Goldman Sachs has agreed to acquire Honest Dollar, an Austin, Texas-based startup launched in 2015 that helps small businesses set up SIMPLE IRA, SEP IRA, or basic IRA contribution plans.
On its website, Honest Dollar markets itself as a cheaper alternative than sponsoring a 401(k) plan. The platform helps sponsors automate enrollment into IRAs built on low-cost exchange traded fund investment options.
Goldman Sachs is marketing the acquisition as part of the firm's effort "to serve the approximately 45 million Americans who do not have access to employer-sponsored retirement plan," according to company release.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
