A 401(k) is a retirement savings plan that allows employees to save and invest a portion of their paycheck before taxes are taken out. Taxes aren’t paid until the money is withdrawn from the account. Spherient Retirement Advisors helps by recommending plan design changes, overseeing a thorough investment due diligence program, simplifying employee education, and vendor management. In general, Spherient Retirement Advisors can help you manage your fiduciary risk, compress fees, and maximize employee appreciation of your 401(k) plan.

A 401(a) plan is an employer-funded retirement savings plan that typically sets aside a percentage of employee’s compensation or the company’s profit. Spherient Retirement Advisors will partner with you as co-fiduciary to establish or maintain a 401 (a) plan and assist with compliance, oversight, and vendor management.

A 403(b) plan, also known as a “tax-sheltered annuity plan (TSA),” is a retirement plan for certain employees of public schools, tax-exempt organizations, and certain religious ministers. Spherient Retirement Advisors has a strong presence in the 401(b) space. The familiarity is extremely helpful to our non-profit clients in helping them find suitable vendors and vendor deliverable management.

Similar to a 401 (k) or a 403 (b), a 457 plan is a type of qualified, tax-advantaged deferred-compensation retirement plan that is available for state and local public employees and certain independent contractors but can also be offered by certain nonprofit organizations. Unlike a 401(k) plan, there is no 10% penalty for withdrawal before the age of 59½, although the withdrawal is subject to ordinary income taxation. These plans can be somewhat unique, and Spherient Retirement Advisors experience in this market and vendor familiarity help assist our clients with best practices.