Choice Hotels Selects Correll to Offer 401(k) Savings Program to Franchisees
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Choice Hotels Selects Correll to Offer 401(k) Savings Program to Franchisees
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2009-06-26
Affordable 401 (k) Plan Designed for Employees of Choice Hotels Franchised Properties
Choice Hotels International (NYSE: CHH) announces that it has selected Correll Co. as the qualified vendor to offer and administer a 401(k) savings program to its franchisee base which they are naming Hospitality 401(k). As part of the program, Correll will offer a full suite of retirement services to franchisees and their employees including set-up and plan installation, recordkeeping, administration, compliance services, reporting, consultation, and enrollment.
This announcement follows the company's successful announcement last year that qualified vendor Planned Administrators, Inc. would offer HospitalityCare, a limited benefit health insurance plan designed for Choice Hotels franchisees and their employees. These two benefits programs -- HospitalityCare and Hospitality 401(k) -- are virtually unprecedented in the industry. By leveraging the size of the entire Choice Hotels network, Choice has made it possible for franchisees to offer retirement plans that part-time and hourly workers can afford, that truly address their needs, and that even small Choice franchisees can offer.
"Providing retirement and health benefits can be particularly challenging for small businesses," said Rick Summa, vice president, procurement services for Choice Hotels. "These programs not only make that possible, but they also strengthen a franchisee's ability to assemble and retain a stable team of employees - which is integral to the business of hospitality."
Through this new program, each Choice Hotels property now has the ability to offer employees a prepackaged set of no-load mutual funds from one of the top fund families such as Fidelity, Vanguard, or American. Alternatively, the property can handpick the funds it offers. Employees can roll-over qualified contributions into their plan in addition to making regular investments.
"Together, HospitalityCare and Hospitality 401(k) can help make Choice's franchised properties more competitive in the workplace by providing hard-working employees with meaningful benefits," Summa added.
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