Defined Benefit plans provide a fixed, pre-established benefit for employees at retirement. Substantial benefits can be provided and accrued within a short period of time. Employers can generally contribute (and therefore deduct) more each year than in defined contribution plans.
Defined Benefit Plans
A company retirement plan in which a retired employee receives a specific amount based on salary history and years of service and in which the employer bears the investment risk.
A retired employee receives a specific amount based on salary history and years of service.
Further Reading: Defined Benefit Plans
- CARES Act Summary-TPS Group
- How the CARES Act Applies to Your Retirement Plan
- Action Doc: Aligning Plan Design with Your Goals
- Action Doc: Defined Benefit Plans Are Alive and Well
- Action Doc: Did You Know You Are a Fiduciary
- Action Doc: Financial Wellness Is Essential to Saving for Retirement
- Action Doc: Understanding Plan Audits
- New Pension Legislation Passes
- Action Doc: Your World Evolves and Your Retirement Plan Should, Too
- Action Doc: It’s Time to Restate Your Defined Benefit Plan Document
Defined Benefit Plans Videos
It’s Time to Restate Your Defined Benefit Plan Document
SECURE Act - Setting Every Community Up for Retirement Enhancement.
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
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
Very Responsive And Clear To Requests And Questions
Our service representative, Carol, is outstanding and very responsive and clear to requests and questions. Very professional yet pleasant.
- Jane Surmecewicz
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
TPS filled in the gaps within our small HR department
Working with Kim and her talented team helped us fill in the gaps within our small HR department. I strongly recommend TPS for HR tasks that don’t warrant hiring a full-time team. Thanks again Kim!
- Jake F
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
Dependable, experienced, and professional
Dependable, experienced, and professional, our TPS Group recruiter was an invaluable resource, helping us locate and vet quality talent.
- Tyler R. Vunk
The Latest News
CEFEX, Centre for Fiduciary Excellence, LLC, has renewed the certification of TPS Group
Posted on May 27, 2020
CEFEX, Centre for Fiduciary Excellence, LLC, has renewed the certification of TPS Group, headquartered in North Haven, CT as adhering to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Retirement Plan Service Providers. »
May is Mental Health Awareness Month
Posted on May 13, 2020
May is Mental Health Awareness Month. Nearly 450 Million people worldwide are currently living with some level of mental illness including anxiety, depression and other mental health disorders. Unfortunately, only 1/3 of people with a known mental health issue ever seek treatment. »
Handling Missing or Unresponsive Plan Participants: Tips for Fiduciaries
Posted on May 7, 2020
Missing or unresponsive retirement plan participants pose a challenge for plan sponsors, who have a fiduciary responsibility under ERISA to locate them and pay benefits. In some cases, plan sponsors have the contact information for plan participants, but these individuals - for whatever reason - ignore communications and fail to start their earned benefits at retirement age. »