Retirement Clearinghouse Expands Headquarters & Operations in Charlotte, North Carolina
“We look forward to fulfilling our long-term goal of preserving retirement savings for millions of working Americans,” said Spencer Williams, Founder, President, and CEO of Retirement Clearinghouse. “We are proud to continue our growth right here in Mecklenburg County, where our company was founded.”
“Retirement Clearinghouse is a pioneer in the fintech industry, and we are proud that North Carolina will be the backdrop for its continued growth,” said North Carolina Commerce Secretary Anthony M. Copeland. “The company’s decision confirms that North Carolina’s fertile economic landscape continues to foster the success of growing, technology-driven enterprises.”
“North Carolina continues to attract innovative technology companies like Retirement Clearinghouse,” said Governor Roy Cooper. “This Mecklenburg County expansion highlights the region and how its talented workforce can help tech companies reach their business goals.”
The North Carolina Department of Commerce led the state’s efforts to secure the expansion by Retirement Clearinghouse, which also considered other national destinations. The project will generate an annual payroll impact of more than $19 million for the region.
Retirement Clearinghouse’s North Carolina expansion will be facilitated, in part, by a Job Development Investment Grant approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s GDP by more than $672 million.
Using a formula that takes into account the new tax revenues generated by the 300 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,267,000 over 12 years. State payments occur only after verification by the departments of Commerce and Revenue that the company has met incremental job creation and investment targets.
According to state officials, projects supported by JDIG must result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. The provision ensures all North Carolina communities benefit from the JDIG program. Moreover, Retirement Clearinghouse’s decision to expand in Mecklenburg County, classified under the state’s economic tier system as Tier 3, means the company’s JDIG agreement will result in as much as $1,080,900 in new funding for the state’s Industrial Development Fund–Utility Account. The Utility Account helps rural and more distressed communities finance infrastructure upgrades necessary for attracting future business.
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina Community College System, Mecklenburg County, the City of Charlotte, and the Charlotte Regional Business Alliance.
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