Nonprofit 403(b) plans · Fiduciary services · Staff education
A 403(b) advisor that pays off for your staff and your mission.
…and serves as a plan fiduciary.
Independent and working only for your organization, Planit helps nonprofit boards, executive directors and finance leaders reduce fiduciary risk, untangle legacy 403(b) vendors and simplify HR procedures. And we target 100% of your eligible staff with Participant Planit, our industry-leading education portal. The result is a benefit your people use well, a process your board can stand behind, and real value back for every dollar your organization puts into the plan.
Recognized and involved across the retirement plan industry
- ASPPAGNW Chapter President
- PSCACommunication & Education Committee
- NAPACPFA® · Member
- ARAAmerican Retirement Association
- Fi360AIFA® designation
- CFS®Certified Fund Specialist · Institute of Business & Finance
Participant education
Industry-leading participant education. Participant Planit is built around your plan.
A plan only works when staff use it well. Under the 403(b) universal availability rule, most of your employees can save from the day they're hired, so Planit targets 100% of your eligible staff as participants, not just the ones who have already signed up. Mission-driven people often put their own futures last. We judge your plan on investments and fees, and also on whether your people save enough, invest well and feel confident about retirement. Education is where a plan's value reaches staff, and where they come to appreciate what your organization offers them. Planit's founder, Keith Mayfield, serves on the national Plan Sponsor Council of America's Communication & Education Committee.
Participant Planit
Plan-specific education
Lessons built around your plan: your employer contribution, vesting schedule, investment menu and enrollment steps. Staff learn their own benefit, not a generic one.
Participant Planit
Focused 403(b) guidance
Practical direction on the decisions that matter most: how much to save, Roth or pre-tax, how to invest, and what to do when changing jobs.
Participant Planit
Participant Planit education certificates
Staff earn certificates as they complete coursework, a rewardable record of progress for them and for you.
Participant Planit
Multilingual
Education staff can take in the language they are most comfortable with, so everyone on your team gets the same clear guidance.
Participant Planit education certificates
Progress staff can see, and you can recognize.
Coursework is guided for learning and comprehension of critical 403(b) and retirement concepts. When an employee completes a course, they earn a certificate of completion with their name, your organization's name and the date.
- Gives staff a sense of accomplishment that keeps them engaged with their plan
- Gives you a natural moment to recognize people, at a staff meeting or in a newsletter
- Shows your organization's investment in the people who carry out its mission
Inside Participant Planit
Every staff member follows the same clear path
About you
Your retirement choices
Your next moves
Employee personalized guidance tips built into each step
What we teach: the retirement journey
Every lesson leads to one goal, retirement income
Start
Begin with the right choices
Enrollment decisions set the course for decades of saving.
- Enrolling in your plan
- Choosing a deferral %
- Capturing employer contributions
- Roth or pre-tax
- Naming beneficiaries
Grow
Small changes now, real income later
A 1% deferral increase today can become meaningful retirement income. We show staff how.
- Raising your deferral over time
- Investing & target-date funds
- Staying the course
- Catch-up contributions
- Rollovers when changing jobs
Retire
Turn savings into income
Helping staff picture, plan for and reach a retirement they can live on.
- Estimating retirement income
- Social Security timing
- Withdrawal options
- Required minimum distributions
- Rollovers at retirement
How we reach your staff
On site or virtual, scheduled around your shifts, programs and locations.
- Enrollment & re-enrollment meetingsClear, practical sessions that get people started on the right foot.
- One-on-one consultationsPrivate time to talk through a person's own situation, in person, by phone or by video.
- Retirement readiness workshopsSessions on saving rates, investing and turning savings into retirement income.
- New-hire onboardingA plan overview built into your onboarding so no one starts behind.
- Participant Planit onlinePlan-specific, multilingual courses and certificates staff can complete anytime.
- Topic specific guidesPlanit flyers staff can keep, like our rollover portability chart.
What we measure and report to you
Education should change behavior. We track the results and review them with your committee or board.
- Participation
- Planit targets 100% of eligible employees as participants
- Deferral rate
- How many employees are saving
- Employer contribution capture
- Who is leaving employer money on the table
- Diversified investing
- Use of target-date and balanced options
- Loans & hardships
- Early signs of financial stress among your staff
The Planit Focus
The problems we solve, in the order we put them first.
If your organization sponsors a 403(b), someone on your team or board is already a fiduciary. Everything Planit does follows these four priorities.
