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Independent retail food stores that are member-owners of Associated Grocers of New England are now able to take part in a group benefit plan for their employees.
Thanks to a brand-new alliance consisting of AG New England, MassMutual Financial Group and Longfellow Advisors, these stores have access to a multi-employer 401(k) retirement savings plan that combines the employee base of hundreds of indies.
“Now our members will be able to take advantage of services usually reserved for much larger companies -- a great tool for retaining and attracting quality employees and providing them with meaningful long-term benefits,” said Mike Bourgoine (left), President and CEO of Pembroke, N.H.-based AG New England. “Members realize significant savings by pooling assets versus obtaining these services as individuals. As more retailers elect to participate and the assets grow, the fees will drop even further. It’s truly a win-win situation for all of us.”
AG New England will sponsor the plan in-house, while MassMutual’s state-of-the-art recordkeeping systems will serve participants online or via direct communication. As well as a comprehensive variety of investment options, periodic webinars covering current regulatory and legislative news, investments and important plan events, including year-end planning, will be available.
Owned entirely by independent retail grocers as members of a cooperative, AG New England operates the largest retailer-owned wholesale grocery distribution center in New England. The co-op serves independent retail food stores in Maine, Connecticut, Rhode Island, Massachusetts, New Hampshire, Vermont and the upstate New York/Albany area.