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, 403b TPA, Safe Harbor
Further Reading: Creative Plan Design
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.
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
"Wonderful To Work With"
My go to professional is Des. A wonderful person to work with. We can count on him to handle all of our needs.
- Andrea Blakeslee
"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
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