E.A.R.N. Plan
What is the E.A.R.N. Plan?
The Equitable Access to Retirement for Nonprofits (E.A.R.N.) Plan is a retirement program created by Nonprofit New York in partnership with Mutual of America Financial Group and OneDigital. It uses a Pooled Employer Plan (PEP) structure, which aggregates the collective buying power of our member organizations to deliver greater value in retirement benefits.
This member benefit is designed to make it easier and more affordable for nonprofit organizations to offer a high-quality retirement plan while reducing administrative burden and providing professional plan management.
Frequently Asked Questions:
Who manages the plan’s investments and administration?
To reduce the administrative and legal burdens on individual nonprofits, the plan is managed by professional fiduciaries:
- OneDigital: Serves as the discretionary investment manager.
- Group Plan Systems: Serves as the plan administrator.
What are the main advantages of joining this plan?
The plan highlights five key advantages:
- By Nonprofits, for Nonprofits: Designed specifically to address the unique needs of the nonprofit community.
- Group Purchasing Power: Small organizations can band together to access benefits and pricing usually reserved for large corporations.
- Community Pricing Model: Fees are determined by the assets of the entire E.A.R.N. Plan, meaning workers at small nonprofits pay fee rates similar to those at larger organizations.
- Professional Fiduciaries: Experts handle the primary legal and administrative roles, though employers still monitor overall performance.
- Emphasis on Employee Education: Provides personalized, one-on-one consultations and financial roadmaps for employees at all levels.
How does this plan support employee education?
Mutual of America provides local customer support teams for on-site or virtual one-on-one consultations. These meetings cover:
- Account setup and asset allocation.
- Practical tax information and financial resources.
- Financial Consulting Services for employees nearing retirement to help establish a financial roadmap.
Can I compare my current retirement plan to E.A.R.N.?
Yes. Mutual of America and OneDigital offer a free benchmarking exercise. This analysis compares your current fees, investments, fiduciary structure, and services against the E.A.R.N. Plan.
Who should I contact for more information?
Email [email protected] to learn more or enroll.