Calpa Advisors LLC

Calpa Advisors LLC provides investment consulting exclusively to ERISA-covered pension plans and health and welfare plan sponsors rather than retail investors. The firm operates on a non-discretionary basis as an ERISA 3(21) fiduciary that monitors ERISA 3(38) investment managers and delivers services including asset allocation analysis, performance reporting, investment manager selection, and manager fee negotiation.

Calpa follows a top-down, asset-class focused investment process supported by third‑party and proprietary data analytics to evaluate plan- and security-level risk/return characteristics and to inform strategic planning. The firm may recommend passive, active, or blended implementations through mutual funds, ETFs, or separately managed accounts, and does not exercise investment discretion or directly manage client assets; it advised plans representing roughly $6 billion in aggregate assets as of January 31, 2025.

Noteworthy differences from many peers include Calpa’s explicit pension consulting focus and work with pension/profit‑sharing clients, its role in selecting other advisers and conducting custodial/trustee searches and on‑site manager due diligence, and its use of fixed annual and project‑based fees rather than a percentage‑of‑assets fee model. The firm is a small, single‑practitioner advisory that maintains affiliations outside the advisory business and completed a transition to SEC registration in 2024.