The Pension Service
TPS 3(16) Service
Payright Payroll Affiliates
Benefits Plus
TPS Group Medical
TPS Group offers cost-effective actuarial and employer sponsored retirement benefit services. For actuarial consulting, try TPS.
We specialize in pension plan design, retirement plan administration and actuarial consulting.
We look forward to working with TPS Group next year
As another year ends, I want to express my sincere gratitude and appreciation to you and TPS Group for assigning us Krista Blier. Krista provides exceptional customer service and has been a major asset to me and Lynch, Traub, Keefe & Errante, P.C. She is extremely knowledgeable and always accessible. Always on top of the RMD’s, giving me an explanation on form 5500-SF to present to Mr. Keefe & keeping us updated with any account changes as well as specifics. It is a relief knowing I have full faith in Krista and can turn a blind eye to our account. I cannot tell you how many vendors/brokers I have to stay on top of and babysit to make sure our deadlines are met and to perform their job duties. Krista is a pleasure to work with and we look forward to working with her and TPS Group next year.
- Michael Panela
Highly impressed with their level of expertise and outstanding customer service.
I highly recommend TPS Group and their quality third-party administration for our 403(b) plan. During our long relationship with TPS Group, we have never failed to be impressed with their level of expertise and outstanding customer service. They keep their promises and it’s easy to work with them. Having our own rep Lauren McNabb is a plus!
- Don Senecal
"Answers All Of My Questions In A Clear Manner"
Our case administrator, Susan, has been absolutely wonderful and is a joy to work with. She is very knowledgeable, patient, answers all of my questions in a clear manner, and is professional.
- Kathy Townsend
They are a pleasure to work with and we highly recommend their services.
For many years we’ve relied on TPS Group’s extensive knowledge and industry expertise to keep us in compliance with state and federal regulations as well as changes in the law. Their attention to detail is just what we need to keep our business operations running smoothly. They are a pleasure to work with and we highly recommend their services.
- Dan Neal
Actuarial Consulting in Westbrook, ME 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 »
Defined Benefit Plans
A company retirement plan in which a retired employee receives a specific amount based on salary history and years of service and in which the employer bears the investment risk.
READ MORE »
Cash Balance Plans
A cash balance plan is a pension plan under which an employer credits a participant's account with a set percentage of his or her yearly compensation plus interest credits.
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 »Actuarial Consulting in Westbrook, ME Team Members
Actuarial Consulting in Westbrook, ME Resources
Internal Revenue Service (IRS)
- Federal tax laws, rules and forms
- Businesses and individuals
- Independent contractor rules for IRS
U.S. Department of Labor (DOL)
- Federal wage and hour law
- Exempt and non-exempt employee status
- Compliance assistance
- Independent contractor rules for DOL
Actuarial Consulting in Westbrook, ME Videos
Did You Know You Are a Fiduciary
Financial Wellness Is Essential to Saving for Retirement
Actuarial Consulting in Westbrook, ME Articles
Year-End Checkup: Are You On Track for Retirement Goals?
As the year draws to a close, it’s the perfect time to reflect on your financial health and ensure you’re on track to meet your retirement goals. A quick ...
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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
New Laws for 2022: Time to Look at your Handbooks!
Paid Leave Connecticut employers have been (or should have been) withholding a small percentage of employees’ salaries this year to contribute to the ...
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 ...
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 ...
Are You at Risk for a Lawsuit? How HR Analysis can Save Employers from Costly Litigation
The last thing that Eric needed was the news that a former employee had filed a lawsuit against his company alleging discrimination. The owner of a manufacturing ...
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 ...
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. ...
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 ...
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 ...
How the CARES Act Applies to Your Retirement Plan
This forwards automatically to the Employer Connect PDF with proper Q&A formatting.
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) ...
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 ...
How a Cash Balance Plan Works
How a Cash Balance Plan Works Each participant has a hypothetical account balance which grows annually in two ways: first, a principal credit, which is ...
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 ...
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 ...
"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 ...
