What You Need to Know
- Workers can transfer up to 5% of their account balances into a self-directed cryptocurrency window.
- ForUsAll works with hundreds of plan sponsors and tens of thousands of participants.
- Employees will be able to buy, hold and sell over 50 different cryptocurrencies.
ForUsAll, a retirement investment platform for small businesses, recently announced that it has teamed with Coinbase Institutional to offer the Alt 401(k), ForUsAll’s retirement investment platform that allows employers to provide alternative investment options within 401(k) plans.
“For too long, too many Americans haven’t had the same access to alternative investments that wealthy and professional investors have had,” said Jeff Schulte, CEO of ForUsAll, Monday in a statement.
“Our mission is to provide every American with the tools necessary to build a brighter financial future, and making these alternatives more readily available is a key step towards that. By introducing the Alt 401(k), we are democratizing access to what drives wealth for the wealthy — alternative investment options, combined with our original core offering of low-cost index funds, and personalized help,” Schulte said.
Key features of the Alt 401(k) include:
- A full turnkey automated 401(k) for employers, with both traditional and alternative investment options;
- Employees can transfer up to 5% of their balances into a secure account that has exposure to certain cryptocurrencies;
- Employees will be able to buy, hold and sell over 50 different cryptocurrencies; and
- Employees will get ongoing portfolio monitoring and education.
The company says on its website that it works with “hundreds of plan sponsors and tens of thousands of participants.”
David Ramirez, co-founder, and CIO of ForUsAll, told ThinkAdvisor Thursday in an email that “The first plan sponsors will go live in July.”