Focus 1 · Minimize risk to the organization
What is our exposure, to the organization, the board and us personally?
Is our 403(b) subject to ERISA, and are we running it that way? Are we following a prudent, documented process? We help confirm where your plan stands, put a process in place and keep it current, so your board can show its work and the plan drops off your list of worries.
Focus 2 · A benefit to the organization
Is our organization getting value back for offering this benefit?
Every benefits dollar is a dollar not spent on programs, so it has to work. We benchmark every cost, including legacy annuity contracts, and measure what the plan returns: a positive benefits culture, people who join, people who stay, and a team that is financially ready.
Focus 3 · Guiding staff retirement choices and success
Do our people know that small changes now create meaningful retirement income?
Raising a deferral by 1%, capturing any employer contribution, investing with a plan. We target 100% of your eligible staff so those small steps happen early, when they matter most.
Focus 4 · A retirement plan specialist
Does our advisor know 403(b) plans?
Plans are all we do, and 403(b) plans have their own rules, vendors and history. You get best practices drawn from more than a thousand plans and 30+ years of experience, applied to your organization and your people.
Mission value
Your organization should get value back for offering this benefit.
A retirement plan costs money and attention that could go to your programs. Planit manages the plan so that investment pays your organization back, and we show you and your board the results at every review.
- Positive benefits culture
- A plan staff understand and appreciate shows them your organization is invested in their future, not only in its mission.
- Recruiting & retention
- Nonprofits often compete for talent against employers who can pay more. A well-run plan helps close that gap, and staff who value their benefits are more likely to stay.
- Focus on the mission
- Less financial stress means more attention for the people you serve.
- Leadership succession
- Long-tenured staff who can afford to retire on time make succession predictable.
- Board confidence
- Clear, documented reporting your board and finance committee can review and approve.
- Cost control
- Every fee benchmarked, including legacy annuity and custodial account charges, so you pay a fair price for what you receive.
Investment fiduciary levels
Only a 3(38) takes the investment workload and liability off your desk.
Someone has to select, monitor and replace your plan's investments through a documented process. It is ongoing work, and it carries personal liability. A 3(21) adviser shares the liability, but the decisions and the workload stay with you. Only a 3(38) investment manager takes on both. Busy nonprofit committees, often volunteers with turnover, feel that difference most.
3(38) Investment Manager
Planit accepts fiduciary responsibility for selecting, monitoring and replacing your plan's investments. Only the 3(38) manager signs investment decisions and carries that workload.
- WHO SIGNS
- Planit, as the 3(38) investment manager
- YOUR ROLE
- Prudently select and monitor Planit as your manager
- BEST FOR
- Sponsors who want the most relief from investment workload and liability
The workload reduction is a big deal: fund research, scoring, replacements and the paper trail all move to Planit. As an Accredited Investment Fiduciary Analyst (AIFA®) and Certified Fund Specialist (CFS®), Planit founder Keith Mayfield brings fiduciary process and fund analysis expertise to every level: coach, partner or manager.
Services
Advisory services for nonprofit 403(b) sponsors
Save staff time, improve your people's experience, reduce fiduciary exposure and simplify plan administration.
Participant education
Participant Planit, our multilingual education portal with plan-specific courses, focused guidance and certificates, plus group sessions and one-on-ones.
403(b) vendor consolidation
Many 403(b) plans carry years of annuity contracts and custodial accounts across several providers. We map what you have, compare the options and manage a move to a simpler structure when it makes sense.
ERISA status review
Employer contributions, how involved the organization is, and church or governmental status all affect whether your 403(b) is subject to ERISA. We help you and your counsel confirm where you stand and run the plan accordingly.
Board & committee governance
Investment Policy Statement, committee charter, meeting cadence, onboarding for new board and committee members, and a documented fiduciary file.
Investment consulting
Fund selection, ongoing monitoring and replacement as your shared 3(21) or delegated 3(38) investment fiduciary. Only a 3(38) shifts the workload and liability to us.
Fee & service benchmarking
An independent read on whether every fee in your plan, including legacy contract charges, is reasonable for the services you receive.
Vendor management & negotiation
Recordkeeper and TPA searches, contract reviews and renegotiation on your behalf.
Compliance support
Universal availability, the 403(b) written plan document, and Form 5500 and plan audit readiness, coordinated with your TPA and auditor.
