PEPs Offer Employers a Cost-Effective Retirement Plan Solution to Provide Their Employees an Opportunity to Save for Their Financial Future.
Shrewsbury, NJ – October 9, 2023 – Since 2021, the Setting Every Community Up for Retirement Enhancement (SECURE) Act has broadened the access to retirement plans for companies of all sizes. PEPs provide employers and employees the ability to benefit from pooled buying power to reduce administrative costs and mitigate fiduciary liabilities inherently associated with 401(k) retirement plans.
NPPG Plan Professionals announced today it will serve as the Pooled Plan Provider to the HUB Retirement Select 100+, a pooled employer plan (PEP). HUB Retirement and Private Wealth (HUB RPW) will distribute the PEP through its talented financial advisors and Transamerica will serve as the recordkeeper.
The HUB Retirement Select 100+ PEP provides employers with more than 100 employees the opportunity to offer a comprehensive retirement plan to attract and maintain top talent. By capitalizing on the PEPs cost savings and reduction of administrative and fiduciary burdens, employers are able to focus on company growth initiatives.
“We are excited to partner with HUB International and Transamerica to deliver this comprehensive investment and fiduciary solution to employers and their employees,” said Michael M. Salerno Founder and CEO of NPPG. Mr. Salerno continued, “leveraging economies of scale, state of the art technology, and seasoned professionals will provide the opportunity for overall plan efficiency and mitigation of fiduciary risk for adopters of the HUB Retirement Select 100+ PEP.”
“Transamerica believes that all American workers need access to a workplace retirement plan to save for their future,” said Phil Eckman, president of Workplace Solutions at Transamerica. “As the industry leader in pooled retirement plans, we are proud to serve as recordkeeper for the HUB Retirement Select 100+ PEP. We are actively leaning in to helping participants maximize their retirement savings potential and supporting them along their path to retirement.”
About National Professional Planning Group (NPPG)
NPPG and its affiliate companies have been servicing clients since 1997 with their employee benefit and retirement plan needs. NPPG services more than 7,000 plans, 350,000 participants, and more than $7 billion in plan assets nationwide and in Puerto Rico. A full suite of services includes overall plan fiduciary
compliance, Pooled Plan Provider services, ERISA 3(16) administrative fiduciary services, actuarial services, retirement plan third-party administration including Multiple Employer Plans (MEPs) and PEPs, as well as regulatory consulting. NPPG customizes solutions to meet the business and financial goals of its clients. NPPG’s national clientele is made up of members of the New York Stock Exchange and NASDAQ, non-profit organizations, Fortune 500 companies, government agencies, as well as small entrepreneurial businesses, associations, and Professional Employer Organizations (PEOs).
For further information, visit www.nppg.com or call 1-(800) 340-5160.
About Transamerica
With a history that dates back more than 100 years, Transamerica is a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Transamerica’s dedicated professionals focus on helping people live their best lives through saving, investing, and protecting their loved ones. Transamerica is dedicated to building America’s leading middle market life insurance and retirement company, with unique access to the large and growing middle market consumer via World Financial Group and US retirement recordkeeping. Transamerica provides a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts, and investment products including mutual funds, annuities, stable value solutions, as well as investment management services.
In 2022, Transamerica fulfilled its promises to customers, paying more than $46 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica’s head office is in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa, and Denver, Colorado. Transamerica is part of the Aegon group of companies. Each Aegon company is solely responsible for its own financial conditions and contractual obligations. Based in the Netherlands, Aegon is an international financial services holding company.
For more information, visit www.transamerica.com.