The National Association of Manufacturers has launched an association-sponsored retirement plan that will allow its members to offer 401(k) benefits to their employees.

The Manufacturers Retirement & Savings Plan is a multiple employer plan available to all NAM members, designed to cover more than 14,000 companies and associations, NAM said in a statement. The organization didn't immediately specify which associations are eligible.

"Manufacturers want their employees to feel safe and secure about their financial well-being and to have confidence that they will be able to retire when they are ready," NAM CEO Jay Timmons said. "But operating a 401(k) plan can be challenging—especially for smaller companies. We can help with this—I'm proud that the NAM now offers our members access to best-in-class benefits for their teams."

Association retirement plans like NAM's were made possible by a 2019 U.S. Department of Labor rule change designed to expand the use of the option. Other groups have launched their own plans, such as the Ambulatory Surgery Center Association, which unveiled the ASCA Member Association Retirement Plan in March.

NAM selected Principal Financial Group and HUB International as the service providers. The two companies "will offer business owners and employees access to dedicated professionals who can offer guidance and assist with the day-to-day management of retirement plans," NAM said.

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