Cycle 3 Restatements: Here’s What You Need to Know

Posted on Sep 16, 2021

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.” For defined contribution plans, the most recent restatement cycle (called Cycle 3) opened on August 1, 2020 and will close on July 31, 2022.

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Going Paperless with Retirement Plans

Posted on Aug 23, 2021

Is the move to more virtual technology the right course of action? In making the decision for e-delivery, it’s important for plan sponsors to weigh cost savings with cybersecurity risks and the technical capabilities of employees.

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New IRS Rules to Correct Plan Failures

Posted on Jul 23, 2021

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 of significant operational failures from two to three years. Rev. Proc. 2021-30 also has a series of updates that include two new benefit overpayment correction methods.

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Are You at Risk for a Lawsuit? How HR Analysis can Save Employers from Costly Litigation

Posted on Jun 10, 2021

Outsourcing HR functions helps mitigate employee lawsuits, streamlines business functions, hiring and onboarding, and frees up time. Most importantly, HR experts stay on top of legal requirements and ensure compliance with myriad state and federal laws and regulations.

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What are the Best States for Retirement?

Posted on May 13, 2021

There are many factors to take into account when deciding where to retire. Proximity to family, climate, taxes, affordability, quality of life, crime rate, and medical care are just some of the considerations. What are your priorities?

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How COVID has Impacted Retirement Readiness

Posted on Apr 16, 2021

Besides dipping into emergency savings, millions of Americans are decreasing their retirement plan contributions, taking loans from their retirement accounts, and withdrawing retirement savings prematurely.

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TPS Group Latest Newsletter: January - March 2021 (Volume 5)

Posted on Mar 31, 2021

What's inside this issue? Top Fears Of Employees Approaching Retirement; What Employers Need To Know About Cycle 3 Restatements Should Hire a 3(16) Fiduciary; Financial Wellness and Emergency Savings; Plan Fiduciary Explained; Trends for 2021 Comments from Our HR Consultants

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Financial Wellness and Emergency Savings

Posted on Mar 1, 2021

Achieving financial wellness means different things to different people. But besides contributing to a retirement plan and paying down credit card debt, creating an emergency savings account is an important part of financial planning.

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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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