In an effort to expand access to retirement plans for small- to mid-sized businesses, HUB Retirement and Private Wealth today announced the launch of HUB Retirement Select 100+, a pooled employer plan (PEP) for clients, targeting employers with 100 employees or more in the U.S.
Chicago-based HUB RPW, a division of full-service global insurance broker and financial services firm Hub International Limited, said making 401(k) plans available to this market will afford those employers the opportunity to reduce costs, complexity, fiduciary liability/risks and administrative burdens.
“With HUB Retirement Select 100+ PEP, clients can offer a competitive retirement plan to their employees, helping them achieve financial security and overall wellness,” said Joe DeNoyior, President of HUB RPW. “Our PEP provides clients, including small and mid-size businesses, with a viable solution that may reduce costs, lessens administrative burdens, minimizes fiduciary responsibility and most of all, enables our clients to focus more on their core business.”
HUB Retirement Select 100+ PEP works in partnership with NPPG Plan Professionals, the Pooled Plan Provider, and Transamerica to manage the recordkeeping, with HUB providing retirement advisory services.
The company said in a press release announcing the PEP that it continues to strengthen its services through the addition of talent and resources such as the new PEP to develop more comprehensive strategies for clients. HUB RPW works to help plan sponsors create financial solutions that align with their business strategy, helps to mitigate fiduciary risk and empowers employees to pursue their financial goals. The several registered investment advisory affiliates in HUB RPW provide investment advisory services to clients whose total assets are approximately $148 billion.
The SECURE Act of 2019 created PEPs in an effort to help close the retirement plan coverage gap. A PEP simplifies the process for small- to mid-sized employers, making saving for retirement easier and more accessible for many Americans.
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