Krasnow noted that the total amount available for an employer match is governed by the company’s existing retirement plan, so there is no increase to an employer in terms of the dollars allocated toward matching benefits, and no change needed to their plan documents or plan service provider.
He said the program is a win-win for everyone involved. “I believe this is something every company with a “matching” retirement plan should consider,’’ he said, pointing out that employers matching funds are underutilized by $24 billion every year.
So far, Thrive is growing through a network of retirement advisors and direct company sales. Krasnow said they have Fortune 150 and Fortune 500 companies waiting to sign on with the program. “We have a pretty aggressive business plan, and we expect to grow exponentially,’’ he said.