Small Business Retirement Plans
Small Business Retirement Plans
Retirement plan options built for your organization’s size, budget and schedule.
HUB Retirement Select offers small businesses retirement plan solutions that simplify administrative tasks, help mitigate fiduciary risks and bring cost efficiencies.
Whether your business is starting its first 401(k) plan or looking to upgrade an existing retirement plan, HUB Retirement Select can help you take that big step forward with solutions that take the time out of plan administration and decisions around the appropriate investment selection. Our solutions are specifically designed for small- to mid-sized organizations who want a streamlined and easy-to-manage 401(k) plan that helps employees save for retirement. And the service options accommodate companies of all sizes — from owner-only businesses to those with hundreds of employees.
Employees see 401(k) plans as a prerequisite instead of a perk.
85% of employees expect employers to offer retirement plan benefits.1
Recruiting and retaining talent is a top priority for any business – especially in a tight labor market. But offering retirement benefits isn’t just a perk to keep employees happy, it’s also one of the easiest ways to reduce turnover.2 The plan options from HUB Retirement Select may help you attract, recruit and retain talent by offering the latest tools and resources commonly available from large employers. In addition, small businesses launching a workplace retirement plan can recoup up to 100% of qualified startup costs through tax credits established in SECURE Act 2.0.3 This makes it more affordable than ever for small businesses to help their employees with retirement readiness.
Businesses are not one-size-fits-all, and neither is saving for retirement.
HUB Retirement Select plan options are tailored for your organization’s size, budget and schedule. Both single employer options and a pooled employer plan (PEP) are available to accommodate your organization’s specific needs.
HUB Retirement Select plan features
ERISA 3(38) Investment Management: When you choose HUB Retirement Select, a dedicated ERISA 3(38) Investment Manager provides the investment menu for your retirement plan – saving you time and informing you on the funds in your plan. We take responsibility for the management and selection of the investments and provide you with regular updates.
Fiduciary Risk Support: As a plan sponsor and plan fiduciary, you have legal responsibilities to ensure your plan operates in the best interests of its participants and beneficiaries. We know plan administration can be challenging to navigate without the appropriate resources. HUB Retirement Select offers access to the guidance you need at a price point appropriately scaled for your business.
Benefits to Employees: PEPs provide professional oversight, cost-effective investment options, the opportunity for personalized advice and access to comprehensive retirement planning, education and guidance.
Quarterly Report and Additional Resources: We’ll keep you in the loop on what matters. You’ll receive a quarterly monitoring report that includes tools and analytics that make it easy to monitor plan performance.
A Pooled Employer Plan (PEP) is a type of retirement savings vehicle that allows multiple unrelated employers to offer a 401(k) plan for their employees where most of the plan administration is outsourced. PEPs were introduced as part of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which became law in the United States in 2019. The goal of PEPs is to make it easier and more cost-effective for small- and medium-sized businesses to offer retirement benefits to their employees, while helping individuals close the retirement gap.
The biggest difference between pooled and single-employer retirement plans is control. In general, single-employer plans are more flexible than PEPs since the employer has total control over plan decisions. Because of this, employer responsibility is high and can be costly and time consuming to administer. While a PEP has promise in reducing administrative and operational burdens, the employer may have less flexibility with respect to certain plan design features and choice of service providers.
Advantages of HUB Retirement Select PEP
Cost Efficiency: Administrative expenses are shared among all participating businesses giving employers potential cost efficiencies compared to single employer retirement plans.
Administrative Ease: HUB and our professional partners handle most of the plan management and paperwork, allowing you the time and freedom to get back to running your business with less administrative stress and risk than is typically associated with traditional 401(k) plans. Payroll integration capabilities make it even easier for employees to save for retirement.
Less Fiduciary Risk: Because the Pooled Plan Provider assumes most fiduciary responsibilities, employers are not subject to the same level of liability. Sharing fiduciary responsibilities with seasoned experts can potentially decrease the employer's fiduciary liability exposure, with professionals assuming key legal responsibilities related to the plan.
Access to Retirement Specialists: Typically, financial services providers with specialized knowledge in retirement plan management and compliance are integral to PEPs. When you work with HUB, you’ll have ready access to a wealth of knowledge to ensure regulatory compliance and minimize the risk of errors.
1 401(k) Specialist, “Employees See 401(k) Plans as Prerequisite Instead of Perk,” accessed February 22, 2024.
2 ADP, “Retaining Top Talent: How Retirement Plan Benefits can help boost employee loyalty,” accessed March 11, 2024.
3 American Society of Pension Professionals & Actuaries, “Where Credit Is 'Due': Tax Credits for Small Employer Plans Under SECURE 2.0,” accessed March 7, 2024.
Disclosures:
HUB Retirement and Private Wealth employees are Registered Representatives of and offer Securities and Advisory services through various Broker Dealers and Registered Investment Advisers, which may or may not be affiliated with HUB International. Insurance services are offered through HUB International, an affiliate. Participation in HUB Retirement Select does not guarantee investment success. All investing involves risk, including possible loss of principal. There can be no assurance that any financial strategy will be successful.
