401k Plan Consultant in Branford, CT Services
Retirement Administration Services
At TPS Group, we offer all of the services you need to simplify the management of your company retirement plan and to maintain compliance.
READ MORE »Pension Consultation Services
TPS Group is a Third Party Retirement Administrator (TPA) committed to your company's success.
READ MORE »401(k) Plans
Here at The Pension Service, we understand Retirement Plans and the importance that they play within your company; for both you and your employees. TPS Group works with businesses like yours to help achieve long-term success. The Pension Service will help you design a 401(k) Program that your employees can easily understand and feel confident participating in.
READ MORE »457(b) Plans
A non-qualified, deferred compensation plan established by state and local governments and tax-exempt employers under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). The Pension Service handles only eligible 457(b) plans.
READ MORE »Profit Sharing Plans
TPS Group offers the expertise needed to develop and implement a Profit Sharing Plan that is tailor fit to your business. As with 401(k) plans, you can make a profit-sharing plan as simple or as complex as you want. A profit-sharing plan is available for a business of any size, and it can be established even if a company already has other retirement plans.
READ MORE »Creative Plan Design
At The Pension Service, we are committed to provide the highest quality actuarial, consulting and retirement plan administration services by listening carefully and being responsive with creative solutions that meet the unique needs and objectives of our clients.
READ MORE »More Retirement Plan Types
We offer a variety of retirement plans for businesses of all sizes, including 401(k) Plans, Profit Sharing Plans, Creative Plan Design, Public Works Plans, & MEP Retirement Plans, and all of the options below.
READ MORE »401k Plan Consultant in Branford, CT Team Members
James P. Cantey
President and Owner
Wendy Williamson
Vice President - Defined Contribution Department
Ben Gagliano
Partner and Vice-President
Michele Henry
Vice-President of Operations
Ella Aderhold
Vice President, Pension Plan Design and Consulting
Phil Coco
Vice-President of Sales and Marketing
Diane Durso
Sales Consultant/Client Relationship Representative, North Haven, CT location
Pamela Clinch
Defined Contribution Manager, Gorham, ME location
Melanie Gagliano
Sales Consultant, Buffalo, NY Location
Kristen Hescox
Defined Contribution Manager, Buffalo NY location
Jesse Walters
Benefit Consultant, Buffalo, NY Location
Matt Grise
Sales Consultant, Midwest
401k Plan Consultant in Branford, CT Resources
401(k) and Retirement Plan Limits for the Tax Year 2024
401(k) and Retirement Plan Limits for the Tax Years 2018 through 2024.
Internal Revenue Service (IRS)
- Federal tax laws, rules and forms
- Businesses and individuals
- Independent contractor rules for IRS
401k Plan Consultant in Branford, CT Videos
The Loan They Never Take May Make All the Difference
Auto Enrollment and Auto Escalation
Did You Know You Are a Fiduciary
Financial Wellness Is Essential to Saving for Retirement
To Roth or Not to Roth
SECURE Act - Setting Every Community Up for Retirement Enhancement.
401k Plan Consultant in Branford, CT Frequently Asked Questions
Q: What is a 401(k) Plan?
A:
A 401(k) is a feature of a qualified profit sharing plan that allows employees to contribute a portion of their wages to individual accounts. A Traditional 401k Plan is sponsored by an employer and it lets workers save and invest a portion of their paycheck before taxes are taken out up to IRS prescribed limits. These taxes are not paid until the money is withdrawn from the account at retirement or other distributable events.
Q: What is a Roth 401(k) Plan?
A:
A Roth 401(k) is an increasingly popular option within a 401(k) plan that represents a combination of features of the Roth IRA and a traditional 401(k) plan. In a traditional 401(k), you contribute income pre-tax, and then pay taxes on the funds when you withdraw them during retirement.
By offering a Roth 401(k) option, employees can elect to pay the taxes upfront allowing them to make withdrawals tax-free during their retirement.
Under the Roth 401(k), employees may contribute funds on a post-tax elective deferral basis, in addition to, or instead of, pre-tax elective deferrals under their traditional 401(k) plans.
401k Plan Consultant in Branford, CT Articles
New 401(k) Contribution Limits for 2025: A Boost for Retirement Savers
The IRS has announced new contribution limits for 401(k) plans in 2025, offering savers an opportunity to boost their retirement funds. Starting in 2025, ...
How does a Cash Balance Plan work?
Click here to download or print this document as a PDF.
October is National Retirement Security Month
October is National Retirement Security Month, an annual campaign to raise awareness about retirement planning. This initiative offers employers a unique ...
