The new HBRA member retirement plan is a real game changer for small businesses. A pooled group plan with over 2000 other businesses and 2 ½ billion of assets so one small firm can access the cost structure of a huge company. At the same time, 90% of your administrative and investment oversight responsibilities are outsourced to a third party, which means it is simple to operate and has much lower liability than the typical 401(k) you may have.
Businesses need a retirement plan to be able to retain and compete for talent.
The biggest complaint we hear from business owners about their 401(k) is the cost and hassle of staying compliant. That is why some companies use simple IRAs or have no plan at all. This plan solves these issues and that is why the HBRA is offering it as a member benefit.