GSAM, Ascensus Partner on Solution for Small and Midsized Businesses

Goldman Sachs Asset Management (GSAM) and Ascensus have announced the launch of the Goldman Sachs Workplace Retirement Solution, which provides an integrated 401(k) or Employee Retirement Income Security Act (ERISA) 403(b) retirement program to support the needs of small and midsized businesses.

The collaboration between Goldman Sachs Asset Management and Ascensus enables small and midsized businesses to gain access to asset management, retirement expertise and guidance for employees via a technology platform. The firms say the 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.

The solution gives businesses and retirement plan advisers 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 using Ascensus’ tech-enabled platform; and
• Transparent and competitive recordkeeping pricing with flexible service models to support plan sponsor needs.

“With access to this new offering, businesses can provide greater retirement planning support to their employees at various stages of life and career,” says Julian Salisbury, global head of GSAM. “Through the collaboration, Goldman Sachs Asset Management and Ascensus will offer an integrated retirement solution with streamlined plan administration.”