Human Interest and BlackRock Join Efforts to Expand Access to Retirement Plans for Working Americans
13 Janeiro 2023 - 8:00AM
Human Interest and BlackRock today announced the firms will join
efforts to expand access to retirement plans to small and
medium-sized businesses across the United States. BlackRock Inc.
(NYSE: BLK) is making a minority investment and leading a financing
round to support the next phase of Human Interest’s growth.
According to the AARP, approximately 57 million people—nearly
half of all employees ages 18-64 in the private sector—do not have
access to an employer-provided pension or retirement savings plan.1
This lack of access skews heavily to small and medium businesses
that do not offer retirement plans due to high costs, complexity,
and administrative burden.
Human Interest is tackling this problem using technology to make
setting up and administering a retirement plan easy and affordable
for businesses of all sizes. Human Interest was named a Leader in
the 401(k) software category by G2.2
Human Interest has seen over 400% growth in the number of
customers and revenue since the initial closing of the company’s
last announced financing in 2021. BlackRock’s investment will help
the business continue to enhance its technology platform
capabilities and mature its operational processes and
infrastructure. In addition, BlackRock will share its experience
and expertise to help Human Interest fulfill its important
mission.
“BlackRock has an amazing team focused on providing high-quality
retirement saving and investment options. We are excited to work
with BlackRock to find ways to bring retirement within reach of
millions of additional workers in the coming years,” said Jeff
Schneble, CEO of Human Interest.
“Getting people on a path to a secure retirement is core to
BlackRock’s purpose, from pioneering target-date funds 30 years ago
to managing retirement assets for more than 40 million Americans
today.3 We look forward to helping Human Interest close the access
gap,” said Anne Ackerley, Head of BlackRock’s Retirement
Group.About Human InterestHuman Interest is an
affordable, full-service 401(k) provider that seeks to make it easy
for small and medium-sized businesses to help their employees save
for retirement. Founded in 2015 and headquartered in San Francisco,
Human Interest helps employees in all lines of work access
retirement benefits and a path to financial independence. For more
information please visit humaninterest.com or follow us
on LinkedIn.
About BlackRockBlackRock’s purpose is to help
more and more people experience financial well-being. As a
fiduciary to investors and a leading provider of financial
technology, we help millions of people build savings that serve
them throughout their lives by making investing easier and more
affordable. For additional information on BlackRock, please visit
www.blackrock.com/corporate.Human Interest Media
ContactMaura Lafferty415 848
9175humaninterest@firebrand.marketing
BlackRock Media ContactBarbara Williams646 231
1626barbara.williams1@blackrock.com
1 AARP (2022) Payroll Deduction Retirement
Programs Build Economic Security2 As of September 22, 2022. To
qualify a product must place in the “Leaders Quadrant" of the G2
Grid at the end of the quarterly evaluation period. The G2 Grid
maps qualifying companies into quadrants based on user satisfaction
rating and a market presence score that considers data from online
sources, including, among other criteria, the amount of G2 reviews
and web presence. A product must have ten reviews to be considered.
At the time, four out of the 15 products listed in the 401(k)
software category qualified. During this period, Human Interest
solicited clients for G2 reviews in exchange for a nominal gift
card. Active solicitation and financial incentives will make a
customer more likely to portray Human Interest favorably.
Testimonials may not be representative of the experience of others
and past success does not guarantee future results. The G2 Grid is
updated daily. Click here for the full methodology.3 Represents the
estimated number of participants (active and retired) with access
to BlackRock investment products through their US DC plan. Active
participant data is sourced from Brightscope (as of 12/31/20 or
plan’s latest filed Form 5500), Census Annual Survey and the
Federal Government’s TSP November 2021 meeting notes. Retiree
participant data is estimated based on BlackRock’s current AUM
market share of the US DC industry using data inputs sourced from
Census quick facts, CRS 2021 Report, and Cerulli “US
Retirement End Investor Report 2022.”
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