Guidance Tailored Specifically for You
Managing and understanding your finances shouldn’t be confusing or stressful. We believe true financial well-being goes beyond account management. It involves harmonizing all aspects of your financial life, including employer and employee benefits. With our guidance and proactive management, things are designed to stay in place, aiming to help keep your money where it is. Our goal is to equip you with knowledge to leverage your employer benefits to work for you.
Guidance Tailored Specifically for You
Managing and understanding your finances shouldn’t be confusing or stressful. We believe true financial well-being goes beyond account management. It involves harmonizing all aspects of your financial life, including employer and employee benefits. With our guidance and proactive management, things are designed to stay in place, aiming to help keep your money where it is. Our goal is to equip you with knowledge to leverage your employer benefits to work for you.
Your Benefits, Our Strategic Insight
No matter your profession, the knowledgeable Summit team is here to help you achieve your goals. We believe it’s beneficial to be informed and proactive in making decisions that will impact your financial future.
Understanding University Benefits
Automatic Enrollment
Many university faculty members are unaware that if they don’t make benefit selections within a certain number of days after employment begins, the university will automatically enroll them in default plan options.
Once these default options are selected for you, you may be locked into them, potentially limiting your financial flexibility.
Defined Contribution Plans: 403(b), 457(b), 401(k), 401(a)
These plans allow you to control how your contributions are invested within a range of options provided by the plan. Your active participation is key to maximizing these benefits.
Deferred Contribution Plans: Certain 457(b) Plans
These plans enable you to defer a portion of your salary or bonuses to be paid out at a later date, typically at retirement.
The deferred amounts grow tax-deferred until withdrawal, offering potential tax advantages.
Defined Benefit Pension Plans
State Teachers’ Retirement Systems (STRS)
Public Employees’ Retirement Systems (PERS)
These plans offer a fixed monthly payment upon retirement, guaranteed by your employer, based on your earnings history, tenure, and age.
While traditional defined benefit plans are becoming less common, they are still available at some older institutions.
Optional Retirement Plans (ORPs)
In some states, faculty and staff may choose between a traditional defined benefit pension plan and an Optional Retirement Plan (ORP).
ORPs, typically defined contribution plans, offer more flexibility in investment options. They are particularly attractive to faculty and researchers who may move between institutions throughout their careers.
Employer-sponsored Health Plans
Every employer plan offers different health benefits. We can help guide you regardless of what’s available.
Employer + Employee Benefits for Entrepreneurs
Employer-Sponsored Retirement Programs
- We assist small business owners in researching, strategizing, and creating retirement programs or plans tailored to their business needs.
- We help owners explore the most suitable options and then educate their employees on the choices offered through their employer. Our role is to guide employees through decision-making in a fiduciary manner, helping to ensure they make informed choices that align with their financial goals.
- We offer guidance on a range of retirement accounts, including 401(k), SEP IRA, SIMPLE IRA, Solo 401(k), and Roth IRA. While we provide advice, we do not actively manage the investment accounts or make trades on behalf of the employees.
Private Client Services
Personalized Financial Guidance
If you have a retirement account, investment account, or pension plan that you need help managing, or if you want to create a comprehensive financial plan around your employer-sponsored benefits, we provide the guidance and support you need.
Client-Focused Approach
We are committed to assisting clients referred by existing customers, whether they work for major manufacturers like Subaru, Wabash National, and Caterpillar, or another prominent industry. Our collaboration with you will be as long as we are a mutual fit, helping to ensure that our services align with your financial goals.
Working with Leading Platforms
Fidelity, Schwab, and TIAA
Summit Retirement Advisors is proud to work with the three major platforms in our industry. Each offers different choices for participants. Summit can assess your current provider and accounts, and then work with you to strategize about what comes next.Â
Tailored Investment Solutions
To provide personalized management services, we work with advanced self-directed brokerage tools, including Fidelity’s BrokerageLink, Schwab’s Personal Choice Retirement Account (PCRA), and TIAA’s Self-Directed Brokerage Account (SDBA). These tools can be especially beneficial to clients with employer-sponsored retirement plans, enabling access to diversified strategies that align seamlessly with your financial goals.
Integration + Alignment of Financial Goals
These platforms allow us to complement your retirement accounts with other investment portfolios, savings plans, and financial objectives. We take a holistic approach that helps ensure your financial strategy is cohesive and supports your long-term aspirations.
Ongoing Portfolio Management + Rebalancing
Our team regularly monitors and rebalances your portfolio across these platforms to keep it aligned with your goals. This behind-the-scenes management allows you to focus on your daily life while we proactively update you on any changes through your preferred communication style, ensuring transparency and confidence.
Enhanced Diversification + Investment Opportunities
Tools like these offer broader diversification opportunities and expanded investment strategies. These services are particularly valuable for university clients and others seeking robust investment management solutions tailored to their unique financial needs. Â
More Questions?
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Plan for Your
Future Today
Contact your partners at Summit Retirement Advisors.
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