How Clients Benefit from a Third Party Administrator
Originally published by the National Institute of Pension Administrators. Download the original PDF here. The mission of a Third Party Administrator ...
The Impact of Inflation on Retirement Savings
Carl and Terri, a couple in their early 60s, had been saving for retirement for over 30 years. They planned to live off their retirement savings, supplemented ...
Should You Pause Saving for Retirement? Weighing the Pros and Cons
Al and Maria, both in their early thirties, had been diligently contributing to their retirement accounts since their mid-twenties. They were renting a ...
Unique Challenges Women Face in Retirement Planning
Retirement planning is crucial for financial security, but women often face unique hurdles that can complicate this process. Understanding and addressing ...
Common Retirement Scams to Avoid
Retirement is meant to be a time to enjoy the rewards of your years of hard work. Unfortunately, it can also make you a target for fraudsters, and scams ...
Navigating the Retirement Security Rule: Enhancing Fiduciary Standards for Financial Advisers
On September 23, 2024, the Retirement Security Rule will take effect, a pivotal regulatory update issued by the U.S. Department of Labor (DOL) aimed at ...
Protecting Retirement Assets from Cyber Threats
Cybersecurity is critically important for retirement accounts due to the substantial financial resources and sensitive personal data they contain. Retirement ...
IRS Rollover Chart
This is an “IRS Rollover Chart” as it related to retirement plans and IRAs. Click here to download the chart as a PDF.
Retiring Overseas: Pros and Cons of International Retirement
Retiring abroad can be an attractive option for individuals seeking a change of scenery, a lower cost of living, or new cultural experiences and adventures ...
How Your HSA Can Supplement Retirement Savings
Jordan and Lisa both had high-deductible health plans (HDHPs) with Health Savings Accounts (HSAs) through their employers. Throughout their working years, ...
A Fresh Start: Financial Planning for the New Year
January is an opportune time to reflect on our financial habits and set the stage for a secure and prosperous future. Financial planning is not just about ...
Generational Savings: Boomers to Gen Z
In the dynamic landscape of personal finance, each generation brings its unique approach to savings, shaped by the economic and political climate, societal ...
Long-Term, Part-Time Rules
As part of the SECURE Act, Long-Term, Part-Time (“LTPT”) rules were created in 2019. Effective for plan years beginning after 12/31/2020, 401(k) plans ...
Don’t Let Health Care Costs Derail Your Retirement
After housing and food, health care is one of the largest expenses you can expect in retirement. According to Fidelity Investments, a 65-year-old retiring ...
Employers: Now’s the Time to Act!
If you’re an employer with a SIMPLE IRA plan for your workforce and want to switch to a 401(k) profit-sharing plan beginning January 1, 2024, the deadline ...
Two-Year Delay Roth Catch-Up Contribution Provision
The Internal Revenue Service (IRS) has just granted a two-year delay of the provisions in the SECURE 2.0 Act addressing Roth catch-up contributions. Specifically, ...
Understanding Retirement Catch-Up Contributions in 2024
The SECURE 2.0 Act, signed into law in December 2022, includes measures aimed at simplifying the process for Americans to build their retirement savings. ...
The Importance of Financial Wellness Education in the Workplace
Between an unexpected major car repair, looming tuition bills for the kids, and ballooning credit card debt, Andy and his wife were financially strained. ...
Why You Should Consider an Unbundled Retirement Plan Solution
Do you use the same company for your auto and homeowner’s insurance to get a discount and save money? Or on a smaller scale, do you buy a ‘value meal combo’ ...
Defined Benefit Plans Are Not Extinct
While it’s true that many private companies have switched from defined benefit plans to defined contribution plans (such as 401(k) plans), it’s worth considering ...
Secure Act 2.0: What You Need to Know
As part of TPS Group's commitment to promoting a secure financial future for all, we're excited to share with you the key provisions of the SECURE Act ...
What Employers Should Know About Safe Harbor 401(k) Plans
Traditional 401(k) and safe harbor 401(k) plans are similar and are available for employers of any size. However, a safe harbor 401(k) plan has certain ...
Auto-Enrollment and Auto-Escalation in 401(k) Plans: How to Optimize Retirement Outcomes for Your Employees
When it comes to important life goals, such as graduating from college or achieving a career milestone, the journey takes time, perseverance, and hard ...
The Pros and Cons of 401(k) Loans and Hardship Withdrawals
Should employers allow employees to take loans or hardship withdrawals from their 401(k) accounts? While IRS rules leave it up to the employer to decide ...
Is a Roth 401(k) Right for You?
