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.
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
- SECURE 2.0: Key Provisions
- Choosing A Retirement Plan For Your Small Business
- Cash Balance Plan Presentation
- Creative Plan Design Presentation
- Action Doc: Aligning Plan Design with Your Goals
- Action Doc: Defined Benefit Plans Are Alive and Well
- CARES Act Summary-TPS Group
- How the CARES Act Applies to Your Retirement Plan
- 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.
We look forward to working with TPS Group next year
As another year ends, I want to express my sincere gratitude and appreciation to you and TPS Group for assigning us Krista Blier. Krista provides exceptional customer service and has been a major asset to me and Lynch, Traub, Keefe & Errante, P.C. She is extremely knowledgeable and always accessible. Always on top of the RMD’s, giving me an explanation on form 5500-SF to present to Mr. Keefe & keeping us updated with any account changes as well as specifics. It is a relief knowing I have full faith in Krista and can turn a blind eye to our account. I cannot tell you how many vendors/brokers I have to stay on top of and babysit to make sure our deadlines are met and to perform their job duties. Krista is a pleasure to work with and we look forward to working with her and TPS Group next year.
- Michael Panela
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
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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
Employers: Now’s the Time to Act!
Posted on Sep 15, 2023
If you’re an employer with a SIMPLE IRA plan and want to switch to a 401(k) profit-sharing plan by January 1, 2024, you must notify employees by November 1, 2023. A 401(k) profit-sharing plan offers discretionary contribution employer matches or profit-sharing each year, with the amount determined by the company's financial wellness. »
Two-Year Delay Roth Catch-Up Contribution Provision
Posted on Aug 28, 2023
This two-year transition period gives employers, sponsors, and record-keepers more time to prepare, especially for those employers who do not currently allow Roth deferrals in their retirement plans. »
The Road to Retirement Security: Small Changes for Big Gains
Posted on Jun 21, 2023
This article emphasizes the importance of retirement savings and suggests methods to augment them, such as creating a realistic budget, automating contributions from paychecks, and taking full advantage of employer-matching contributions. It also advises individuals to make small financial changes and take advantage of the power of compound interest to secure a comfortable retirement. »