According to Paul Chong, senior vice president of CUNA Mutual Group Retirement Plan Services, the ClearDirection program emphasizes the creation of better participant outcomes. “We want to provide employees with a different approach to retirement savings, one that stacks the deck in their favor, not one that makes it seem hard,” Chong said. “Solid investment options and reasonable fees are important for employees, but helping them make the right choices can mean the difference between an enjoyable retirement and a financial struggle.”
ClearDirection’s features include:
- An Employee Retirement Income Security Act (ERISA) account used to rebate any revenue sharing or 12b-1 fees back to a participant or plan level;
- Two optional co-fiduciary options (3(21) and 3(38) offered through Mesirow Financial;
- Level commission system ideal for the current regulatory environment;
- Open architecture design for advisers wanting to take on a fiduciary role;
- Proprietary RetireOnTarget Guidance system to help plan participants make informed decisions; and
- Plan Sponsor Profile that enables plan sponsors to evaluate the overall health of their plan and take appropriate action.
“We looked at all of the trends impacting retirement plans, captured a lot of information from advisers about what they need and what’s missing out there, and built a plan from scratch,” Chong said. “With fee disclosure, the increased regulatory environment, and the increased focus on successful retirement outcomes, this industry has changed.
Several broker/dealers, including Commonwealth Financial Network, LPL Financial, Wells Fargo Advisors, UBS, Cambridge Investment Research and Advisors Network, have approved ClearDirection for sale by their advisers. The plan is also available through CPI Qualified Plan Consultants Inc., a member of CUNA Mutual Group.
More information is at CPI’s website.