Icon offers Portable Retirement Plans (PRPs) that provide tax-advantaged savings with automatic payroll contributions, eliminating the fiduciary responsibilities and regulatory complexities associated with traditional 401(k) plans. This solution ensures seamless portability for employees, allowing their retirement savings to follow them across jobs without the need for rollovers or cash-outs.
Funding
$21.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
KS+1Founders
Product
Problem
Traditional 401(k) retirement plans involve high costs, regulatory complexity, and fiduciary burdens for employers, while also lacking portability for employees who change jobs. Existing solutions often require complicated rollovers and are restricted to qualified W2 employees, excluding 1099 contractors.
Solution
Icon offers Portable Retirement Plans (PRPs) as a simplified alternative to 401(k)s, providing tax-advantaged savings with automatic payroll contributions. These plans eliminate the fiduciary responsibilities and federal reporting requirements typically associated with 401(k)s. Icon's PRPs ensure seamless portability, allowing employees' retirement savings to follow them across jobs without the need for rollovers or cash-outs, and are accessible to both W2 employees and 1099 contractors.
Target Audience
Icon's primary customers are small to medium-sized businesses (SMBs) and enterprises looking for an easier and more affordable way to offer retirement benefits to their employees, including both W2 and 1099 workers.
Features
- Tax-advantaged savings for employees.
- Automatic payroll contributions for ease of use.
- No federal filings or reporting required for employers.
- Eliminates fiduciary burden for employers.
- Flat monthly cost with predictable pricing.
- Works for both W2 employees and 1099 contractors.
- No rollover required when changing jobs.
- No ERISA fidelity bond needed.