Retirement Clearinghouse Ends North Carolina Job Grant After Missing 300-Job Growth Target
After falling short of its promised 300-job target in Charlotte, Retirement Clearinghouse pulled out of its North Carolina investment grant this February. The company added only 136 jobs since 2020.
State officials approved ending the $3.3 million agreement on March 11. No grant money was paid out before the deal ended. Starting with 60 employees in 2020, the staff now totals 106 in North Carolina. In a letter to state officials, Spencer Pringle pointed to COVID-19’s effects for slowing their growth plans.
Ending the grant shows how COVID-19 continues to disrupt growth plans. Other Charlotte businesses faced similar challenges in meeting job commitments during the pandemic.
Started as RolloverSystems in 2001, the company rebranded in 2013. Now known as Retirement Clearinghouse, it focuses on technology that transfers retirement funds between accounts.
Though missing their big growth goals, they plan to add some jobs this year. Most employees will work from the Charlotte office, though some can work remotely.
Their core business? Making it easy to move retirement money between plans without losses. The technology prevents people from taking cash out when changing jobs, which can be costly.
Back in 2020, North Carolina offered a grant to help grow Charlotte’s financial sector. The agreement came with specific requirements about job numbers and wages.
Charlotte’s financial sector remains solid despite these setbacks. The city maintains its position as a key center for retirement and banking services while keeping track of employment figures.
