Creative Plan Design
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 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!
Related to: Third Party Administrator, TPA, Pension Plan Design Consultant, Retirement Plan Consultant, 401k Plan Assistance, Retirement Plan Design, Actuarial Consulting, Pension Consultant, 401k Plan Consultant, 401k TPA
Creative Plan Design FAQs
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.
The Latest News
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Posted on Apr 17, 2019
You’ve likely heard about a decline in the number of Defined Benefit plans. But the reality is a DB plan is still a
great tax and retirement savings vehicle that can produce superior retirement outcomes for the right client. Are
you one? »
The Cost of Aging: Are You Ready?
Posted on Apr 3, 2019
Navigating the maze of long term care options can be confusing, but planning far in advance, ideally with the help of professionals such as elder law attorneys, financial advisors, and geriatric case managers, can prevent a great deal of hardship later on. »
Cash Balance Plans Allow Six Figure Annual Contributions
Posted on Mar 28, 2019
Most people can contribute to their 401(k) without worrying about exceeding the annual contribution limit. If
you’re under 50 years old, that’s $19,000 a year. If you’re 50 or older, it’s $25,000.
But a small and important segment of the population has the ability– and desire –to contribute significantly more
to their retirement account. If you’re looking to save even more on taxes and put up to six figures per year into
your retirement account, a Cash Balance plan may be the right choice. »