NAM Retirement Plans Offer Security for Manufacturers
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At a time when attracting and retaining talented employees is more important than ever, offering a retirement plan can make a critical difference. But for manufacturers like Winton Machine Company, a tube and coax fabrication manufacturer based in Suwanee, Georgia, the cost of a plan can create a real challenge.
- “It’s really difficult as a small manufacturer, because you’re competing against benefit packages that are given by large companies,” said Winton Machine CEO and co-owner Lisa Winton.
That’s why, when the company came across the NAM’s Manufacturers Retirement & Savings plan, they knew they were onto something good.
A tailored plan: The Manufacturers Retirement & Savings Plan, offered in partnership with Principal Financial Group® and HUB International LLC, is a multiple employer plan that is available to all NAM members and designed to cover all 14,000 member companies. Companies of all sizes can participate, which creates new financial opportunities for and offers more security to the millions of men and women who make things in America.
A trusted approach: Winton appreciates that the program offers a product she can trust—and that her employees can rely on. Because the plan comes vetted and designed by the NAM, she can feel confident that she and her employees are invested in a high-quality offering.
- “I have a hard enough time understanding what funds to put my 401(k) in,” said Winton. “I depend on a financial advisor who’s an expert in that area. So my employees, a lot of them are in the same position as I am.”
Useful resources: The NAM’s plan also comes with a range of exclusive tools designed to help manufacturers understand their investments so that they can make the most of the opportunities available to them.
- “There’s great online resources, and we’re also able to share those videos on the premises with our people,” said Winton. “We’ve had one-on-ones, we’ve had group trainings. We’re looking forward to . . . having a financial advisor come and meet with our employees and talk to them, encourage them to put more money in their 401(k), but also help educate them on what’s happening with their money and how to invest it better.”
Accessible support: Winton Machine emphasized the value of the plan’s support system, which answers questions from employees and company leaders.
- “It’s been very, very easy,” said Winton. “I have one point of contact, which is really important. I don’t have to go and call a 1-800 number if I’ve got an issue.”
The bottom line: “The [NAM retirement] plans are new, they haven’t been around that long, and they offer a lot of opportunities for us to share costs and also really understand your funds and understand what you’re paying for,” said Winton. “I think I have a much better overall product now at the same price or less.”
Manufacturers Stand Up for Equality
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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.”
NAM Welcomes DOL Repeal of Onerous “Persuader Rule”
Manufacturers Score Another Key Regulatory Win Under Trump Administration
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.
In 2016, the NAM testified on the harmful impacts of the rule before the House Small Business Committee and the Senate Committee on Small Business and Entrepreneurship.
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.