Appleton Group is excited to announce the launch of the Wisconsin Select 401(k) Program, an employer-sponsored retirement plan platform comprised exclusively of in-state investment managers, administrators, advisors and plan fiduciaries.
This important new retirement plan platform is designed to help Wisconsin-domiciled corporations, non-profits and government entities provide a best-in-class employee benefit to their participants. It’s also built to leverage the exceptional investment management talent in our state, and to serve as a powerful economic development tool for Wisconsin residents.
“With nearly $300 billion of retirement plan assets currently managed and administered by out-of-state firms, Wisconsin employers are currently sending nearly of $3 billion a year to Wall Street firms when we could easily keep much of this revenue in our state,” said Mark Scheffler, CEO of the Appleton Group, the sponsor and plan fiduciary for the Wisconsin Select Program. “With the incredible amount of in-state financial services talent already signed on to this program, we have the opportunity to not only offer participants an outstanding retirement plan experience but we can work to generate significant economic benefits to the residents and taxpayers of Wisconsin as well.”
According to Appleton Group research, as much as 98% of investment management and plan administration jobs supported by in-state 401(k)s and other retirement plans are unnecessarily sent to out-of-state providers. Most of these roles are currently performed by residents of New York, Massachusetts, New Jersey, Connecticut, Texas, California, Delaware, Colorado, and Pennsylvania; however, Wisconsin Select offers all of the same financial services roles with the advantage of creating high-paying, sustainable living-wage careers here in our state. In addition, as much as 60% of advisor revenue also leaves Wisconsin on an annual basis. Using current asset and revenue estimates, the Wisconsin Select Program would help to:
- Directly create as much as $3.58 billion in annual wages for State residents
- Directly support as many as 23,500 sustainable, living-wage Wisconsin careers
- Directly generate as much as $224.8 million in annual Wisconsin state income tax revenue
- Indirectly support as many as 47,000 additional careers through standard (2x) economic multiplier effects
“By choosing Wisconsin Select as their retirement plan provider, employers will utilize the experience, expertise and Wisconsin-born values of investment professionals,” added Scheffler. “And that’s important because we believe that employers and plan participants are best served by professionals who share our common goal of long-term economic sustainability, progress and prosperity for our state.”
Appleton Group will host a Wisconsin Select launch event on Tuesday, February 16, 2016 at the Riverview Gardens Community Center, 1101 S. Oneida Street, Appleton, WI 54915. This event will be co-hosted by the Fox Cities Chamber of Commerce & Industry (http://foxcitieschamber.com/). To register, please visit http://buytickets.at/appletongroupllc/43205.