Plan Fiduciary Services and Why They Matter

Posted on Jul 17, 2020

You may not recognize that, as a sponsor of a qualified retirement plan, you have a very important fiduciary role based on your control and authority over the administration of your plan . In your capacity as fiduciary to your plan, you have a variety of specific responsibilities you must manage– or –outsource to a professional, qualified third party.

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Pros and Cons of CARES Act Retirement Account Withdrawals

Posted on Jul 7, 2020

The CARES Act, signed into law in March 2020, provides a unique opportunity for people impacted by COVID-19 to access their retirement funds up until December 31 of this year with less financial penalty than usual. Qualified individuals may withdraw up to $100,000 in coronavirus-related distributions without incurring the 10% premature distribution tax.

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TPS Talks Newsletter | Apr. - May Issue 1

Posted on Jul 1, 2020

Important updates from your 401(k), Actuarial, Human Resources, Payroll and Group Medical experts

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Paying Fees From Plan Assets

Posted on Jun 20, 2020

COVID-19 is obviously causing financial stress and, when it comes to your qualified retirement plan, you may be looking for ways to reduce expenses. You have the option to use plan assets to pay some plan expenses, as long as you follow Department of Labor and IRS rules.

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What should I do if my employees are making more money on unemployment and don’t want to return to work?

Posted on Jun 17, 2020

A provision in the CARES Act provides unemployed workers with a $600 weekly federal unemployment benefit on top of state unemployment benefits. In some cases, the additional $600 per week is worth two to three times as much as the weekly benefit offered by states.

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Can an Employee Take FMLA Leave During a Furlough?

Posted on Jun 13, 2020

During a furlough, an employee remains employed and usually remains eligible for benefits (depending on the terms of the employer’s policies and plan documents). Employees are not eligible to take FMLA during a furlough as there is no work schedule from which to take FMLA leave.

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COVID-19 and Workplace Stress: Tips for Managers and Leaders

Posted on Jun 4, 2020

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 customers. It’s no secret that the pandemic has caused stress and wreaked havoc on many people’s mental health. Social isolation, school closures, unemployment, and other disruptions have increased levels of stress and anxiety for many.

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CEFEX, Centre for Fiduciary Excellence, LLC, has renewed the certification of TPS Group

Posted on May 27, 2020

CEFEX, Centre for Fiduciary Excellence, LLC, has renewed the certification of TPS Group, headquartered in North Haven, CT as adhering to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Retirement Plan Service Providers.

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May is Mental Health Awareness Month

Posted on May 13, 2020

May is Mental Health Awareness Month. Nearly 450 Million people worldwide are currently living with some level of mental illness including anxiety, depression and other mental health disorders. Unfortunately, only 1/3 of people with a known mental health issue ever seek treatment.

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Handling Missing or Unresponsive Plan Participants: Tips for Fiduciaries

Posted on May 7, 2020

Missing or unresponsive retirement plan participants pose a challenge for plan sponsors, who have a fiduciary responsibility under ERISA to locate them and pay benefits. In some cases, plan sponsors have the contact information for plan participants, but these individuals - for whatever reason - ignore communications and fail to start their earned benefits at retirement age.

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