Employees of more than 14,000 member companies of the National Association of Manufacturers now have access to a new multiple employer plan (MEP) after the organization selected Principal Financial Group and HUB International to roll out what’s being called the Manufacturers Retirement & Savings Plan.
“Manufacturers want their employees to feel safe and secure about their financial well-being and to have confidence that they will be able to retire when they are ready,” said Jay Timmons, CEO of the National Association of Manufacturers. “But operating a 401k plan can be challenging—especially for smaller companies. We can help with this—I’m proud that the NAM now offers our members access to best-in-class benefits for their teams.”
Like any MEP, the plan is designed to increase administrative efficiencies, reduce fiduciary risk, manage costs more effectively and help improve retirement outcomes for employees. It also gives business owners and their workers access to dedicated professionals who will provide guidance and assist with the day-to-day management of retirement plans to help free up time and money.
“As a retirement leader we are a strong believer that for employees to feel more financially secure and have peace of mind they need a quality workplace retirement savings plan during their working years,” said Principal Vice President of Product Management Joni Tibbetts. “We’re proud to be able to give manufacturing employees access to an array of onboarding services and ongoing educational resources that will help improve their retirement security while providing cost efficiencies, risk management and administrative support to their employers.”
Principal, one of the U.S.’s largest retirement solutions providers, and National Benefit Services, LLC, a well-recognized 3(16) and third-party administrator, are the service providers for the plan. HUB is the independent 3(38) investment fiduciary overseeing investments.
“Our goal is to increase access to all manufacturers across the country as they face unprecedented challenges,” said Barbara Delaney, lead consultant at HUB International, and Joe DeNoyior, president of HUB Retirement and Private Wealth.
According to recent research, 83% of small and medium-sized businesses see retirement plan offerings as essential to attract and retain employees, and another 58% believe employee benefits can help improve workplace productivity. As the sector continues to deal with record job openings, the Manufacturers Retirement & Savings Plan can help manufacturers improve their bottom line through attracting and retaining talented employees, while providing employees with MEP for their retirement security.
The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states.
Learn more about the new plan at NAM401k.com.
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