Features Digital Advice and Financial Wellness Platform for Employees
NEW YORK and DRESHER, Pa., Nov. 2, 2021 /PRNewswire/ — Goldman Sachs Asset Management and Ascensus today announced the launch of Goldman Sachs Workplace Retirement Solution, which provides an integrated 401(k) or ERISA 403(b) retirement program aiming to support the needs of small and mid-sized businesses.
The collaboration between Goldman Sachs Asset Management and Ascensus delivers the strength and capabilities of two industry leaders. It enables small and mid-sized businesses to gain access to asset management, retirement expertise, and guidance for employees via a leading technology platform. This new program provides a turnkey solution that is flexible, cost-effective, and simple to use. It also offers a personalized benefits experience that can help small businesses further differentiate themselves.
Most workers in America are employed by small and mid-sized businesses, yet many do not have access to a high-quality retirement savings experience through the workplace. Small businesses have generated 64% of net new jobs over the past 15 years, and represent 99.7% of all employer firms.1 Yet only 53% of small businesses currently offer an employee retirement benefits program.2 Today’s employment environment presents an even greater challenge as many businesses struggle to attract, retain, and rebuild their workforces through the pandemic.
Julian Salisbury, Global Head of Goldman Sachs Asset Management, said: “As we continue to grow our Asset Management businesses into new markets, the Workplace Retirement Solution allows us to integrate services from across the firm, including from our Consumer and Wealth business, to support the growth and recovery of our small and mid-sized business clients. With access to this new offering, businesses can provide greater retirement planning support to their employees at various stages of life and career. Through the collaboration, Goldman Sachs Asset Management and Ascensus will offer an integrated retirement solution with streamlined plan administration.”
The solution allows businesses and retirement plan advisors access to:
Goldman Sachs Managed Advice, a digital advisory service focused on improving retirement readiness
A digital financial wellness solution to provide employees a more holistic view of their finances
An open-architecture recordkeeping platform to support plan investment preferences
Streamlined plan administration for sponsors utilizing Ascensus’ tech-enabled platform
Transparent and competitive recordkeeping pricing with flexible service models to support plan sponsor needs
“Goldman Sachs Asset Management is a premier asset manager, and we’re honored that they selected us to make available their unique and personalized solutions that help individuals save for what matters,” said Jason Crane, Ascensus’ head of retirement distribution. “As always, Ascensus remains committed to leveraging our people and commercial expertise to fuel partner growth.”
1 US Small Business Administration Office of Advocacy, October 2020
2 US Bureau of Labor Statistics, March 2021
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors, and individuals, drawing from our deeply connected global network and tailored expert insights across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.
Ascensus helps people save for what matters—retirement, education, and healthcare. With more than 40 years of experience, it offers tailored solutions that meet the needs of financial institutions, state governments, financial advisors, employers, and individuals. Ascensus supports more than 113,000 retirement plans, more than 6 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1 million IRAs and more than 711,000 consumer-directed health (CDH) plans. As of June 30, 2021, Ascensus had more than $404 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.
Additional Information About the Goldman Sachs Workplace Retirement Solution
Goldman Sachs Asset Management and Ascensus provide services under the Goldman Sachs Workplace Retirement Solution pursuant to a separate agreement with each plan client. Each of Goldman Sachs Asset Management and Ascensus is solely responsible for the information provided here on its services and for its performance of its services.
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