NACC Launches Innovative Cannabis Retirement Plan for Employers
NACC Introduces Groundbreaking Cannabis 401(k) Solution
The North American Companies Council, Inc. (The NACC™) has launched a revolutionary 401(k) Pooled Employer Plan (PEP), which is specifically crafted to cater to cannabis-related entities. This initiative marks a significant advancement in retirement savings options for the cannabis industry.
Transforming Retirement Savings for Cannabis Employees
As the first thoroughly vetted and transparent 401(k) solution available for legal cannabis companies, the NACC PEP is proving to be pivotal for the sector. It is tailored to provide the necessary retirement savings platform for an industry that historically faced challenges in finding compliant financial solutions.
Insights from NACC Board Members
Jeff Mayhall, a Board Member at The NACC™, emphasized the importance of retirement savings for both businesses and employees. He stated that ensuring access to a clear and reliable retirement plan is essential for the financial wellbeing of workers in the cannabis space. The NACC™ dedicated years to developing this unique plan, solidifying its commitment to the needs of legal cannabis businesses.
Bridging Gaps for Employees
Shawn West, the Founder and ERISA Director of CuraFin Advisors, who serves as the PEP’s 3(38) investment manager, added that this plan is intended to break down barriers for approximately 500,000 employees wishing to save for their retirement. By offering this solution, employees can begin planning securely for their future.
The Role of Service Providers
Collaboration with several dedicated service providers was crucial for the successful launch of this PEP. Pete Swisher, Managing Partner at Group Plan Systems, LLC (GPS), noted that all partners collectively reimagined the solution to ensure functionality and effectiveness. Such innovative thinking was vital to making this unique PEP viable.
Administrative Support and Custodial Services
The recordkeeping and third-party administration for the PEP are managed by AmericanTCS’s American Trust Retirement, while AmericanTCS’s American Trust Custody serves as the sub-custodian. Bankwell (Nasdaq: BWFG) is confirmed as the custodian for these funds, providing a solid financial backbone for this new retirement option. Additionally, compliance with AML, FinCEN, and OFAC is handled by Green Check Verified, Inc.
Understanding The NACC™
The North American Companies Council, Inc. (The NACC™) operates as a not-for-profit organization, recognized under the 501(c)(6) classification. Governed by a member-managed Board, its mission is to empower sustainable growth in the North American cannabis industry. The NACC™ prioritizes transparency and collaboration within its network, ensuring members receive standardized and reliable service that acknowledges the unique aspects of operating within the cannabis sector.
This collective approach is aimed at fostering robust partnerships developed through comprehensive due diligence and mutual agreements, ultimately delivering exceptional service with no hidden surprises for members engaged in the cannabis business.
Frequently Asked Questions
What is the purpose of the NACC’s new 401(k) PEP?
The NACC's 401(k) PEP provides a transparent and compliant retirement savings option specifically designed for cannabis-related entities, enhancing financial security for employees.
Who can benefit from the NACC PEP?
Approximately 500,000 employees in the legal cannabis sector can benefit from this initiative, allowing them to save and invest for their retirement effectively.
Which organizations are involved in managing the NACC PEP?
The NACC PEP is managed by several organizations, including CuraFin Advisors as the investment manager and Group Plan Systems, LLC as the pooled plan provider, with custodial services from Bankwell (Nasdaq: BWFG).
How long did it take to develop the NACC retirement plan?
The NACC spent several years developing this retirement savings offer to ensure it meets the unique needs of cannabis businesses and their employees.
Where can I find more information about The NACC™?
To learn more about The NACC and its offerings, visit their website at www.GetTheNACC.org.
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