Articles

Posted on Dec 12, 2018

While there are drawbacks and possible financial consequences, borrowing from your 401(k) may make sense if you have a financial crisis that cannot be resolved in any other way. You may also determine that an investment such as tuition for an advanced degree or a down payment for a house is worth the downside of taking out a 401(k) loan

Posted on Nov 19, 2018

Many employees don’t contribute enough to their 401(k) to take full advantage of their employer’s matching contribution. Are you one of them?

Posted on Oct 30, 2018

Don't Miss This Opportunity! TPS Group "Hot Topics in HR" Complimentary Seminar-November 13, 2018. You are invited to a complimentary seminar and brunch buffet sponsored by TPS Group. Our team of experts will cover trending topics in areas of Human Resources. This seminar is designed to assist our valued clients and advisor community with current challenges in managing human resources.

Posted on Oct 25, 2018

Does Plan Administration Take Up Too Much of Your Time and Resources? With TPS 3(16) Service, LLC as the 3(16) fiduciary, employers can rest easy knowing that all plan decisions are made in the best interest of the participants.

Posted on Oct 18, 2018

As we approach Halloween, let’s take a look at a real nightmare of a topic. While the consequences of rehiring an employee may not be comparable to Michael Myers stalking you, it can raise a new set of concerns you may not have expected. In addition, the rules relating to rehires can be very complicated to navigate. We’re here to help you understand these complex rules. Whatever you do, don’t let rehire issues sneak up on you in the dark

Posted on Oct 11, 2018

For the 401(k) fiduciary, the importance of timely salary deferral deposits cannot be overstated. An employer that fails to remit employee contributions each pay period (or within the required time frames) runs the risk of penalties and fines.

Posted on Aug 20, 2018

Education for plan participants on account security is also important. Plan participants should check their retirement accounts often to ensure accuracy of their balance, address, and other identifying information.

Posted on Jul 9, 2018

The Davis-Bacon Act is a federal prevailing wage law governed by the Department of Labor that applies to contractors and subcontractors who perform work on government projects in excess of $2,000 for construction, repair, or alteration. Laborers and mechanics employed on the project job site must be paid the prevailing wage rate, including fringe benefits. The Davis-Bacon and Related Acts (DBRA) are intended to level the playing field between bids submitted by open shops and union shops.

Posted on Jun 7, 2018

Health Savings Accounts (HSAs) offer significant tax advantages and can be an effective way to cover health care costs in retirement. By law, HSAs are available to individuals who enroll in a qualified high deductible health plan (HDHP), are not enrolled in Medicare or covered by another health plan, and who are not claimed as a dependent on someone else’s federal tax return.

Posted on May 17, 2018

Advisors look to The Pension Service and often depend on them to be knowledgeable about retirement planning tools and resources. Given our 50+ years in business, we are very familiar with the tools and resources offered by many of the 401(k) record-keepers in the industry.