The pre-tax advantages of a 401(k) plan make it a very effective way for employees to save for retirement and lower their tax burden. Since taxes on a ...
Is Your Retirement Plan Still Aligned with Your Business Needs?
With 2023 right on the horizon, now is a good time for employers to review whether their retirement plans are still in alignment with their business needs ...
Understanding ERISA Fidelity Bonds and Fiduciary Liability Insurance
The Employee Retirement Income Security Act (ERISA) is a federal law that sets rules and standards of conduct for most voluntarily established retirement ...
Fiduciary Considerations in a 401(k) Plan
It’s important for employers to understand and meet their 401(k) fiduciary responsibilities and comply with ERISA rules to ensure the proper management ...
IRS Extends Deadlines for Retirement Plan Amendments
This month, the IRS extended the deadlines to adopt certain retirement plan amendments for most plans. Notice 2022-33 provides plan sponsors with an extension ...
“We’ve Been Hacked” – Cybersecurity and Your Employees
It happens every minute of every day, in all types of businesses around the country: an employee receives a fake email and unwittingly clicks on a link ...
Do you know what your 401(k) Plan's Compensation Definition is?
Employees’ compensation is one of the most important items that a Third Party Administrator asks for on their yearly census. Plan documents include a legally ...
Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance
The Employee Retirement Income Security Act known as “ERISA” regulates 401(k) and most other types of employee benefit plans. Under ERISA, anyone who handles ...
Market Volatility: How to Weather The Storm?
The volatility in the financial markets have many 401(k) plan participants asking for guidance on how to weather the storm and manage their assets. Charles ...
Getting the Word Out to Your Employees about Retirement Planning
A 33-year-old single mother, Karina paid little attention to her employer’s notices about the company’s 401(k) retirement plan. Retirement seemed like ...
Advantages of an Unbundled Platform
There are some things we’re happy to buy right off the rack. After all, mass production usually means consistency and cost-savings. On the other hand, ...
Starter-K Act of 2022 Introduced in the Senate
On March 30, 2022, Senators John Barrasso (R-WY) and Tom Carper (D-DE) introduced the bi-partisan Starter-K Act in the Senate. This bill allows employers ...
MyCTSavings Notice: Employers with Qualified Retirement Plans Must Certify Their Exception
Connecticut has implemented a mandatory program called MyCTSavings for employers with 5 employees or more who do not currently have a retirement plan in ...
Maximizing a Business Owner’s Retirement Benefit
It’s a common story – business owners put everything into their businesses for years before being in a financial position to put real money away for retirement. ...
Cash Balance Plans: Don’t Miss Out!
Cash balance plans can offer high-income business owners and executives significant tax advantages and a way to build large retirement assets. A cash balance ...
Tax Credits for Retirement Plan Start-up Costs
Retirement plans can help employers attract and retain workers and improve morale. If you’re a small business owner considering a qualified retirement ...
The Advantages of Roth After-Tax 401k Deferrals
When a 401k plan includes a Roth option, participants who are eligible to make traditional pre-tax 401k deferrals are also eligible to make Roth after-tax ...
Is Your Organization Safe from Email Attacks?
In the fourth edition of the Phishing and Fraud Report, it was discovered that phishing incidents rose 220% during the height of the global pandemic compared ...
Notice to Employees Regarding Saver's Credit
This notice explains how you may be able to pay less tax by contributing to your Employer’s Plan or to an individual retirement arrangement (“IRA”). If ...
What You Need to Know about New Rules for Required Minimum Distributions (RMDs)
A required minimum distribution, or RMD, is the minimum amount that must be withdrawn each year from a retirement account such as an IRA, 401(K), 403(B) ...
2021 Tax Advantages of Cash Balance Plans
A cash balance plan is an employer-sponsored defined benefit plan that can be created by any business entity including Corporations, LLCs, Partnerships, ...
Are HSAs Redefining Health Care?
Ron, a single Millennial, was given the option by his employer during the annual enrollment period to choose a high-deductible health plan (HDHP) with ...
Cycle 3 Restatements: Here’s What You Need to Know
The Internal Revenue service requires all qualified retirement plans to update their plan documents every 6 years, in a formal process called a “plan restatement.” ...
Going Paperless with Retirement Plans
In July 2020, the Department of Labor finalized a rule that makes it easier for retirement plan sponsors to send certain retirement plan documents to covered ...
New IRS Rules to Correct Plan Failures
Retirement plan sponsors and those who work to correct plan failures need to know that as of July 16, 2021, the IRS has extended the self-correction period ...
