HUB Retirement and Private Wealth (HUB RPW), a division of Hub International Limited (HUB), on Sept. 18 announced the launch of a new pooled employer plan (PEP) specifically designed for small- to mid-sized organizations.
Named the HUB Retirement Select 100+, the PEP targets employers with 100 or more employees in the U.S. that want to offer an easy to administer 401(k) retirement plans with the opportunity to reduce costs, complexity, and fiduciary liability and risks, the announcement explains.
What’s more, by offering a retirement plan through HUB Retirement Select 100+, employers can enhance their appeal to prospective employees and bolster retention rates—an issue that is particularly relevant, given that more states are looking to mandate retirement benefits and over two-thirds of employees consider retirement plan benefits a “must-have” benefit, according to a recent study by MetLife.
“With HUB Retirement Select 100+ PEP, clients can offer a competitive retirement plan to their employees, helping them achieve financial security and overall wellness,” stated 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.”
The announcement further notes that the HUB Retirement Select 100+ PEP will work in partnership with NPPG Plan Professionals as the pooled plan provider (PPP), and Transamerica to manage the recordkeeping, with HUB providing retirement advisory services, including plan management and employee investment education and communications.
The SECURE Act of 2019 created PEPs, paving the way to help close the retirement plan coverage gap by allowing two or more unrelated employers to join a PEP, and by eliminating the so-called one-bad-apple rule, simplifying the process for small- to mid-sized employers.
Additional information about the HUB Retirement Select 100+ PEP can be found here.