At a time when attracting and retaining talented employees is more important than ever, offering a retirement plan can make a critical difference. But for manufacturers like Winton Machine Company, a tube and coax fabrication manufacturer based in Suwanee, Georgia, the cost of a plan can create a real challenge.
- “It’s really difficult as a small manufacturer, because you’re competing against benefit packages that are given by large companies,” said Winton Machine CEO and co-owner Lisa Winton.
That’s why, when the company came across the NAM’s Manufacturers Retirement & Savings plan, they knew they were onto something good.
A tailored plan: The Manufacturers Retirement & Savings Plan, offered in partnership with Principal Financial Group® and HUB International LLC, is a multiple employer plan that is available to all NAM members and designed to cover all 14,000 member companies. Companies of all sizes can participate, which creates new financial opportunities for and offers more security to the millions of men and women who make things in America.
A trusted approach: Winton appreciates that the program offers a product she can trust—and that her employees can rely on. Because the plan comes vetted and designed by the NAM, she can feel confident that she and her employees are invested in a high-quality offering.
- “I have a hard enough time understanding what funds to put my 401(k) in,” said Winton. “I depend on a financial advisor who’s an expert in that area. So my employees, a lot of them are in the same position as I am.”
Useful resources: The NAM’s plan also comes with a range of exclusive tools designed to help manufacturers understand their investments so that they can make the most of the opportunities available to them.
- “There’s great online resources, and we’re also able to share those videos on the premises with our people,” said Winton. “We’ve had one-on-ones, we’ve had group trainings. We’re looking forward to . . . having a financial advisor come and meet with our employees and talk to them, encourage them to put more money in their 401(k), but also help educate them on what’s happening with their money and how to invest it better.”
Accessible support: Winton Machine emphasized the value of the plan’s support system, which answers questions from employees and company leaders.
- “It’s been very, very easy,” said Winton. “I have one point of contact, which is really important. I don’t have to go and call a 1-800 number if I’ve got an issue.”
The bottom line: “The [NAM retirement] plans are new, they haven’t been around that long, and they offer a lot of opportunities for us to share costs and also really understand your funds and understand what you’re paying for,” said Winton. “I think I have a much better overall product now at the same price or less.”