company, has formed a collaboration with Mesirow Financial to launch a new 401k product, named SecurePoint Retirement, with fiduciary protection.

The SecurePoint Retirement, which is expected to release in first quarter 2012, will combine the 3(38) ERISA fiduciary capabilities offered by Mesirow Financial’s Investment Strategies group, in a well-designed package that includes the firm’s investment selection, monitoring, and replacement services.

SecurePoint Retirement, which is based on Security Benefit’s open-architecture, multi-manager mutual fund platform, relies on Mesirow Financial to make all the decisions for selecting, monitoring, reporting and replacing the investments under their investment management agreement with the plan sponsor.

Security Benefit senior vice president Kevin Watt said that with Mesirow Financial at the table, they will offer a platform that removes questions about fiduciary responsibility regarding investment management responsibilities for a plan’s investments.