Plan design consulting
Employer contributions, auto-enrollment, vesting, and 457(b) options for leadership, reviewed against your goals and budget.
Simplified HR procedures
Efficient payroll, enrollment and distribution procedures built with your HR and finance team and vendors, so the plan takes less of your staff's time.
Fiduciary Essentials® training
CEFEX-certified coursework for board members, finance committees and investment committee members.
Provider independence
We work for you, not for a provider.
Planit is independent of any recordkeeper, third-party administrator or fund company. You are our client, and our recommendations answer only to your plan and your staff. We work with the providers you have when they serve you well, and help you find better ones when they don't.
Who we serve
Mission-driven organizations.
Nonprofits of any size, from a small staff to a regional employer. For-profit employer? Visit Planit 401(k).
- Social service & community organizations
- Healthcare & clinics
- Private schools & education
- Foundations & associations
- Arts, culture & recreation
The Planit standard
What a successful plan looks like
In this industry, the word plan means a detailed method for reaching a goal.
“A goal without a plan is just a wish.”ATTRIBUTED TO ANTOINE DE SAINT-EXUPÉRY
- Value for the organizationA benefit that pays your organization back in a positive benefits culture, recruiting, retention and a financially ready team.
- Strategically reduced risk to the sponsorA plan run with enough skill and process that it falls off your board's list of worries.
- Fit with your missionWe learn your organization's goals, budget and people before recommending anything.
- Strong participant outcomesCareful design and skillful education that motivate staff to build retirement savings.
- Reasonable costsFees monitored for value, because plan costs are under the microscope.
- Competitive investmentsAn effective menu, built and monitored so staff can grow their nest egg, with legacy options cleaned up.
- Ease of useSimplified HR procedures worked out with your team and your vendors.
- Optimal plan designEvery design feature reviewed as a whole against organization and staff goals.
How we work
From first review to a plan that runs on schedule
Discovery
We learn your organization, your people, your budget and what you want the plan to accomplish.
Plan review
A complete look at investments, fees, design, every current and legacy vendor, and your fiduciary file.
Recommendations
Clear findings and a written plan of action, with the level of fiduciary support that fits.
Implementation
We coordinate with your recordkeeper, TPA, auditor and HR team to put changes in place.
Monitor & educate
Regular investment reviews, committee and board reporting, benchmarking and staff education.
Fiduciary Essentials® training
Know your duties. Document your process.
Planit teaches the CEFEX-certified course Fiduciary Essentials® for Defined Contribution Plans. It's built for plan sponsors, board members and investment committee members who want to improve their decision-making process while reducing liability. It's especially useful when board and committee membership turns over.
- Identify the role of plan sponsor fiduciaries and committees, and why managing that responsibility matters.
- Learn the seven fiduciary precepts and the obligations of a plan steward.
- Apply the precepts to your own fiduciary decision-making.
Core duty
Duty of loyalty
Act in good faith. Serve participants' best interest. Avoid conflicts of interest.
Core duty
Duty of care
Make decisions with competence, prudence and diligence, and document the process behind each one.
Core duty
Duty of prudent expert
ERISA measures fiduciaries against a prudent person familiar with such matters, an expert standard. A fiduciary without that expertise is expected to seek it.
How excellence is measured
By the ongoing use of a prudent process, not by any single outcome.
About Planit
Keith Mayfield
PRESIDENT & CHIEF 403(b) OFFICER · PLANIT FINANCIAL, LLC
Keith started in the retirement plan trenches: at a third-party administrator, on a sponsor support desk, as an employee education specialist and as a sponsor relationship manager. From 2000 to 2018 he worked as a wholesaler and consultant, teaching financial advisors fiduciary practice, plan rules, employee education and industry best practices on more than 1,000 plans covering over 10,000 participants.
He founded Planit to bring that experience directly to plan sponsors as a specialized plan fiduciary, accountable to the plan, the sponsor and every participant. He still loves the employee education side of the work most: helping participants take the right next step for their financial future.
A lifelong Washingtonian, Keith plays cribbage, cooks, and spends his free time on the water skiing and boat surfing, or out hiking.
- PresidentASPPA GNW
- MemberPlan Sponsor Council of America (PSCA) national Communication & Education Committee
Resources
Tools for sponsors and participants
For your organization
- Fiduciary types: 3(21) vs 3(38) vs none FLYER
- IRS: 403(b) plan basics
- IRS: 403(b) Plan Fix-It Guide
- Annual IRS contribution limits
- DOL: Meeting your fiduciary responsibilities
For staff
- Past, present & future financial wellness FLYER
- Rollover portability chart FLYER
- Your Social Security account
Free plan review
See how your plan really measures up. No cost, no obligation.
