NAM Launches Manufacturers Retirement & Savings Plan
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Are you looking for a retirement plan that fits your needs and workforce? There’s good news: the NAM is rolling out the Manufacturers Retirement & Savings Plan—a 401(k) plan designed specifically for manufacturers across the country.
The scope: The Manufacturers Retirement & Savings Plan is a multiple employer plan available to all NAM members, designed to cover more than 14,000 companies and associations. Companies of all sizes can participate, creating new financial opportunities and offering retirement security to the millions of men and women who make things in America.
The provider: The NAM selected Principal Financial Group® and HUB International LLC as the service providers. Principal Financial Group® is one of the largest retirement solutions providers in the United States, and HUB International is a leading North American insurance brokerage. Together, they will offer business owners and employees access to dedicated professionals who can offer guidance and assist with the day-to-day management of retirement plans.
The benefit: Offering benefits like 401(k) plans is a critical way for manufacturers to attract and retain talented employees, especially at a time of unprecedented job openings. But creating and operating a retirement plan can be expensive and time-consuming, imposing barriers for small and medium-sized companies. By creating an association-sponsored plan, the NAM is helping members across the board ensure efficiency, reduce risks and manage costs effectively all while improving retirement outcomes for employees and helping employers free up time and money. And with National Benefit Services engaged to administer the new plan, transitioning is simple as well.
What we’re saying: “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 NAM President and CEO Jay Timmons. “But operating a 401(k) 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.”
Learn more: Join us at one of two upcoming information sessions, Nov. 9, 2021 or Dec. 7, 2021.