Employer Sponsored Retirement Plans
Empowering Your Workforce with Secure Retirement Solutions
With our knowledge and experience in retirement planning, you can offer your employees a pathway to financial security and peace of mind. We provide customized plan design, proactive investment management, and comprehensive employee education to ensure your retirement plan is both effective and appreciated.
Customized Plan Design
Creating an effective employer-sponsored retirement plan starts with understanding the specific needs of your business and employees. We work closely with you to design a retirement plan that meets your company's objectives while providing valuable benefits to your employees. Our customized approach ensures that the plan is tailored to your workforce, promoting employee satisfaction and retention.
Investment Management
We function as a Fiduciary 3(21) co-fiduciary, collaborating with plan sponsors to provide investment recommendations and jointly shoulder fiduciary obligations. Alternatively, we are pleased to serve as a Fiduciary 3(38) full fiduciary, exercising discretion to optimize the investment menu for peak performance and reducing plan management time for your executive staff.
Employee Education and Support
We believe that a successful retirement plan requires informed and engaged participants. Our comprehensive employee education programs provide the knowledge and tools your employees need to make informed decisions about their retirement savings. From workshops and seminars to personalized consultations, we offer ongoing support to help your employees maximize their retirement benefits.
Compliance and Fiduciary Oversight
Navigating the regulatory landscape of employer-sponsored retirement plans can be complex. Our team ensures your plan complies with all legal requirements while reducing the risk to business owners' and trustees' personal assets. As fiduciaries, we provide transparent and unbiased advice that is in your best interests.
Ready to Enhance Your Employee Benefits?
Invest in your employees’ future with a well-designed employer-sponsored retirement plan from Clear Financial Strategies. Our fiduciary advisors are here to provide knowledge and experience guidance and support, ensuring your plan meets both your business goals and the needs of your workforce. Contact us today to schedule a consultation and learn how we can help you create a retirement plan that benefits everyone.
Frequently Asked Questions
What is a safe harbor 401(k), and how is it different from a traditional 401(k)?
A safe harbor 401(k) requires the employer to make a minimum contribution (matching or non-elective) to employees, which in exchange lets the plan automatically satisfy certain IRS nondiscrimination tests that traditional 401(k)s must pass each year. This can simplify administration and reduce the risk of highly compensated employees having contributions refunded.
What are my fiduciary responsibilities as a plan sponsor under ERISA?
As a plan sponsor, you have a legal duty under ERISA to act solely in the interest of plan participants — this includes prudently selecting and monitoring investment options, ensuring fees are reasonable, and following the terms of the plan document. These duties exist whether or not you delegate day-to-day management to an advisor.
What's the difference between a 3(21) and a 3(38) fiduciary advisor?
A 3(21) advisor provides investment recommendations, but the plan sponsor retains final decision-making authority and liability. A 3(38) advisor takes on full discretionary authority and much of the associated fiduciary liability for investment selection. The right fit depends on how much oversight your organization wants to retain.
How often should we benchmark our retirement plan's fees?
Best practice is an annual fee benchmarking review at minimum, comparing your plan’s recordkeeping, administrative, and investment fees against comparable plans. This is part of a plan sponsor’s ongoing fiduciary duty to ensure fees remain reasonable.
What is a forfeiture account, and how can it be used?
Forfeiture accounts hold unvested employer contributions left behind when employees leave before full vesting. While IRS guidance technically permits forfeitures to be used for a few specific purposes — including paying reasonable plan administrative expenses, reducing future employer contributions, or reallocating funds to remaining participants — plan sponsors must proceed carefully. ERISA’s exclusive benefit rule requires that plan assets be used solely for the benefit of participants and beneficiaries, and using forfeitures to offset employer contributions has drawn increasing fiduciary scrutiny and litigation. Because the appropriate use of forfeitures depends on your specific plan document and the evolving regulatory landscape, this decision should always be made in consultation with ERISA counsel and your fiduciary advisor.
How can we increase employee participation in our retirement plan?
Common levers include automatic enrollment, automatic escalation of contribution rates, simplified investment menus, and regular employee education sessions. Plan design choices can meaningfully move participation rates without adding cost to the employer.
What is a Pooled Employer Plan (PEP), and is it right for my business?
A Pooled Employer Plan (PEP) is a retirement plan structure, established under the SECURE Act, that allows unrelated employers to participate in a single 401(k) plan administered by a Pooled Plan Provider. For many small and mid-sized businesses, a PEP can reduce administrative burden and cost by sharing plan operations across multiple employers, while each employer still retains certain fiduciary obligations. Clear Financial Strategies provides fiduciary advisory services on ERISA-governed retirement plans, including PEPs, helping plan sponsors evaluate whether a pooled structure or a traditional single-employer plan better fits their goals, workforce, and budget.