Recent Developments in 401(k) Offerings for the Cannabis Industry
Recent news of imminent changes affecting the 401(k) offerings for the cannabis industry undoubtedly have many businesses on edge. A notable shift in custodial vendors’ coverage offerings has led to many cannabis companies receiving termination notifications of company 401(k) plans, with pressing schedules for removal of funds on June 30, 2024, and July 31, 2024.
HUB’s Commitment to the Cannabis Industry
HUB recognizes the critical role that 401(k) retirement savings play for emerging companies in the cannabis sector, and how essential these plans are for attracting and retaining talent. To ensure our clients continue to benefit from this essential offering, we are working diligently with our partners to transition all HUB Retirement & Private Wealth (RPW) Cannabis 401(k) clients to a new custodian. We have successfully developed a legal and compliant ongoing solution. Current HUB clients will not be impacted by these changes.
Solutions for Non-HUB Clients
If you’re not a HUB RPW client and are receiving termination notices or experiencing a disruption in service, HUB can provide an efficient turnaround solution that ensures there will be no 401(k) qualification issues or service disruptions and will maintain your retirement plan continuity.
Contact HUB for Immediate Assistance
If you have questions or to need to transition your organization’s 401(k) plan, please contact HUB International’s cannabis industry experts for immediate assistance.