What are the Best States for Retirement?
For years, Bob and his wife Ellen talked about moving from the Northeast to a southern state when it was time to retire. They often vacationed at a coastal ...
How COVID has Impacted Retirement Readiness
Dawn and Carlos, a married couple in their early sixties, had both worked in the nonprofit sector for most of their careers. They had saved for retirement ...
Financial Wellness and Emergency Savings
Money is a leading cause of stress for most Americans, even those considered wealthy. Surveys show that people worry about retirement savings, unexpected ...
Pros and Cons of Annuities vs. Lump Sum Payouts for Defined Benefit Plans
At age 66 and widowed, Eric was ready to retire and faced with a choice: take a one-time lump sum benefit equal to the $550,000 he had in his defined benefit ...
What Employers Need to Know about Cycle 3 Restatements
Every six years, the IRS requires employers to restate their qualified retirement plan documents to incorporate any recent legislative and regulatory changes ...
Season’s Greetings from TPS Group
To our Friends and Associates – Each year during the holiday season, we take great pleasure in setting aside time from our regular work to send a heartfelt ...
Top Fears of Employees Approaching Retirement
The decision to retire often brings a mix of emotions: relief, excitement, and anticipation of more time to relax, travel, and pursue other interests. ...
IRS Announces 2021 Cost of Living Adjustments to Various Retirement Plan Limits
View the 2021 vs. 2020 retirement plan limits for various types of plans, based on new cost of living adjustments recently announced by the IRS.
Performance Development vs Performance Management: Is it Time for a Change?
“I’ve been doing performance reviews for the past 20 years, and I’ve never gone back and looked at any of them once they were submitted.” “I usually just ...
Why Your Company should Hire a 3(16) Fiduciary
Offering an attractive 401(k) plan is important to attract and retain good employees, but just as important is effective administration of the plan. Hiring ...
Pros and Cons of CARES Act Retirement Account Withdrawals
Bob’s wife, Angie, was laid off from her job in retail when the pandemic began and stores closed their doors. To make matters worse, Bob became infected ...
TPS Talks Newsletter | Apr. - May 2020 | Issue 1
This forwards automatically to the Newsletter PDF with proper formatting
COVID-19 and Workplace Stress: Tips for Managers and Leaders
As the engines of the economy restart in phases, many business leaders are grappling with concerns about the welfare and safety of their employees and ...
CEFEX, Centre for Fiduciary Excellence, LLC, has renewed the certification of TPS Group
RECORDKEEPER/ADMINISTRATOR RENEWS CERTIFICATION TO INDUSTRY BEST PRACTICES PITTSBURGH, May 27, 2020, CEFEX, Centre for Fiduciary Excellence, LLC, has ...
May is Mental Health Awareness Month
May is Mental Health Awareness Month. Nearly 450 Million people worldwide are currently living with some level of mental illness including anxiety, depression ...
Handling Missing or Unresponsive Plan Participants: Tips for Fiduciaries
Missing or unresponsive retirement plan participants pose a challenge for plan sponsors, who have a fiduciary responsibility under ERISA to locate them ...
How the CARES Act Applies to Your Retirement Plan
This forwards automatically to the Employer Connect PDF with proper Q&A formatting.
Aligning Plan Design with Your Goals
Aligning Plan Design with Your Goals Most of us live in homes that were not custom-designed for us. We adapt to them rather than expect them to be optimized ...
IRS 5500 Extension
The IRS has published some good news for Form 5500 filers—well, some Form 5500 filers. Under Notice 2020-23, released April 9, the extensions generally ...
The CARES Act and Retirement Plans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, in response to the coronavirus pandemic. Key provisions ...
CT Recovery Bridge Loan Program
Coronavirus Business Recovery TPS Group will continue representing the interests of you and your employees during this crisis and keep you informed of ...
Families First Coronavirus Response Act (FFCRA)
As America has nearly shut down overnight due to the coronavirus pandemic, we understand employers are faced with growing concerns about how to manage ...
IRS Extends 2019 Qualified Plan, IRA, HSA Contribution Deadlines
The IRS on March 24 updated its website to indicate that it has extended until July 15, 2020 the deadlines for making contributions to workplace-based ...
TPS Group Statement On COVID-19 Outbreak
At TPS Group, we care deeply about the safety of our employees, customers, and communities. Due to the evolving situation with the coronavirus (COVID-19) ...
Dealing with Coronavirus: Employer Considerations
As the number of coronavirus (COVID-19) cases increases in the United States, employers are faced with growing concerns about how to manage the impact ...
