The retirement and private wealth business of insurance broker HUB International has launched a second pooled employer plan, this time for organizations with fewer than 100 employees, HUB announced in a news release Feb. 21.
HUB touted the new pooled plan — dubbed the HUB Retirement Select PEP — as a complement to the firm's single-employer plan options for small-business enterprises.
"This PEP puts offering a retirement plan within reach of small businesses," said Joe DeNoyior, president of HUB Retirement and Private Wealth, in the news release. "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."
HUB declined to disclose whether any employers had signed up for the new pooled plan, saying it does not provide specific sales information.
Sallus Retirement will serve as the pooled plan provider to the new PEP, while Ubiquity Retirement + Savings will serve as the record keeper, HUB said.
The new PEP follows HUB's launch of a pooled plan for larger employers with more than 100 employees in September. The firm declined to disclose how many employers had joined the earlier PEP.
Pooled employer plans are a relatively new type of retirement plan that began coming online on Jan. 1, 2021, thanks to the SECURE Act, which greenlighted their creation. The new pooled plans give employers in unrelated businesses the opportunity to combine their individual workplace plans into a single pooled plan to lower their costs through economies of scale.
