The foundation of HB Retirement began with the design and implementation of employer retirement plans. We specialize in defined contribution and defined benefits plans for organizations of all sizes, guiding employers and plan sponsors through the ever-changing landscape of plans and investment options. Our team is dedicated to helping companies manage their fiduciary responsibilities across all aspects of the retirement plan, including initial plan design, documentation, due diligence, risk mitigation and employee education.

In order to deliver the highest standard of care, we first assess the business and its employees before prescribing a solution. Using guided facilitation, our professionals will collaborate with your team to reach a consensus about the overall needs of the plan and define what success looks like for your organization. Through our years of experience in recommending best practices, we help our clients maximize their time and enhance both organizational and employee efficiencies. We focus on being open and transparent in our communication, which includes clear fee structures, regularly scheduled check-ins and quarterly plan reviews.

“Our ultimate goal is to help committees and sponsors design a plan that they deem to be successful, is valued by their employees, and helps plan participants meet their retirement goals.”
Joe Cravotta, AIF®, Manager of Institutional Service

Solutions and Services

As part of our focus, we offer comprehensive support and detailed performance reporting for plan sponsors as well as investment services. When assisting with the design of a plan, HB Retirement uses a multi-step qualitative and quantitative method to screen and select managers. As an independent firm with no ties to any one recordkeeper or money manager, we help build creative and innovative solutions that are best suited to the company’s needs and performance goals. Additionally, we can act as an ERISA 3(21) or 3(38) Investment Fiduciary depending on your desired responsibility and assist in navigating the latest ERISA legislative landscape.

To promote overall employee financial wellness, we consult with plan participants, both in group settings and individually, about approaching retirement and other financial planning topics, including budgeting, establishing emergency savings, investing, protecting assets, tackling debt and more. We know that financial security has a significant impact on overall mental health and stress, and our goal is to give employees valuable tools and resources to help them understand and simplify their finances. Through surveys and conversations, our team gathers feedback to guide the overall education strategy from the plan level, focusing on material your employees say will be most beneficial to them. We can then measure employee engagement and report our progress back to you to ensure we are adapting to employees’ needs and empower them to retire on their own terms. 

HB 3(38) Pooled Employer Plan

The pooled employer plan (PEP) is a new retirement vehicle for 401(k) plans established by the Setting Every Community Up for Retirement Plan Enhancement (SECURE) Act of 2019. Beginning in 2021, groups of unrelated employers are now able to pool assets together into a single retirement plan. PEPs offer several benefits to both small and large businesses, including outsourced fiduciary responsibility, reduced administrative work and overall lower costs.

HB Retirement has partnered with Newport, a leading retirement plan provider with over 20 years of experience, to offer the HB 3(38) PEP. Newport acts as the Pooled Plan Provider (PPP), managing the roles of 402(a) Named Fiduciary and 3(16) Administrative Fiduciary. Acting as the Plan Administrator, they also assume fiduciary responsibility. Newport maintains all reports, data and disclosures related to the plan. When it comes to HB Retirement, our team acts as the 3(38) Investment Fiduciary of the PEP, selecting the plan’s investment menu and choosing the plan’s investments. Our team of financial advisors can then partner with the employees to support their overall needs and ensure they have a resource to rely on.

By joining the PEP, adopting employers can focus on running their business while still offering a retirement benefit that may have been too costly or time-intensive to manage before. Generally, overall costs are lower than traditional retirement plans because expenses are spread out over a larger participant and asset base. In addition, only one 5500 form and one audit are required for all employers that are part of the PEP, creating more efficiencies. Not to mention, with HB Retirement managing and selecting the investments, you can expect our independent and impartial processes.

Contact to learn more about how you can join the HB 3(38) Pooled Employer Plan as a member employer or general information about our retirement plan solutions.

LPL Financial and HB Retirement are separate entities from Newport.