This information is provided for general information purposes only. HUB International makes no warranties, express, implied or statutory, as to the adequacy, timeliness, completeness or accuracy of information in this document. 3(38) Advisory services for HUB Retirement Select PEP are offered through Global Retirement Partners, LLC, an SEC registered investment advisor and wholly owned entity of HUB International. Statements concerning legal matters should be understood to be general observations and should not be relied upon as legal advice, which we are not authorized to provide.
PEPs aim to simplify the process of offering retirement plans for small businesses and enhance access to retirement savings options for employees by leveraging shared resources and responsibilities. Essentially, PEPs enable smaller businesses to access the benefits of scale that larger employers can with a traditional 401(k).
In a PEP, a designated Pooled Plan Provider and 3(16) fiduciary assumes fiduciary responsibilities – overseeing plan administration, compliance and investment management on behalf of all participating employers. Employees contribute to the PEP and the plan's assets are invested collectively, fostering economies of scale and potentially improving investment outcomes. Employers can contribute match and profit sharing in addition to the employee contributions.
For HUB Retirement Select PEP, we work in partnership with Sallus Retirement, an independent Pooled Plan Provider (PPP) who serves as the lead fiduciary, and Ubiquity Retirement + Savings, an independent retirement plan provider and recordkeeper. HUB provides the investment management services.
Advantages of HUB Retirement Select PEP
Cost Efficiency: Administrative expenses are shared among all participating businesses giving employers potential cost efficiencies compared to single employer retirement plans.
Administrative Ease: HUB and our professional partners handle most of the plan management and paperwork, allowing you the time and freedom to get back to running your business with less administrative stress and risk than is typically associated with traditional 401(k) plans. Payroll integration capabilities make it even easier for employees to save for retirement.
Less Fiduciary Risk: Because the Pooled Plan Provider assumes most fiduciary responsibilities, employers are not subject to the same level of liability. Sharing fiduciary responsibilities with seasoned experts can potentially decrease the employer's fiduciary liability exposure, with professionals assuming key legal responsibilities related to the plan.
Access to Retirement Specialists: Typically, financial services providers with specialized knowledge in retirement plan management and compliance are integral to PEPs. When you work with HUB, you’ll have ready access to a wealth of knowledge to ensure regulatory compliance and minimize the risk of errors.
1 401(k) Specialist, “Employees See 401(k) Plans as Prerequisite Instead of Perk,” accessed February 22, 2024.
2 ADP, “Retaining Top Talent: How Retirement Plan Benefits can help boost employee loyalty,” accessed March 11, 2024.
3 American Society of Pension Professionals & Actuaries, “Where Credit Is 'Due': Tax Credits for Small Employer Plans Under SECURE 2.0,” accessed March 7, 2024.
Disclosures:
HUB Retirement and Private Wealth employees are Registered Representatives of and offer Securities and Advisory services through various Broker Dealers and Registered Investment Advisers, which may or may not be affiliated with HUB International. Insurance services are offered through HUB International, an affiliate. Participation in HUB Retirement Select does not guarantee investment success. All investing involves risk, including possible loss of principal. There can be no assurance that any financial strategy will be successful.
This information is provided for general information purposes only. HUB International makes no warranties, express, implied or statutory, as to the adequacy, timeliness, completeness or accuracy of information in this document. 3(38) Advisory services for HUB Retirement Select PEP are offered through Global Retirement Partners, LLC, an SEC registered investment advisor and wholly owned entity of HUB International. Statements concerning legal matters should be understood to be general observations and should not be relied upon as legal advice, which we are not authorized to provide.
A Pooled Employer Plan (PEP) is a type of retirement savings vehicle that allows multiple unrelated employers to offer a 401(k) plan for their employees where most of the plan administration is outsourced. PEPs were introduced as part of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which became law in the United States in 2019. The goal of PEPs is to make it easier and more cost-effective for small- and medium-sized businesses to offer retirement benefits to their employees, while helping individuals close the retirement gap.
The biggest difference between pooled and single-employer retirement plans is control. In general, single-employer plans are more flexible than PEPs since the employer has total control over plan decisions. Because of this, employer responsibility is high and can be costly and time consuming to administer. While a PEP has promise in reducing administrative and operational burdens, the employer may have less flexibility with respect to certain plan design features and choice of service providers.
Advantages of HUB Retirement Select PEP
Cost Efficiency: Administrative expenses are shared among all participating businesses giving employers potential cost efficiencies compared to single employer retirement plans.
Administrative Ease: HUB and our professional partners handle most of the plan management and paperwork, allowing you the time and freedom to get back to running your business with less administrative stress and risk than is typically associated with traditional 401(k) plans. Payroll integration capabilities make it even easier for employees to save for retirement.
