Articles

Posted on Jan 29, 2022

When a 401k plan includes a Roth option, participants who are eligible to make traditional pre-tax 401k deferrals are also eligible to make Roth after-tax 401k deferrals.

Posted on Jan 14, 2022

In the fourth edition of the Phishing and Fraud Report, it was discovered that phishing incidents rose 220% during the height of the global pandemic compared to past yearly averages.

Posted on Jan 11, 2022

If you make contributions to the Plan or to an IRA, you may be eligible for a tax credit, called the “saver’s credit.” This notice explains how you may be able to pay less tax by contributing to your Employer’s Plan or to an individual retirement arrangement (“IRA”).

Posted on Dec 30, 2021

What's inside this issue? A Message from TPS Group's President, Is Your Organization Safe from Email Attacks?, Maximum Contribution & Benefit Limits for 2022, Finding Missing Participants, The Census & Questionnaire, Who? Why? What?, A Quick Review On Fidelity Bond Requirements, New Laws for 2022 - Time to Look at Your Handbooks!

Posted on Dec 28, 2021

A required minimum distribution, or RMD, is the minimum amount that must be withdrawn each year from a retirement account such as an IRA, 401(K), 403(B) or other retirement plan. Before the SECURE Act took effect in December 2019, age 70 ½ was the RMD age. Now, it is age 72 for individuals who turned 70 ½ in calendar year 2020.

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.