Retirement Plan Consultants (TPA Services) in Western NY

Creative Plan Design in Western 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 Western 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?

• Loans
• Financial Hardship
• In-Service withdrawal at age 59½ or Normal Retirement Age
• Death
• Disability

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. 

• Read more about our Creative Plan Design services here.

Call us at 855-828-2229 or contact us to learn more about our creative retirement plan design services in Western NY!

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Frequently Asked Questions

What is a Roth 401(k) Plan?

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.  

Resources

Internal Revenue Service (IRS)

• Federal tax laws, rules and forms
• Businesses and individuals
• Independent contractor rules for IRS

U.S. Department of Labor (DOL)

• Federal wage and hour law
• Exempt and non-exempt employee status
• Compliance assistance
• Independent contractor rules for DOL

Employee Benefits Security Administration

Benefit plan compliance and assistance (health and retirement) COBRA HIPPA

U.S. Bureau of Labor Statistics (BLS)

Labor statistics & wage data