Goldman Sachs’ investment management unit is planning to acquire Honest Dollar, a digital retirement savings tool aimed at small-business employees who do not have access to employer-sponsored savings plans.
Honest Dollar allows employees of small and midsize businesses and self-employed workers and independent contractors to save and invest for retirement by establishing individual retirement account (IRA)-based savings programs.
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The deal is scheduled to be close in the second quarter of 2016. Financial terms of the transaction were not disclosed.
Currently, there are about 45 million Americans who do not have access to employer-sponsored retirement, according to Goldman Sachs.
Goldman Sachs co-heads of investment management unit Timothy O’Neill and Eric Lane said: "Honest Dollar has created a simple solution to a complex retirement savings problem.
"Together, we have the potential to help millions of people achieve their investing goals."
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