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!