We specialize in helping Cleveland Clinic employees plan for their retirement goals.


If another 2008 market downturn happened, do you know how your retirement account would perform?

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As an employee of the Cleveland Clinic you are afforded many great benefits that most people do not have the luxury of receiving. Besides world class health care benefits, great PTO benefits and stable employment opportunities, the Cleveland Clinic provides a 403b plan that provides a match of $0.50 for every $1.00 you contribute up to a maximum match of 3% which becomes fully vested after 3 years of service. Plus the Clinic will fund on your behalf an Investment Pension Plan (IPP) which is based on your years of service (funding starts at 2.5% of eligible compensation for under 5 years of service, all the way up to 5.5% of compensation for more than 20 years of service).

Another benefit afforded to you through the plan is that you have the ability to have professional management of your 403b plan via the brokerage window on your account. This brokerage window provides an additional 4,000 + mutual funds available to you in addition to what Fidelity provides and it is here where you can have an advisor manage your funds, helping to make sure your retirement assets are being actively monitored.

One feature that many don’t know about is for employees who are over 59 1/2 years old and closer to retirement, you have the ability to roll over your 403b proceeds to an account outside of the Clinic plan (while still working!). The potential benefit to doing this is you can shift those assets into a investment vehicle that provides lifetime income options while reducing exposure to stock market volatility as you get closer to your retirement years. Plus, you’ll still be able to contribute to the 403b plan like you always have, but now you may have more diversification for your investments. We’ve helped many employees review their options and help make responsible financial decisions with their retirement income goals in mind… Take a look at a couple employees we’ve recently helped…

Some Scenario’s of How We Can Help You…

Client A

This client is 60 years old, married and is a 20 + year employee of the Cleveland Clinic with a goal of retiring at age 66. Client has over $300,000 in her 403b plan, $90,000 in her IPP plan and an estimatd $50,000 in the frozen pension plan available upon retirement. Client came to us looking for assistance in managing her retirement proceeds as this is the majority of her retirement savings and she wanted to make sure that she was invested properly in case there was a down turn in the stock market.

After completing our risk analyzer, we found that she was a very conservative investor, however her current investment allocation did not reflect this risk level and was much higher than what she desired. We discussed three different options including leaving the funds in the 403b and adjusting the risk, moving the funds into a traditional IRA with our firm and having us manage for her, and finally we discussed a variable annuity that provided lifetime income guarantees. Ultimately client chose to move the $300,000 403b balance into a variable annuity that provided guaranteed lifetime income for both her and her husband. She felt being able to move part of her retirement assets into a lifetime income option would bring her and her husband more piece of mind as they approach needing these funds to live on. Client also continued to contribute to her 403b after this rollover and has increased contributions from $15,000 per year to $25,000 per year (the 2019 max) and we adjusted the level of risk on those future contributions so that they were more in line with her desired risk.

Client B

This client is 45 years old, married and has been with the Cleveland Clinic for 11 years. Client has three children and has accumulated $150,000 in her 403b plan and $23,000 in her IPP plan. Client came to us looking for advise on whether she was on track for retirement.

We first had this client complete our risk analyzer and found that her risk score was a 65, a fairly aggressive risk allocation. Her investments were invested more moderately so we compared her risk score to our managed portfolio’s available on the brokerage window and ultimately ended up moving the 403b and IPP plans over to the brokerage window for us to manage for her. Future contributions were left unchanged but were directed to the brokerage window as well. We also found that client didn’t have any life insurance outside of what the Clinic provided so we wrote $1,000,000 term life policies for both her and her husband. We also provided a referral to an estate planning attorney so that clients could complete their Will and Trusts to protect their children in case of a tragic event. Client is now on track for her retirement goals and is now better prepared to protect their family in case something unexpected were to happen to them. This client is an example of a client reaching out to us for retirement planning but through our conversations we identified more glarring holes in their plan (life insurance and estate planning).


Did You Know?

The Cleveland Clinic 403b plan allows you to have an independent financial advisor manage your 403b plan investments while you are still working?


Did You Know?

If you are over the age of 59 1/2, you are eligible to rollover your entire 403b retirement balance into a Traditional IRA and still contribute to the plan!

If we have another market correction, do you know how your investments would perform? Find out now for freeā€¦

Contact Applied Asset Management