Send us a few documents, we do the analysis, and we walk you and your board or committee through the findings. You keep what we find, whether or not you work with us.
FEESFee benchmarkEvery plan fee compared with plans like yours, using your 408(b)(2) disclosures.VENDORSLegacy contract inventoryEvery current and frozen annuity contract and custodial account, mapped with its fees and any transfer restrictions.FUNDSFund scorecardEach investment measured against prudent selection and monitoring criteria.FIDUCIARYFiduciary file checkupYour IPS, committee minutes and documentation, with any gaps identified.PEOPLEParticipant outcomes snapshotParticipation, deferral rates, savings levels and employer contribution capture.VALUEMission value assessmentWhat the plan returns to your organization, and where it could return more.
Already have an advisor?
Get a second specialist opinion.
Many nonprofit plans are served by advisors, or vendor representatives, who handle retirement plans alongside many other kinds of work. A specialist review shows whether your plan is getting specialist-level care, without changing anything. If your current setup is working well, we'll tell you so.
Book a 15-minute callHelpful to have
FORM 5500Most recent annual return/report, if your plan files one408(b)(2)Service provider fee disclosuresLINEUPCurrent fund menu with expense ratiosIPSInvestment Policy Statement, if you have onePLAN DOCWritten plan document or summary plan descriptionVENDORSCurrent and former 403(b) providers, including frozen contracts
Questions
Questions nonprofit leaders ask us
Don't see yours? Ask us directly.
What does the plan review cost?
Nothing. The review is free and comes with no obligation. You keep the findings either way.
We already have an advisor. Why talk to Planit?
A second specialist opinion is a prudent fiduciary practice in its own right. We'll review your plan and the service it receives, and tell you plainly whether it's working. Nothing changes unless you decide it should.
We have several 403(b) vendors. Can that be simplified?
Often, yes. Many nonprofits still have contracts with providers they stopped using years ago. We inventory what you have, explain the options and any contract restrictions, and manage a consolidation if it makes sense. Some older individual annuity contracts can't be moved without each participant's consent, and we'll be clear about that up front.
Is our 403(b) subject to ERISA?
It depends on how the plan is set up and run. Employer contributions and the organization's level of involvement usually bring a 403(b) under ERISA, while church and governmental plans are generally exempt. We'll help you and your counsel confirm your status, then run the plan accordingly.
Would we have to change recordkeepers or our TPA?
Not necessarily. We work with your current providers when they serve you well. When they don't, we run the search, compare proposals and manage the transition.
Does Planit act as a fiduciary to our plan?
Yes. Planit acts in a fiduciary role with all of our clients. We accept fiduciary responsibility for the services we provide, as a 3(21) investment adviser who shares investment decisions with you, or as a 3(38) investment manager who makes them.
How do we choose between 3(21) and 3(38)?
The key difference: only a 3(38) shifts the investment workload and decision liability to Planit. With a 3(21), we share the liability, but you still make, sign and carry out each decision. It comes down to how much you want to keep. Compare the three levels, and we'll recommend one at your review.
What does participant education include?
Participant Planit, our multilingual education portal with plan-specific lessons, focused 403(b) guidance and education certificates, plus enrollment meetings, workshops and one-on-ones. We report the results to you. See the details.
How is Planit paid?
Planit contracts with each sponsor on our exact cost, and details that cost to you quarterly.
Should we add a 457(b) plan for leadership?
Sometimes. A 457(b) can help a tax-exempt organization recruit and keep senior leaders, but it has its own rules and risks. We'll tell you whether it fits your organization.
Do you also work with 401(k) plans and for-profit employers?
Yes. Planit serves 403(b), 457(b), 401(k), profit sharing, cash balance and other defined benefit and defined contribution plans. For-profit employers can learn more at planit401k.com.
Your 403(b) team
Let's put a plan behind your plan.
You'll work with a dedicated Planit team, led by founder Keith Mayfield, from your free plan review through every board or committee meeting and staff session after it.
“Every Planit client works with people who know their plan, their board and their staff.”
Keith MayfieldAIFA® · CPFA® · CFS®
Founder & President, Planit Financial, LLC