Less Fiduciary Risk: Because the Pooled Plan Provider assumes most fiduciary responsibilities, employers are not subject to the same level of liability. Sharing fiduciary responsibilities with seasoned experts can potentially decrease the employer's fiduciary liability exposure, with professionals assuming key legal responsibilities related to the plan.
Access to Retirement Specialists: Typically, financial services providers with specialized knowledge in retirement plan management and compliance are integral to PEPs. When you work with HUB, you’ll have ready access to a wealth of knowledge to ensure regulatory compliance and minimize the risk of errors.
1 401(k) Specialist, “Employees See 401(k) Plans as Prerequisite Instead of Perk,” accessed February 22, 2024.
2 ADP, “Retaining Top Talent: How Retirement Plan Benefits can help boost employee loyalty,” accessed March 11, 2024.
3 American Society of Pension Professionals & Actuaries, “Where Credit Is 'Due': Tax Credits for Small Employer Plans Under SECURE 2.0,” accessed March 7, 2024.
Disclosures:
HUB Retirement and Private Wealth employees are Registered Representatives of and offer Securities and Advisory services through various Broker Dealers and Registered Investment Advisers, which may or may not be affiliated with HUB International. Insurance services are offered through HUB International, an affiliate. Participation in HUB Retirement Select does not guarantee investment success. All investing involves risk, including possible loss of principal. There can be no assurance that any financial strategy will be successful.
This information is provided for general information purposes only. HUB International makes no warranties, express, implied or statutory, as to the adequacy, timeliness, completeness or accuracy of information in this document. 3(38) Advisory services for HUB Retirement Select PEP are offered through Global Retirement Partners, LLC, an SEC registered investment advisor and wholly owned entity of HUB International. Statements concerning legal matters should be understood to be general observations and should not be relied upon as legal advice, which we are not authorized to provide.
PEPs aim to simplify the process of offering retirement plans for small businesses and enhance access to retirement savings options for employees by leveraging shared resources and responsibilities. Essentially, PEPs enable smaller businesses to access the benefits of scale that larger employers can with a traditional 401(k).
In a PEP, a designated Pooled Plan Provider and 3(16) fiduciary assumes fiduciary responsibilities – overseeing plan administration, compliance and investment management on behalf of all participating employers. Employees contribute to the PEP and the plan's assets are invested collectively, fostering economies of scale and potentially improving investment outcomes. Employers can contribute match and profit sharing in addition to the employee contributions.
For HUB Retirement Select PEP, we work in partnership with Sallus Retirement, an independent Pooled Plan Provider (PPP) who serves as the lead fiduciary, and Ubiquity Retirement + Savings, an independent retirement plan provider and recordkeeper. HUB provides the investment management services.
Advantages of HUB Retirement Select PEP
Cost Efficiency: Administrative expenses are shared among all participating businesses giving employers potential cost efficiencies compared to single employer retirement plans.
Administrative Ease: HUB and our professional partners handle most of the plan management and paperwork, allowing you the time and freedom to get back to running your business with less administrative stress and risk than is typically associated with traditional 401(k) plans. Payroll integration capabilities make it even easier for employees to save for retirement.
Less Fiduciary Risk: Because the Pooled Plan Provider assumes most fiduciary responsibilities, employers are not subject to the same level of liability. Sharing fiduciary responsibilities with seasoned experts can potentially decrease the employer's fiduciary liability exposure, with professionals assuming key legal responsibilities related to the plan.
Access to Retirement Specialists: Typically, financial services providers with specialized knowledge in retirement plan management and compliance are integral to PEPs. When you work with HUB, you’ll have ready access to a wealth of knowledge to ensure regulatory compliance and minimize the risk of errors.
1 401(k) Specialist, “Employees See 401(k) Plans as Prerequisite Instead of Perk,” accessed February 22, 2024.
2 ADP, “Retaining Top Talent: How Retirement Plan Benefits can help boost employee loyalty,” accessed March 11, 2024.
3 American Society of Pension Professionals & Actuaries, “Where Credit Is 'Due': Tax Credits for Small Employer Plans Under SECURE 2.0,” accessed March 7, 2024.
Disclosures:
HUB Retirement and Private Wealth employees are Registered Representatives of and offer Securities and Advisory services through various Broker Dealers and Registered Investment Advisers, which may or may not be affiliated with HUB International. Insurance services are offered through HUB International, an affiliate. Participation in HUB Retirement Select does not guarantee investment success. All investing involves risk, including possible loss of principal. There can be no assurance that any financial strategy will be successful.
This information is provided for general information purposes only. HUB International makes no warranties, express, implied or statutory, as to the adequacy, timeliness, completeness or accuracy of information in this document. 3(38) Advisory services for HUB Retirement Select PEP are offered through Global Retirement Partners, LLC, an SEC registered investment advisor and wholly owned entity of HUB International. Statements concerning legal matters should be understood to be general observations and should not be relied upon as legal advice, which we are not authorized to provide.
Small Business Retirement Plans
Learn how HUB can help your small business offer a benefit that can make a significant impact on your organization and employees.
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