Pros and Cons of Annuities vs. Lump Sum Payouts for Defined Benefit Plans

Posted on Jan 8, 2021

While the Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of millions of Americans by insuring certain private-sector pension plans, there are legal limits and restrictions. The PBGC does not guarantee it will cover 100% of the money workers were promised; payments are limited to set monthly maximums. Moreover, employers can and do terminate pension plans, and fewer and fewer companies these days offer traditional defined benefit plans at all.

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TPS Talks Newsletter | Nov/Dec 2020 | Issue 3

Posted on Dec 24, 2020

Inside This Issue: Holiday Message from Jim Cantey, Why Hire a 3(16) Fiduciary, CT Paid FMLA Starts 2021, Fresh Start for Your HR Department, Annual Census & Questionaries Stressing You?, Navigating guidance from three governmental bodies to ensure their clients are meeting their fiduciary responsibilities, Tips For Employers Tackling Post-Virus Telework Requests

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What Employers Need to Know about Cycle 3 Restatements

Posted on Dec 18, 2020

Every six years, the IRS requires employers to restate their qualified retirement plan documents to incorporate any recent legislative and regulatory changes that occurred since the documents were last rewritten. “Restating” is a complete rewrite of plan documents.

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Season’s Greetings from TPS Group

Posted on Dec 14, 2020

Each year during the holiday season, we take great pleasure in setting aside time from our regular work to send a heartfelt message to all our Friends and Associates. We hope this letter finds you, your teams, and your families safe and healthy.

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Top Fears of Employees Approaching Retirement

Posted on Nov 18, 2020

Even people who feel they’ve planned well and are ready to retire may experience some trepidation once they actually make the move.

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IRS Announces 2021 Cost of Living Adjustments to Various Retirement Plan Limits

Posted on Oct 28, 2020

View the 2021 vs. 2020 retirement plan limits for various types of plans, based on cost of living adjustments by the IRS.

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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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