“The relationship between TPS Group and our clients is a partnership. Each side is working together towards the same goal, which is to effectively manage a retirement plan based on its desired purpose. For different clients that may be maximizing deductible contributions, adjusting or enhancing existing plan structures as a competitive advantage to attract and retain employees, reducing costs and/or volatility, or working towards funding the plan for termination.”
Matthew Sicilia is a consulting actuary who joined TPS Group in 2010. Prior to joining TPS Group, he had over 10 years of experience in the pension field. He became an Enrolled Actuary in 2007, and is a Member of the American Academy of Actuaries. He has worked on plans ranging from 1 participant to over 10,000 participants. He consults on plan designs of both qualified and non-qualified plans. He also has significant testing experience, including but not limited to Internal Revenue Code (IRC) 416 top heavy testing, IRC 414(s) compensation testing, IRC 410(b) coverage testing, and IRC 401(a)(4) non-discrimination testing.
“I value my working relationships with my clients. I attempt to treat each one as my most important client. Setting realistic expectations and then exceeding those expectations is my goal.”
Sicilia anticipates continued growth in the number of small market defined benefit plans. With the Pension Protection Act of 2006 (PPA) approving cash balance plan designs, Sicilia expects a significant increase in these plans in the near future.
“Employers like cash balance plans because the contributions are generally less volatile than under more traditional annuity plans. Employees like cash balance plans because they are easier to understand (they have the look and feel of a 401(k) plan, but without the investment risk).”
Sicilia earned a Bachelor of Science in Business Administration with a Concentration in Applied Actuarial Mathematics from Bryant University in Smithfield, Rhode Island.
Related to: Third Party Administrator, TPA, Retirement Plan Consultant, Retirement Plan Design, Employer Retirement Plan Consulting, Actuarial Consulting, Pension Consultant, Actuarial Services, 401k TPA