Goldman Sachs, Ascensus Launch SMB Retirement Plan Solution

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A collaboration between Goldman Sachs Asset Management and Ascensus will provide an integrated 401(k) or ERISA 403(b) retirement plan solution aimed at small and mid-sized businesses (SMBs).

The newly branded Goldman Sachs Workplace Retirement Solution will allow SMBs to gain access to asset management, retirement expertise, and guidance for employees via its combined technology platform. The companies say it will offer a “turnkey solution” that is “flexible, cost-effective, and simple to use.” It also offers a personalized benefits experience that will help small businesses further differentiate themselves.

SMB retirement options evolve

The Goldman-Ascensus product is just the latest to go after the gorilla-in-the-room SMB retirement market and opportunity. According to the U.S. Small Business Administration, small businesses (those with under 500 employees) account for 99.7% of U.S. businesses, employ 47.1% of US employees and account for generated 64% of net new jobs over the past 15 years.

However, many workers lack access to quality retirement plans through the workplace: only 53% of small businesses currently offer an employee retirement benefits program. But as SMBs dominate the workforce, other companies have rolled out programs designed to entice these businesses to expand retirement offerings and other research has shown retirement savings success when more options are added.

New solution helps advisors 

The Goldman Sachs Workplace Retirement Solution is designed to be a robust addition to advisor toolkits and allow them to offer even more options to small- and medium-sized companies. 

Goldman Sachs’s Global Head of Asset Management, Julian Salisbury, says the solution integrates services from across the firm, including from its consumer and wealth business, and will help “support the growth and recovery of our small and mid-sized business clients.”

Specifically, according to the announcement, it will provide access to:

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