Fiduciary Retirement Plan Advisors for Government Employers
Helping municipalities, school districts, and state agencies reduce risk, lower costs, and empower employees through smarter retirement planning.
Fiduciary Guidance for 457(b), 403(b), and 401(a) Plans
At Fisher\SMB™, we specialize in helping governmental plan sponsors modernize and optimize their public sector retirement plans. Whether you’re managing a 457(b), 403(b), or 401(a) plan, we provide the fiduciary oversight, plan design, and participant education your organization needs to fulfill its mission and protect its people.
Why Government Entities Choose Fisher\SMB
We find that many governmental plans haven’t been reviewed in decades. They may operate on outdated platforms, carry excessive fees, and lack the fiduciary governance required to meet today’s standards. Fisher\SMB brings a specialized, transparent, and proactive approach to public sector retirement plan consulting.
Experience in Government Retirement Plans
We understand the unique structure and compliance requirements of state and local government retirement plans, including committee structure, non-ERISA regulations, and RFP mandates.
Fiduciary-First, Conflict-Free Advice
As a fiduciary retirement plan advisor, we act solely in your best interest. We do not accept revenue sharing or hidden compensation, ensuring full transparency and cost accountability.
Tailored Plan Design & Fee Benchmarking
We conduct in-depth reviews of your plan design, investment lineup, and recordkeeping arrangements. Our benchmarking process identifies opportunities to reduce costs, improve performance, and align with best practices.
401(a), 403(b) and 457(b) plans
Retirement Plans Made Simple
Our side-by-side comparison helps HR professionals and public sector employees understand the key differences and make confident retirement plan decisions.
You get More from Fisher\SMB
Additional Services
Dedicated Retirement Counselor for Your Employees
Your employees gain access to a licensed retirement counselor who provides personalized, one-on-one guidance—improving financial literacy, plan participation, and retirement readiness.
Proactive Participant Education & Engagement
We deliver customized education campaigns, on-site workshops, and digital tools to help your workforce make informed decisions about their retirement benefits.
RFP Process Support
If your plan requires a formal Request for Proposal (RFP), we’ll guide you through the entire process, from drafting specifications to evaluating vendors, ensuring compliance and competitive outcomes.
Common challenges Facing
Government Retirement Plans
- Legacy Plan Design & Technology
- Many plans remain on outdated annuity contracts with limited flexibility and high fees.
- Structures often don’t reflect today’s workforce or retirement trends.
- Cost Transparency & Investment Quality
- Fees may be excessive without regular benchmarking.
- Investment options can lack diversification or underperform.
- Bundled pricing and revenue-sharing models obscure true costs.
- Lack of Fiduciary Oversight
- Absence of a fiduciary advisor can lead to compliance risks and legal exposure.
- Low Employee Engagement & Education
- Limited education leads to confusion, low participation, and poor savings outcomes.
- Employees often don’t understand their options or how to optimize benefits.
- Administrative Burden
- HR and Finance teams are stretched thin managing vendors, compliance, and participant support without advisor help.
Get Started
Let’s Modernize Your Retirement Plan
Whether your plan hasn’t been reviewed in years or you’re preparing for an RFP, Fisher\SMB is ready to help. We’ll provide a comprehensive plan review, identify opportunities for improvement, and support your team every step of the way.
Frequently Asked Questions About Government Retirement Plans
Governmental entities often offer 457(b), 403(b), and 401(a) plans. These are often non-ERISA retirement plans designed for public sector employees, including municipal workers, educators, and state employees. Each plan type has unique rules around contributions, withdrawals, and compliance.
Benchmarking helps you evaluate whether your plan’s fees, investment options, and service providers are competitive and aligned with industry standards. Many government plans haven’t been benchmarked in years, leading to unnecessary costs and underperforming investments.
Non-ERISA plans are exempt from the Employee Retirement Income Security Act (ERISA) because they are sponsored by government or church entities. While they are not subject to ERISA’s fiduciary standards, best practices still recommend strong fiduciary oversight, transparent fee structures, and participant education.
Even though many government plans are non-ERISA, plan sponsors still have a fiduciary duty to act in the best interest of participants. This includes selecting prudent investments, monitoring service providers, and ensuring plan fees are reasonable and transparent.
We assist government entities through every stage of the Request for Proposal (RFP) process—from drafting the RFP to evaluating vendors and finalizing contracts. Our goal is to ensure compliance, transparency, and cost-effective outcomes for your retirement plan.
What are the signs our plan may need a review?
You may need a plan review if:
1. Your plan hasn’t been updated in 5+ years
2. You’re still using an annuity platform
3. You don’t have an active or specialized advisor
4. Your employees aren’t engaged or educated about their benefits
5. You’re unsure what your plan fees actually are
Yes. We offer customized participant education programs, including on-site workshops, virtual webinars, and one-on-one counseling. Our goal is to improve retirement readiness and help employees make informed decisions.
We operate on a transparent, flat-fee model with no revenue sharing or hidden compensation. This ensures our advice is always in your best interest.
Learn More About
403(b) Plans
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