Icon Savings Plan

Icon Savings Corporation (also “Icon Savings Plan" or "Icon") is a digital retirement services platform based in San Francisco, California. According to their website, Icon’s principle is that “retirement savings should be about people and making their lives better.”
Icon allows employers to offer their employees a way to invest in IRAs through payroll deductions. Icon is a digitally-based, non-ERISA, automated workplace retirement plan. Because Icon provides an IRA instead of a 401(k), employers do not have any federal filing requirements and employer contributions are unnecessary. Individuals can also use Icon without an employer involved.
Icon allows people to invest in passive index-tracking equity and fixed income exchange-traded funds (ETFs) and low cost target date funds.
Because Icon is non-ERISA, it can be used by gig platform providers without triggering employment status.
History
Icon Savings Plan was founded in 2018 by Alex Rowley, Laurie Rowley, and Sasha Mace.
In October, 2018, Icon won the Grand Prize at the conference in Las Vegas, Nevada, considered the largest Fin-Tech conference in the world.
Current Operations
Because Icon offers an IRA, organizations which were unable or unwilling to offer a 401(k) plan can use Icon. Some common users of Icon include self-employed contractors and freelancers, gig platforms, associations, marketplaces, and small businesses.
Icon uses a subscription model whereby the participant pays a monthly fee to have access to institutionally-priced funds, which has the potential to save the participant money on investment fees compared to traditional individual plans.

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