The North American Companies Council today announced that it has been offering a 401(k) Pooled Employer Plan (PEP) to its members. This initiative is designed to exclusively serve cannabis-related entities across the country.
The NACC PEP said it 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.
“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," said Jeff Mayhall, board member at the NACC.
Record keeping 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 is serving as the custodian. Green Check Verified handles AML, FinCEN, and OFAC compliance. The trustee is The North American Companies Council, Inc. (The NACC).
