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
"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
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
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
Pension Consultant Services
Here at The Pension Service, we understand Retirement Plans and the importance that they play within your company; for both you and your employees. TPS Group works with businesses like yours to help achieve long-term success. The Pension Service will help you design a 401(k) Program that your employees can easily understand and feel confident participating in.READ MORE »
A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan or tax deferred annuity (TDA), is a retirement plan for employees of certain tax-exempt organizations, employees of public schools, and certain ministers. The plan can take the form of an annuity contract, a retirement account set up for church employees, or a custodial account invested in mutual funds. Individuals cannot set up their own 403(b) accounts; only employers can, and there are several ways in which contributions can be made. Elective deferrals are contributions made under a salary reduction agreement, which allows the employer to withhold money from the employee’s paycheck to be directly deposited into the 403(b) account. Non-elective contributions include employer contributions which may be matching, discretionary, or mandatory contributions. Some plans allow participants to make after-tax contributions, which are not excluded from income and cannot be deducted on the participant’s tax return. For 2019, the limit on elective deferrals has increased from $18,500 to $19,000. The limit on annual additions in 2019 is increased from $55,000 to $56,000. Basically, total employee and employer contributions made to an account can’t exceed the lesser of $56,000 or 100% of includible compensation. Catch-up contributions, if allowed by the plan, can be made by participants who reach age 50 or older by the end of 2019. The maximum amount of catch-up contributions is $6,000 for 2019. An employee who has worked for a qualified organization for 15 or more years may be able to make additional contributions of up to $3,000 for up to five years, provided certain requirements are met. Benefits: As with other tax-deferred retirement plans, participants do not pay income tax on allowable contributions until they make withdrawals from the plan, usually at retirement age. (This does not apply to contributions made to a Roth contribution program, in which participants pay income tax on contributions to the plan, but distributions are tax-free as long as certain requirements are met.) Earnings and gains on amounts in the 403(b) account are not taxed until they are withdrawn. (Again, with a Roth account, these earnings are not taxed if withdrawals are qualified distributions.) Participants who contribute to their account may also be eligible for the Retirement Savings Contributions Credit depending on their adjusted gross income level. Withdrawals: In general, the same tax rules apply to distributions from 403(b) plans that apply to other retirement plans. Distributions cannot be made until the employee reaches age 59 ½ or has a severance from employment, dies, becomes disabled, encounters financial hardship, or has a qualified reservist distribution. Unless certain conditions are met, distributions before age 59 ½ are subject to regular income tax and an additional 10% tax penalty.READ MORE »
MEP Retirement Plans
Managing a retirement plan for your company shouldn’t be a burden. When you enroll in The Multiple Employer Plan from The Pension Service you benefit from the support of a company with 50 years of experience in administering retirement plans for businesses just like yours.READ MORE »
Profit Sharing Plans
TPS Group offers the expertise needed to develop and implement a Profit Sharing Plan that is tailor fit to your business. As with 401(k) plans, you can make a profit-sharing plan as simple or as complex as you want. A profit-sharing plan is available for a business of any size, and it can be established even if a company already has other retirement plans.READ MORE »
Public Works Plans
A simple, low cost, innovative approach to Prevailing Wage Law Compliance. Our program offers an easy to understand solution that satisfies DOL requirements, while providing an open shop contractor the opportunity to not only lower their expenses, but reduce their liability.READ MORE »
Pension Consultant Team Members
Partner and Vice-President
Vice-President of Sales and Marketing
Vice President - Defined Contribution Department
Vice President & Consulting Actuary
Vice President, Pension Plan Design and Consulting
Defined Contribution Manager, Westbrook, ME location
Defined Contribution Manager, Buffalo NY location
Sales Consultant, Buffalo, NY Location
Pension Consultant Resources
U.S. Department of Labor (DOL)
- Federal wage and hour law
- Exempt and non-exempt employee status
- Compliance assistance
- Independent contractor rules for DOL
Internal Revenue Service (IRS)
- Federal tax laws, rules and forms
- Businesses and individuals
- Independent contractor rules for IRS
Pension Consultant Frequently Asked Questions
Q: What types of Pension Consultation Services are most commonly requested?
Employers typically seek Pension Consultation Services in the following areas:
- Controlled Group analysis
- Corrective processing consultation
- ERISA, DOL, IRS compliance
- DOL/IRS audit support
- Analyze legislation affecting plan design and operation
- VCP and VFCP filings
- Plan Document and Compliance Consultation
Pension Consultant Articles
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"Hot Topics in HR" Complimentary Seminar
Don't Miss This Opportunity! "Hot Topics in HR" Complimentary Seminar November 13, 2018 You are invited to a complimentary seminar and brunch buffet ...
Salary Deferral Deposits: Avoiding Fiduciary Violations
For the 401(k) fiduciary, the importance of timely salary deferral deposits cannot be overstated. An employer that fails to remit employee contributions ...