Articles

Posted on Dec 21, 2021

As another challenging year comes to an end, we hope this letter finds you, your teams, and your families safe and healthy. During this season, we reflect on the good things we have…not only our continued partnership, but friendship, for which, as always, we are so grateful. TPS Group looks forward to building new partnerships in the coming year.

Posted on Nov 16, 2021

A cash balance plan is an employer-sponsored defined benefit plan that can be created by any business entity including Corporations, LLCs, Partnerships, and Sole Proprietorships. They are an efficient way for business owners and key executives to build large retirement assets and gain certain tax advantages.

Posted on Oct 29, 2021

High-deductible health plans (HDHPs) paired with health savings accounts (HSAs) have become more a more common offering by employers and increasingly popular with employees, particularly younger workers.

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.

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.

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.

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.

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?

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.

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