Creative Plan Design in Lackawanna, NY
At The Pension Service, we are committed to provide the highest quality actuarial, consulting and retirement plan administration services by listening carefully and being responsive with creative solutions that meet the unique needs and objectives of our clients.
At The Pension Service, we are committed to provide the highest quality actuarial, consulting and retirement plan administration services to companies in Lackawanna, NY by listening carefully and being responsive with creative solutions that meet the unique needs and objectives of our clients. One of the ways we do this is by utlizing our talented in-house actuarial staff to design sophisticated plan designs to better satisfy the retirement needs of our clients.
The TPS Group Difference
- Local expertise.
- Comprehensive Plan design services to determine the best plan(s) for the client.
- Available to attend meetings to further explain these plan designs to the client.
- Enrollment support.
- Customized service support and state of the art systems.
- Streamlined integration and transfer of money.
Fundamental Questions to Design Your Plan
QUESTION #1: Whom do you want in the plan and when?
- Minimum Age: Age 21 or less
- Maximum Service: 1 year or less, unless Profit Sharing only; 2 years or less
- Exclusions: Union, Nonresident alien, leased employees
- Entry Dates: Immediate, Monthly, Quarterly, Semi-Annual – January 1 or July 1
QUESTION #2: What are the sources of money and who receives it?
- 401(k) Pre-Tax or ROTH Post-Tax Salary Deferral
- Safe Harbor Match (Basic and Enhanced)
- 3% Safe Harbor Non-Elective
- Additional Match
- Profit Sharing Contribution
- Other Employer Contribution (Cash Balance Pension Plan)
QUESTION #3: Who can access the money and when?
- Financial Hardship
- In-Service withdrawal at age 59½ or Normal Retirement Age
QUESTION #4: How to invest the money?
- Participant vs. Trustee directed
Through plan designs such as safe harbor plans, new comparability profit sharing plans, defined benefit and cash balance plans, we can help find a solution that is right for you.
Call us at 855-828-2229 or contact us to learn more about our creative retirement plan design services in Lackawanna, NY!
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Further Reading: Creative Plan Design
- How the CARES Act Applies to Your Retirement Plan
- Compliance Dates & Deadlines
- Cash Balance Plan Presentation
- Creative Plan Design Presentation
- Action Doc: Advantages of an Unbundled Platform
- Action Doc: Aligning Plan Design with Your Goals
- Action Doc: Defined Benefit Plans Are Alive and Well
- Action Doc: Did You Know You Are a Fiduciary
- Action Doc: Financial Wellness Is Essential to Saving for Retirement
- Action Doc: Maximizing a Business Owners Retirement Benefit
- Action Doc: To Roth or Not to Roth
- Action Doc: Understanding Plan Audits
- Nonqualified Deferred Compensation Plans 457(b) & 457(f)
- IRC 457(b) Deferred Compensation Plans
- Non-Governmental 457(b) Deferred Compensation Plans
- How a Cash Balance Plan Works
- 401(k) Plan Checklist
- Action Doc: Your World Evolves and Your Retirement Plan Should, Too
- Action Doc: It’s Time to Restate Your Defined Benefit Plan Document
- SECURE Act: Making it Actionable
Creative Plan Design Videos
Aligning Plan Design with Your Goals
SECURE Act - Setting Every Community Up for Retirement Enhancement.
Frequently Asked Questions
A Roth 401(k) is an increasingly popular option within a 401(k) plan that represents a combination of features of the Roth IRA and a traditional 401(k) plan. In a traditional 401(k), you contribute income pre-tax, and then pay taxes on the funds when you withdraw them during retirement.
By offering a Roth 401(k) option, employees can elect to pay the taxes upfront allowing them to make withdrawals tax-free during their retirement.
Under the Roth 401(k), employees may contribute funds on a post-tax elective deferral basis, in addition to, or instead of, pre-tax elective deferrals under their traditional 401(k) plans.
U.S. Department of Labor (DOL)
- Federal wage and hour law
- Exempt and non-exempt employee status
- Compliance assistance
- Independent contractor rules for DOL
U.S. Bureau of Labor Statistics (BLS)
Labor statistics & wage data
Internal Revenue Service (IRS)
- Federal tax laws, rules and forms
- Businesses and individuals
- Independent contractor rules for IRS
Employee Benefits Security Administration
Benefit plan compliance and assistance (health and retirement) COBRA HIPPA
401k and Retirement Plan Limits for the Tax Year 2019
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS issued technical guidance detailing these items in Notice 2018-83.
We look forward to working with TPS Group next year
As another year ends, I want to express my sincere gratitude and appreciation to you and TPS Group for assigning us Krista Blier. Krista provides exceptional customer service and has been a major asset to me and Lynch, Traub, Keefe & Errante, P.C. She is extremely knowledgeable and always accessible. Always on top of the RMD’s, giving me an explanation on form 5500-SF to present to Mr. Keefe & keeping us updated with any account changes as well as specifics. It is a relief knowing I have full faith in Krista and can turn a blind eye to our account. I cannot tell you how many vendors/brokers I have to stay on top of and babysit to make sure our deadlines are met and to perform their job duties. Krista is a pleasure to work with and we look forward to working with her and TPS Group next year.
- Michael Panela
Highly impressed with their level of expertise and outstanding customer service.
I highly recommend TPS Group and their quality third-party administration for our 403(b) plan. During our long relationship with TPS Group, we have never failed to be impressed with their level of expertise and outstanding customer service. They keep their promises and it’s easy to work with them. Having our own rep Lauren McNabb is a plus!
- Don Senecal
"Extremely Helpful to Our Business"
Malinda deserves special recognition. She is prompt, courteous, and professional. We find her to be extremely helpful to our business.
- Angela Simino
"Wonderful To Work With"
My go to professional is Des. A wonderful person to work with. We can count on him to handle all of our needs.
- Andrea Blakeslee
"Answers All Of My Questions In A Clear Manner"
Our case administrator, Susan, has been absolutely wonderful and is a joy to work with. She is very knowledgeable, patient, answers all of my questions in a clear manner, and is professional.
- Kathy Townsend
Extremely Valuable to Myself and Our Company
Kathleen has helped me gather info and understand text so many times and is extremely valuable to myself and our company.
- Elizabeth Robison
Very Responsive And Clear To Requests And Questions
Our service representative, Carol, is outstanding and very responsive and clear to requests and questions. Very professional yet pleasant.
- Jane Surmecewicz
They are a pleasure to work with and we highly recommend their services.
For many years we’ve relied on TPS Group’s extensive knowledge and industry expertise to keep us in compliance with state and federal regulations as well as changes in the law. Their attention to detail is just what we need to keep our business operations running smoothly. They are a pleasure to work with and we highly recommend their services.
- Dan Neal
TPS filled in the gaps within our small HR department
Working with Kim and her talented team helped us fill in the gaps within our small HR department. I strongly recommend TPS for HR tasks that don’t warrant hiring a full-time team. Thanks again Kim!
- Jake F
Knowledge and Expertise
Excellent customer service can be hard to find, but not with TPS Group! I know when I do business with Phil Coco, I can expect a quick response. I rely on his knowledge and expertise, and highly recommend TPS Group for their pension services.
- Mark Catullo
Dependable, experienced, and professional
Dependable, experienced, and professional, our TPS Group recruiter was an invaluable resource, helping us locate and vet quality talent.
- Tyler R. Vunk