Building off its existing small business offerings, HUB Retirement and Private Wealth (HUB RPW), a division of HUB International Limited, announced the launch of the HUB Retirement Select PEP (Pooled Employer Plan).
According to the firm’s announcement, it is designed for clients with less than 100 employees in the United States that are seeking to offer 401(k) retirement plans, with the opportunity to “reduce costs, complexity, fiduciary responsibility, and administrative burdens.” HUB Retirement Select PEP complements the currently available single employer HUB Retirement Select options for small business.
HUB’s offering comes as the SECURE Act of 2019 provided small business tax incentives for establishing a retirement plan and created PEPs to help close the retirement plan coverage gap and simplify the process, making saving for retirement easier and more accessible. The SECURE 2.0 Act of 2022 then enhanced the small business tax incentives.
“With HUB Retirement Select PEP, clients have another option to offer a competitive retirement plan to their employees that ultimately helps them attract talent and help employees achieve financial security and overall financial wellness,” stated Joe DeNoyior, President of HUB RPW. “This PEP puts offering a retirement plan within reach of small businesses, while simplifying the complexities of plan management and fiduciary risk normally associated with providing one, enabling our clients to focus more on their core business.”
HUB Retirement Select PEP works in partnership with Sallus Retirement, an independent Pooled Plan Provider (PPP) that serves as the lead fiduciary, and Ubiquity Retirement + Savings, an independent retirement plan provider and recordkeeper.
With HUB Retirement Select PEP, small businesses join along with other employers, so they do not need to sponsor a separate retirement plan and can immediately reap the benefits of scale in pricing and service. What’s more, like large companies, they also receive support from full-time investment professionals to manage the investment options offered to their employees.
In addition to the small business options, HUB Retirement Select 100+ PEP is available for employers with more than 100 employees.
For more information on HUB Retirement Select PEP, click here.
