Principal Financial launches multiple-employer 401(k) plan for NAM
BPC Staff Oct 12, 2021 | 3:57 pm
1 min read time185 wordsAll Latest News, Banking & Finance, Manufacturing & Logistics
Principal Financial Group and HUB International LLC have partnered with the National Association of Manufacturers to introduce a multiple-employer 401(k) plan that will be available to NAM’s more than 14,000 member companies and associations. The Manufacturers Retirement & Savings Plan is designed to increase administrative efficiencies, reduce fiduciary risk, manage costs more effectively and help improve retirement outcomes for employees, the association said in a press release. Des Moines-based Principal, one of the largest retirement plan providers, and National Benefit Services LLC, a 3(16) and third-party administrator, are the service providers for the plan. HUB is the independent 3(38) investment fiduciary overseeing investments. A 3(16) fiduciary is a service provider hired by an employer to function as a plan administrator under federal law; a 3(38) investment fiduciary is responsible for selecting, managing, monitoring and benchmarking the investment offerings of the plan. 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. Insider: A recent Business Record cover story looked at multiple employer plans.