The HUB Retirement Solution is a Complete, Cost-effective, Turnkey Retirement Solution.
POWERED BY TAG RESOURCES & [RECORDKEEPER]
HUB International has partnered with TAG Resources and [Recordkeeper] to help employers spend more time running their business, not their retirement plan. TAG’s design handles administrative duties, reduces your risk, and is cost-effective.
WHAT IS IT?
The HUB Retirement Solution is powered by TAG & [Recordkeeper]. It is based on sound structural elements that have been developed over the last 20 years, reviewed, and successfully tested to accept fiduciary responsibilities specified by ERISA law and Internal Revenue Service and Department of Labor regulations while striving to provide compliance assurance with those regulations in order to reduce fines and penalties.
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ADVANTAGES
5 Advantages with the HUB Retirement Solution
EMPLOYERS DON’T WANT TO BE 401(k) EXPERTS.
TAG oversees plan set-up, implementation, monitoring, enrollment, and other duties.
EMPLOYERS DON’T WANT TO BE AT RISK.
By shifting administrative and certain named fiduciary duties to TAG Resources, employers can mitigate the most defined legal obligations and responsibilities.
EMPLOYERS DON’T WANT FINES OR PENALTIES.
TAG Resources processes are developed to administer plans to be DOL and IRS compliant.
EMPLOYERS DON’T WANT TO OVERPAY.
The HUB Retirement Solution is built on a pooled pricing model and often costs less than other programs offering fewer comprehensive services.
EMPLOYERS WANT TO WORK WITH INDUSTRY LEADERS.
The HUB Retirement Solution combines industry-leading professional service providers for “end to end” retirement plan oversight, including robust tools and resources for employees.
ADMINISTRATIVE RESPONSIBILITIES
The 90% Advantage with The HUB Retirement Solution
A major DIFFERENTIATOR of the HUB Retirement Solution for you as a participating employer is the reduced administrative tasks you have to perform on your 401(k).
Your Responsibilities WITHOUT The HUB Retirement Solution
- [3(38) Investment Manager Appointment]
- 402(g) Limit Reporting
- 404(a)(5) Notice Distribution
- 404(c) Notice Distribution
- 408(b)(2) Notice Distribution
- Annual Discrimination &
Coverage Testing - Annual Fee Negotiations
With Vendors - Audit Completion Support
- Audit Firm Hiring & Monitoring
- Auto Enrollment Notice Distribution
- Beneficiary Designation Form Maintenance
- Beneficiary Determinations
- Blackout Notice Distribution
- Census Review
- Corrective Distributions
- Death Benefit Approval
- Distribution Reporting
- DOL and IRS Issue
Resolution Assistance - Eligibility Calculations
- Eligibility Notifications
- Employer Contribution Monitoring
- Plan Document Preparation
- ERISA Bond Review
- Error Correction Monitoring
- Fiduciary Insurance
Coverage Review - Force Out Processing
- Form 5330 Preparation
- Form 5500 Preparation,
Signing, & Filing - Form 8955 Preparation,
Signing, & Filing - Fund Change Notice Distribution
- Hardship Withdrawal Approval
- Loan Approval & Reporting
- Loan Default Monitoring
- Loan Policy Administration
- Lost Earnings Calculations
- Participant Enrollment Assistance
- Payroll Aggregation
- Payroll File Aggregation
- Plan Design Review
- Plan Document Preparation
& Archiving - Plan Irregularity Notification
- QDIA Notice Distribution
- QDRO Determinations
& Reporting - Quarterly Investment
Review Meetings - Rate Change Monitoring
& Reporting - Required Minimum Distributions
- Safe Harbor Notice Distribution
- SAR Production & Distribution
- SMM Notice Distribution
- SPD Production & Distribution
- Spousal Consent Approvals
- Termination Date Verification
& Maintenance - Termination Withdrawal Approval
- Trustee Duties
- Review & Process Payroll Files
- Vesting Verification & Tracking
- Year End Data Collection
& Review
Your Responsibilities WITH The HUB Retirement Solution
- Monitor Service Providers
- Upload Payroll Files
- Year-End Data Collection
The HUB Retirement Solution
TAKES ON OVER
An employer who sponsors a retirement plan for their employees has overriding fiduciary responsibility for the plan. This solution allows the employer to outsource that responsibility to the highest degree.
DEPARTMENT OF LABOR AUDITS CAN BE COSTLY FOR YOUR BUSINESS!
The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000. The DOL penalty for late filing can run up to $1,100 per day, with no maximum.
The HUB Retirement Solution and TAG Resources, as named fiduciaries on your plan, will mitigate this risk for you.
CORE BENEFITS
REMOVES PRESSURE
Takes pressure off your internal administrative resources and allows you to use those resources elsewhere
ERISA SUPPORT
Provides access to service providers with ERISA and investment expertise
FIDUCIARY RESPONSIBILITY
TAG delivers fiduciary protection at the highest level
WORK WITH INVESTMENT PROFESIONALS
Outsources investment selection responsibility to investment professionals
EXPERIENCE OVER ENTHUSIASM
Retirement plan providers are currently struggling to deal with pooled structures. Many are enthusiastically working with pooled plans, such pooled employer plans (PEPs), for the first time. TAG Resources has been an innovator in pooled structures for over 20 years. TAG’s experience has helped them understand how to structure the plan to get the best savings and protection available to you.
TAG has a proven track record of working together to understand employers’ needs and effectively meeting those needs.
Additionally, retirement plans carry significant fiduciary liability and government compliance exposure for employers. The HUB Retirement Solution outsources most fiduciary responsibilities and compliance to TAG Resources to the highest extent available. While most retirement plans do not offer this level of fiduciary and compliance assistance, TAG works as your retirement department by becoming a Signatory Named Fiduciary on your retirement plan.
KEY PARTNERSHIPS
HUB
We advise businesses and individuals on how to reach their goals.
When you partner with us, you’re at the center of a vast network of risk, insurance, employee benefits, retirement and wealth management specialists that bring clarity to a changing world with tailored solutions and unrelenting advocacy.
So you’re ready for tomorrow.
Plan Administrator
TAG Resources
TAG Resources is the Plan Administrator and a Named Fiduciary, as defined under ERISA sections 402(a), 3(16), and 3(21). It is our job to perform all functions necessary to keep your plan compliant.
As such, TAG Resources is responsible for the day-to-day operations of your plan. The functions we perform on your behalf include: the signing and filing of the Form 5500, QDRO determinations, service of legal process related to the plan, plan operations, participant claims and appeals, distributions, beneficiary determinations, including any related extensions to the plan.
[Investment Manager]
As the named ERISA 3(38) Investment Fiduciary in the plan document, the Investment Manager is responsible for the selection and monitoring of the funds in the investment menu in accordance with the Investment Policy Statement for the plan. TAG Resources works with leading global providers of investment services staffed by research professionals, many of whom have
hands-on fund management experience and the human capital, technology, and experience to manage investment risk and return outcomes.
[Financial Advisor]
Offering a 401(k) and selecting the providers to run the 401(k) plan is a fiduciary decision. The Financial Advisor plays a key role in helping you with the due diligence process and documentation of that process. Financial Advisors that offer the [Program Name] [401(k)/403(b)] are in tune with the complexity and liability of running a 401(k) Plan. Advisors that use the TAG Program look to reduce the administration duties and risk to you to the greatest degree possible, and at a cost that is competitive. In addition, many advisors offer services that will help increase participation, help with enrollment meetings, provide investment guidance and education for the plan participants, provide plan reviews on a regular basis, and suggest potential plan-design enhancements.