The North American Companies Council, Inc. Launches First-of-Its-Kind Cannabis 401(k) Solution
CHANDLER, Ariz.–The North American Companies Council, Inc. (The NACC™) announced today that it has been offering a 401(k) Pooled Employer Plan (PEP) to its members. This groundbreaking initiative is designed to exclusively serve cannabis-related entities across the country.
The NACC PEP is the country’s first fully vetted and transparent 401(k) solution for legal cannabis companies. To date, it is the only fully vetted retirement savings option for this industry.
Jeff Mayhall, Board Member, The NACC™, said, “Retirement savings is an important benefit for businesses and their employees. The NACC™ wanted to ensure its members had access to a transparent retirement plan solution to ensure the financial wellness of its employees. We have spent years developing a retirement offer that would support the legal cannabis business and I’m proud that we stand in a position to offer this benefit.”
Shawn West, Founder & ERISA Director of CuraFin Advisors, the PEP’s 3(38) investment manager, added, “Our goal was to open the doors for the approximately 500,000 employees who were eager to save for their retirement. This solution eliminates the barriers those employees were facing and allows them to start planning for their future.”
Pete Swisher, Managing Partner of Group Plan Systems, LLC (GPS), the Pooled Plan Provider (PPP) for the PEP, said, “This was Shawn’s vision, and it took commitment from all the service providers to launch this PEP. All parties had to think differently about the solution to make sure it would work, and GPS is pleased to have been able to play a role alongside so many great partners.”
Recordkeeping and third-party administration will be provided by AmericanTCS’s American Trust Retirement. AmericanTCS’s American Trust Custody is serving as sub-custodian, and Bankwell (Nasdaq: BWFG) is serving as the custodian. Green Check Verified, Inc. handles AML, FinCEN, and OFAC compliance. The trustee is The North American Companies Council, Inc. (The NACC™).
About The NACC™
As a 501(c)(6) not-for-profit Association, The NACC™ was formed to serve its members and is governed by its Member-Managed Board. Our mission and vision are to be a transformative agent of growth for North American cannabis industry businesses by providing member resources to their business, enabling them to grow responsibly and sustainably. We focus on ethnicity and transparency with our partnership alliances to accomplish this goal. Our partnership alliances are forged from a deep due diligence process that results in mutually agreed upon terms of service at the executive level. Gone are the days of the surprises that were a result of the service provider not knowing you were in the cannabis industry. Visit us at www.GetTheNACC.org to learn more.
