401(k) plan will also be available to members of the Council of Manufacturing Associations; group sees it as way to boost value
Oct. 22, 2021
By Walt Williams
The National Association of Manufacturers is the latest trade group to offer a 401(k) plan for members—a new program that removes some of the headaches that businesses face when running retirement plans, while increasing the association’s value proposition.
The Manufacturers Retirement & Savings Plan is a multiple employer plan available to NAM members, designed to cover more than 14,000 companies. Also eligible are NAM staff and the 260 national groups that make up NAM’s Council of Manufacturing Associations; these council members can also adopt the plan for their own employees.
NAM began exploring a multiple employer plan more than two years ago, said Paul Hartgen, vice president of member and business services at the association. The group’s largest members already offer retirement plans as a way to attract and retain talent, but many midsized and smaller manufacturers struggle to find plans that are not a burden to administer.