SECURE Act - Setting Every Community Up for Retirement Enhancement.
SECURE Act The goal of our nation’s retirement system is to create more opportunities for American workers to save and to make it easier for employers ...
Are You Getting Good Customer Service from Your TPA? Six Key Questions
Administering a retirement plan requires a high level of expertise, which is one reason employers choose a TPA for this function. A competent TPA relieves ...
Your World Evolves and Your Retirement Plan Should, Too
The written version of your retirement plan, your plan document, defines how the plan operates. Naturally, when you started your plan, it reflected what ...
Understanding How Forfeitures Work in Your Retirement Plan
Understanding How Forfeitures Work in Your Retirement Plan When we talk about 401(k) retirement plans, we sometimes focus on the contributions made by ...
IRS Announces 2020 Pension Plan Limitations
401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500 The Internal Revenue Service announced that employees in 401(k) ...
What Keeps Plan Sponsors Up at Night?
Plan sponsors have a lot on their plates. At the 2019 National Association of Plan Advisors (NAPA) Summit, a panel of plan sponsors expressed their chief ...
Did You Know You Are a Fiduciary?
When it comes to the topic of fiduciary responsibilities for qualified retirement plans, there are three things we know really well: Plan sponsors like ...
401(k) Plans: A Win-Win for Employers and Employees
If you’re an employer and don’t offer a 401(k) plan, you could be missing out on key benefits for you and your business. First, offering a 401(k) helps ...
The Loan They Never Take May Make All the Difference
IRS rules provide for participant loans and hardship withdrawals from 401(k) and other plans. They’re not required, but rather left to the discretion of ...
It’s a Juggling Act: How to Save for Retirement and Still Pay Your Bills
When you’re in your twenties and thirties, retirement seems like a long way off. Steve and Kim, both Millennials with a new house, two cars, and a baby ...
When to Set Sail with Safe Harbor
When to Set Sail with Safe Harbor You already know that a 401(k) is a very popular retirement plan and, like other plan designs, it allows your employees ...
Financial Wellness Is Essential to Saving for Retirement
Financial Wellness – It’s Essential to Saving for Retirement Introducing a workplace retirement plan can be a compelling way for emplyees to take control ...
The Cost of Aging: Are You Ready?
Forty-five years old, married with two teens, and employed full-time, Shannon struggled to care for her aging parents as their health deteriorated. Her ...
Cash Balance Plans Allow Six Figure Annual Contributions
Cash Balance Plans Allow Six Figure Contributions Most people can contribute to their 401(k) without worrying about exceeding the annual contribution ...
To Roth or Not to Roth
To Roth or Not to Roth A compelling feature of a 401(k) plan has always been the opportunity to contribute money from your current income on a pre-tax ...
Steps To Take To Protect Your Investments
Retirement accounts have become an attractive target for cyber-thieves, and fraudulent activity is on the rise nationally. Here are important steps to ...
Gen Z in the Workplace: Are Companies Ready?
Young adults of Generation Z, defined as the cohort of people born from 1997 on, are entering the workforce and will change the rule book just as the Millennials ...
The Vanishing Employee: “Ghosting” at Work
It’s a new, startling labor trend in one of the strongest job markets in 19 years: “ghosting.” Once a term used primarily in the dating world to describe ...
Should You Borrow from Your 401(k) Account?
Eric’s landlord was raising the rent again, and this time Eric decided he was ready to move out and buy his own house. After meeting with a loan officer ...
Are You Taking Advantage of Your Employer’s Matching Contribution?
Many employees don’t contribute enough to their 401(k) to take full advantage of their employer’s matching contribution. Are you one of them? Maybe you ...
"Hot Topics in HR" Complimentary Seminar
Don't Miss This Opportunity! "Hot Topics in HR" Complimentary Seminar November 13, 2018 You are invited to a complimentary seminar and brunch buffet ...
Managing Re-Hires
Publication: Solutions in a Flash Volume/Issue: October 2018 Managing Re-Hires Aaron R. Moody As we approach Halloween, let’s take a look at a real ...
Salary Deferral Deposits: Avoiding Fiduciary Violations
For the 401(k) fiduciary, the importance of timely salary deferral deposits cannot be overstated. An employer that fails to remit employee contributions ...
Maximizing Social Security Income
Bill and Sue, a married couple seeking advice from their financial advisor, felt that they were in a quandary. At age 62, Bill wanted to retire within ...
How Cash Balance Plans are Redefining the Retirement Savings Industry
Although the traditional annuity defined pension plan has mostly gone the way of the rotary phone, cash balance plans are growing in popularity, especially ...