NAM Selects Principal Financial Group®, HUB International for Manufacturers Retirement & Savings Plan
Important benefit will help manufacturers attract and retain talent and provide retirement security
Washington, D.C. – Following the introduction of the Manufacturers Retirement & Savings Plan available to more than 14,000 member companies and associations, the National Association of Manufacturers, Principal Financial Group® and HUB International LLC released the following statement:
“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 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.”
The Manufacturers Retirement & Savings Plan is a multiple employer plan available to all NAM members. 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 security for their retirement.
You can learn more at NAM401k.com.
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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. Manufacturing employs more than 12.4 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.
Principal Financial Group® (Nasdaq: PFG) is a global financial company with 18,000 employees[1] passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 45 million customers[2] plan, insure, invest, and retire, while working to support the communities where we do business, improve our planet, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the World’s Most Ethical Companies[3], a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management[4].” Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.
[1] As of June 30, 2021.
[2] As of June 30, 2021.
[3] Ethisphere Institute, 2021.
[4] Pensions & Investments, 2020.