TPS Talks Newsletter | Sept/Oct 2020 | Issue 3

Posted on Oct 22, 2020

Important updates from your 401(k), actuarial, HR, payroll, and group medical experts.

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The Impact of COVID-19 on Employees’ Retirement Savings

Posted on Oct 20, 2020

The coronavirus pandemic has had a major economic impact across many industries, causing layoffs, furloughs, and widespread unemployment. A report released in May 2020 by the Transamerica Center for Retirement Studies presents an unsettling picture of what this means for the retirement prospects of three generations in the workforce: Baby Boomers, Generation X, and Millennials.

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From Office to Zoom: Managing Remote Employees

Posted on Oct 1, 2020

The coronavirus pandemic has forced many businesses to allow employees to work from home. For managers and company leaders, managing a remote workforce presents a number of challenges and often requires a willingness to adopt new cultural norms. It may also require an updating or revamping of company HR policies.

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Performance Development vs Performance Management: Is it Time for a Change?

Posted on Sep 4, 2020

Few employees haven’t experienced the dread of the annual performance review, often tied to a merit increase. Moreover, managers dislike doing these reviews too. Study after study shows that a majority of employees believe that performance reviews fail to motivate or inspire them, or even improve performance. Yet it costs companies significant time and money to perform these evaluations, often with little to show for it.

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Why Your Company should Hire a 3(16) Fiduciary

Posted on Aug 7, 2020

Hiring a 3(16) fiduciary relieves you of the burden of managing the many day-to-day administrative tasks associated with the 401(k) plan, reduces your liability and the risk of an audit, and enables your HR staff to focus on their own responsibilities.

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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 2020 | 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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