How To Maximize Your Cleveland Clinic Retirement Package
The Cleveland Clinic offers multiple opportunities for employees to save and invest for their retirement. This article will provide a brief overview of the plans available to you as an employee and some options that may allow you to maximize your benefits.
The Cleveland Clinic Savings and Investment Plan (SIP)
The Cleveland Clinic Savings and Investment Plan (SIP) offers both pre-tax and Roth options, with no waiting period to enroll. Eligible employees are automatically enrolled 30 days after their hire dates. If no other election is made, the SIP defaults to a pre-tax employee contribution rate of 3%. Employees may contribute up to 75% (up to the IRS limit). Investments are self-directed and participants can manage their investment accounts through the Fidelity BrokerageLink portal. Participants who utilize Fidelity BrokerageLink have access to additional investment options beyond those available in the core plan lineup. The Cleveland Clinic will match 50% of the first 6% of employee contributions, but the matching amounts are not vested until the employee completes three years of service.
The Cleveland Clinic Investment Pension Plan (IPP)
The Cleveland Clinic Investment Pension Plan (IPP) is funded by contributions from the employer. The IPP is automatically set up for eligible employees on the first day of employment. Contribution amounts are based on years of service, and all contributions and earnings become vested after three years of service. Investments are self-directed.
The Cleveland Clinic Foundation Cash Balance Plan
The Cleveland Clinic Foundation Cash Balance Plan is available to substantially all salaried and senior exempt management employees. Contributions to the plan, based upon the plan participant's age, are made by the Cleveland Clinic, and represent up to 7% of the participant's annual salary. Like the SIP, investments are self-directed, and additional investment options are available to participants who utilize Fidelity BrokerageLink.
The Cleveland Clinic 457(b) Plan
The Cleveland Clinic 457(b) Plan is available only to certain highly compensated employees. This type of plan is usually most advantageous to employees who expect to exceed the maximum contribution levels of other retirement plans. Employees can make pre-tax contributions up to the IRS limit- $24,500 in 2026(1). All investments are self-directed.
Equity Accumulation
The Equity Accumulation plan offers highly compensated employees a way to receive cash compensation in lieu of employer contributions to retirement plans. Amounts paid under this plan represent amounts that cannot be deposited into an individual participant's account due to IRS limits on covered earnings. Participants receive payments in addition to contributions to the Cleveland Clinic Foundation Cash Balance Plan and the SIP. Employees must have contributed 6% of IRS covered earnings to the SIP to qualify.
In-Plan Conversion Feature
The Cleveland Clinic's retirement plans offer an in-plan conversion feature, which allows participants to contribute after-tax dollars to their plans and then convert the contributions into "Roth dollars." By utilizing this approach, some employees can take full advantage of contributions to their plans up to the annual limit. For 2026, the maximum is $72,000, or $79,000 including catch-up contributions for employees between 50-59 and 64+. For employees between 60-63, the maximum including catch-up is $83,250(2).
How We Can Help
At LakePointe Advisors, we work with Cleveland Clinic employees to develop a specific plan based on your individual needs. We conduct a comprehensive analysis of your financial situation considering your assets, liabilities, tax exposure, and how your investments are currently structured. We follow a disciplined process to help our clients prepare for retirement and make the most of their available options.
If you would like to discuss your retirement plan and how we can assist you, schedule a no-obligation Strategy Session, email me at sal@lakepointeadvisors.com, or call (440) 510-8004.
About LakePointe Advisors, LLC
Our wealth and investment management process reflects our belief in the inevitability of higher taxes in the future. This belief is based on the numbers, not ideology.
When we sit down with a new client, we start by getting a clear picture of where they are today. We consider assets, liabilities, tax exposure, and how their investments are currently structured. Once we understand the full picture, we build a strategy to do three things:
- Grow wealth and remove excess risk
- Improve tax efficiency
Cut out excess fees that don’t need to be there
At the end of the day, our value is simple: we deliver a strategy built to grow and protect your wealth, improve your tax position, and eliminate waste.
Advisory services offered through Fourth Dimension Wealth, LLC a Registered Investment Advisor. Fourth Dimension Wealth, LLC and LakePointe Advisors, LLC are separate entities.
The information used to write this article was obtained from readily available, on-line plan information. This article is an overview designed to provide basic information, not specific advice, or recommendations. It is also not a complete description of every plan offered by the Cleveland Clinic. For a summary plan description of all plans offered, contact your benefits department. LakePointe Advisors, LLC is not endorsed by the Cleveland Clinic.
