Retirement Plan Design

At TPS Group, we offer all of the services you need to simplify the management of your company retirement plan and to maintain compliance.

TPS Group is a Third Party Retirement Administrator (TPA) committed to your company's success.

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.

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. 


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.

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.

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.

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.

We offer a variety of retirement plans for businesses of all sizes.

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.