The Shore Tompkins Blog
401(k) Plans
4 Retirement Proposed Legislation Changes
Whether you realize it or not, Congress often passes laws that impact your retirement plan. Recently, changes have been proposed to standing law that will impact how you manage your retirement plan(s) and remain in compliance. Be on the lookout for these changes and speak to our team right away if you have questions. #shoretompkins
5 Ways a TPA Outperforms Bundled Providers
5 Ways a TPA Outperforms Bundled Providers.
Setting up an employee retirement plan is common for businesses across America. You want your employees to feel valued, and contributing to their future retirement is a measure of goodwill you provide when they come aboard. However, your retirement plan must be managed properly, and it can be difficult to do all this work on your own.
Partnering with a TPA (third party administrator) gives you five major benefits, and each of them makes the choice easier for companies just like yours.
4 Reasons You Need a TPA
4 Reasons You Need a TPA
As your company juggles an array of issues from the core of the business to workers’ compensation, benefits, retirement packages, and much more, you need an advocate who can take one of these heavy (and complex) responsibilities off your plate.
Partnering with a third-party administrator (TPA) for your retirement plans get your business on the right track, offering four key benefits.
TPA vs Bundled: Pros and Cons of Managing Your Retirement Plan
TPA vs Bundled: Pros and Cons of Managing Your Retirement Plan
As an employer, you are tasked with providing your team with excellent benefits that both retain talent and offer real value. Retirement plans have always been an attractive employee benefit, but they have become even more important with the impact of the Great Resignation. When looking to offer retirement benefits to your employees, you may find that retirement plans get a little confusing since there are diverse ways to have your retirement plan service. You can choose from bundled services or working with a TPA (third-party administrator.)
Save Taxes and Accumulate Greater Wealth for Your Retirement
If you are a business owner or receive self-employment income as an independent contractor, you may be able to eliminate current taxes on a significant portion of your income and accumulate greater wealth for yourself and your family. Unlike certain, more traditional...
Which Retirement Plan is Better for Nonprofits: 401(k) or 403(b)?
SummaryBefore implementing a new retirement plan, nonprofits should work with a retirement plan professional who can help the organization navigate these questions. Doing so will help the nonprofit determine if the 401(k) or 403(b) plan is right for them. The above...
The SECURE Act of 2019
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into federal law. This is the most sweeping legislation affecting retirement plans since the Pension Protection Act passed in 2006. The FAQ below provides general...
The CARES Act: Coronavirus Aid Relief and Economic Security Act
We are all being impacted by the COVID-19 pandemic in one way or another, but many are already feeling the financial burdens associated with it. The CARES Act (Coronavirus Aid, Relief and Economic Security Act), signed into law on March 27, 2020, includes several...
State-Sponsored Retirement Programs—What Illinois Businesses Need to Know
For decades, businesses have been offering various types of retirement plans to help their employees save for retirement. These retirement plans follow federal laws and allow the business to take advantage of available tax deductions by rewarding their employees....
Sole Proprietors Should Know About Cash Balance Plans
Click above to see how much your company could benefit from a Cash Balance Plan. For sole proprietors, the top priority typically is winning new business while delivering great value to current customers. That daily "balancing act" can take so much of your time, it's...
Cash Balance Plans
Why Have Cash Balance Plans Become Such Popular Retirement Solutions?
Have you heard of Cash Balance retirement plans? You should! Cash Balance plans have become one of the fastest growing retirement plan design options in the last few years and one that investment advisors should add to their portfolio of retirement products. Why are...
Fiduciary Tips for Defined Benefit Plans – Part 2 – Selecting an Annuity Provider
As an executive with oversight responsibilities for a frozen pension plan you begin to see the light at the end of a long journey – plan termination is near or winding up. You climbed that mountain of pension liability, now fully funded through cash contributions,...
Fiduciary Tips for Defined Benefit Plans: Trust Eligible Expenses
Much has been written in recent years about fee transparency within retirement plans, with the overwhelming majority of the focus centered on defined contribution plans. This is a result of law changes aimed at getting record keepers and investment advisors to more...
Dynamic Asset Allocation for Pension Plans – The Best of Both Worlds
Today, there are two worlds of pension finance, the world of underfunded plans requiring careful cash planning and characterized by higher risk taking leading to more volatile financial statements, and the world of well-funded plans where even modest investment...
Other Retirement Plans
Fiduciary Tips for Defined Benefit Plans: Trust Eligible Expenses
Much has been written in recent years about fee transparency within retirement plans, with the overwhelming majority of the focus centered on defined contribution plans. This is a result of law changes aimed at getting record keepers and investment advisors to more...
Dynamic Asset Allocation for Pension Plans – The Best of Both Worlds
Today, there are two worlds of pension finance, the world of underfunded plans requiring careful cash planning and characterized by higher risk taking leading to more volatile financial statements, and the world of well-funded plans where even modest investment...
Benefits of Selling Cash Balance Plans (#4 of 4)
As explained in our previous post (#3 in this series), cash balance plans are often easier for business owners (your clients) to understand and offer more flexibility than many other types of retirement plans. And in our second post we clarified how cash balance plans...
Cash Balance Plans: More Understandable, Flexible than Traditional DB Plans (#3 of 4)
Updated 1/1/2019: In our previous post (#2 in this series) we looked at the wealth-accumulation advantages of cash balance plans. Discussing these advantages with business owners (your clients) is essential to selling a cash balance plan. But because clients “live...