Employers: Now’s the Time to Act!

Posted on Sep 15, 2023

If you’re an employer with a SIMPLE IRA plan and want to switch to a 401(k) profit-sharing plan by January 1, 2024, you must notify employees by November 1, 2023. A 401(k) profit-sharing plan offers discretionary contribution employer matches or profit-sharing each year, with the amount determined by the company's financial wellness.

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Two-Year Delay Roth Catch-Up Contribution Provision

Posted on Aug 28, 2023

This two-year transition period gives employers, sponsors, and record-keepers more time to prepare, especially for those employers who do not currently allow Roth deferrals in their retirement plans.

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Understanding Retirement Catch-Up Contributions in 2024

Posted on Aug 25, 2023

The SECURE 2.0 Act, implemented in December 2022, introduces changes to retirement savings catch-up contributions, allowing Americans over 50 to contribute more to their 401(k) accounts, with special provisions in 2024 for high-earners to make Roth contributions and a new contribution limit in 2025 for those aged 60-63. These catch-up contributions aim to help older Americans bridge the gap in their retirement savings.

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Investing in Tomorrow: The Indispensable Role of Retirement Savings

Posted on Jul 21, 2023

Saving for retirement is not just a prudent financial choice but an essential one for most Americans. Social Security is a safety net but is not meant to be the sole support for people when they retire, and the monthly benefits may not be enough to maintain a desired standard of living. Personal savings, investments, and employer-sponsored retirement plans such as 401(k)s ensure a more secure and comfortable retirement.

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The Road to Retirement Security: Small Changes for Big Gains

Posted on Jun 21, 2023

This article emphasizes the importance of retirement savings and suggests methods to augment them, such as creating a realistic budget, automating contributions from paychecks, and taking full advantage of employer-matching contributions. It also advises individuals to make small financial changes and take advantage of the power of compound interest to secure a comfortable retirement.

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The Importance of Financial Wellness Education in the Workplace

Posted on May 10, 2023

Money is a leading cause of stress for many Americans, even those considered wealthy. Research shows that people worry about retirement savings, college tuition expenses, student loans, health care costs, credit card debt, and the ability to cover the monthly rent or mortgage payment. Employers are recognizing that these financial stressors can have a negative impact on employee productivity and overall well-being.

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Why You Should Consider an Unbundled Retirement Plan Solution

Posted on Apr 16, 2023

Learn the benefits of an unbundled retirement plan over a bundled plan. Unbundled plans offer tailored services, open architecture for investment options, and personalized customer service, whereas bundled plans are standardized with limited investment options. Employers looking for flexibility, choice, quality, and customer service should consider an unbundled retirement plan.

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Defined Benefit Plans Are Not Extinct

Posted on Mar 7, 2023

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 whether a defined benefit plan would benefit you as a business owner and help you meet your tax and savings goals. Generally, the employer makes the most contributions in a defined benefit plan, although sometimes voluntary contributions by employees are permitted or required.

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Secure Act 2.0: What You Need to Know

Posted on Mar 2, 2023

Learn about the key provisions of the SECURE Act 2.0, a new legislation that aims to expand access to retirement savings and simplify plan administration for employers. Discover how TPS Group's mission aligns with this legislation to promote a secure financial future for all.

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What Employers Should Know About Safe Harbor 401(k) Plans

Posted on Feb 13, 2023

This article explains the difference between a traditional 401(k) and a safe harbor 401(k) plan. A safe harbor 401(k) plan offers benefits for business owners and employees as it is not subject to annual nondiscrimination testing and employees are immediately vested when employer contributions are made. Employers must make mandatory contributions and there are different types of safe harbor plans to choose from.

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