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.”
Manufacturing businesses have long been proponents of equality in the workplace. As legislation to codify protections for LGBT individuals passes through the House of Representatives, the National Association of Manufacturers joined the U.S. Chamber of Commerce, Business Roundtable, and other members of the business community in advocating its passage, forging coalitions and providing congressional testimony.
Introduced with bipartisan support in the U.S. House and Senate in March, the Equality Act includes federal protections for individuals based on sexual orientation and gender identity under the existing framework of the Civil Rights Act, which already provides protection against discrimination on the basis of religion, national origin, race, color or sex. The goal of the legislation is to ensure that no person can face legal discrimination based on their gender or sexual orientation, setting a clear federal standard to enable individuals to succeed based on their abilities and qualifications to perform a job.
“Employers understand the importance of creating an environment in which the very best people can succeed based on merit,” Patrick Hedren, NAM vice president, labor, legal and regulatory policy, said. “At the same time, manufacturers know that discrimination in any form is antithetical to the values that we work to uphold every day: equality of opportunity, individual liberty, free enterprise and competitiveness.”
In March, more than 40 other industry associations rallied to support the Equality Act, providing an important boost for the groundbreaking legislation. In the weeks since, manufacturing representatives have testified before the House Education and Labor Committee and signed a coalition letter to the House Subcommittee on Civil Rights and Human Services calling for the Act’s passage. As Congress considers the way forward, manufacturers have made clear that they intend to advocate forcefully on behalf of the legislation and uphold their commitment to workers of every gender identity and sexual orientation.
“The Equality Act creates a clear federal standard that matches the sentiments manufacturers already share: gender identity and sexual orientation have no impact on an employee’s abilities and discrimination is not welcome on the manufacturing floor,” Hedren said. “We look forward to working with Congress as this important legislation moves ahead.”
Washington, D.C. – National Association of Manufacturers (NAM) President and CEO Jay Timmons released the following statement after the Department of Labor (DOL) rescinded the 2016 Persuader Rule:
Manufacturers have fought for this victory for many years in the courts, in Congress and with two administrations, using the full weight of our policy, government relations and legal teams, said Timmons. The NAM’s Manufacturers’ Center for Legal Action was able to halt the rule in court in 2016.And in 2017, the Trump administration, as part of its broader regulatory relief agenda, thankfully began the process of unwinding the rule. This overreaching rule threatened to impose serious burdens on manufacturers and upend employee–employer communications. Now manufacturers are relieved that this threat to workplace communications is finally and officially off the books. Commonsense steps like this to rein in onerous regulations are a major reason why manufacturers are reporting record-high business optimism.
The Manufacturers’ Center for Legal Action (MCLA) is the leading voice of manufacturers in the courts and engages in a range of activities, including direct party litigation and operating a robust amicus program, as well as educating manufacturers about emerging legal trends. The MCLA is led by NAM Senior Vice President and General Counsel Linda Kelly and NAM Vice President of Litigation and Deputy General Counsel Peter Tolsdorf. More information on the MCLA can be found here.
The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.25 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.