Blog

No, that’s not a typo. 2022. As you’re sticking to your 2023 goals and resolutions, it’s always good to reflect back on 2022. If you are anything like us, there’s probably a few things you wish you had done a little differently. Whether you wish you’d eaten a little healthier, didn’t have quite as many...
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Quiz Which type of fiduciary manages plan administrative tasks/compliance? A. 3(21) fiduciary B. 3(38) fiduciary C. 3(16) fiduciary D. None of the above Sorry, that’s incorrect. Try again! Thats Correct! Learn more about this type of fiduciary and why it is important here.TRUE OR FALSE: Employers can still reduce 2022 taxes in 2023 by establishing...
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The snow is falling (maybe… depending on where you live), holiday tunes (whichever holidays you might ascribe to at this time of year) are playing softly, and the smell of cookies is wafting through the air. Ahhhh December: the coziest (in my opinion) month of the year. It’s also, appropriately, National Cookie Cutter Month. And...
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At EGPS, our greatest asset is our people. We have an amazing team of retirement plan professionals, from Enrolled Actuaries to ERISA compliance experts to analytics gurus to administrative whizzes and more. Our people have a passion for problem solving and finding solutions that help our partners and clients build their goals and dreams. We...
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Depending on your age, Step by Step by New Kids on the Block might be stuck in your head right now. Or maybe your mind went to the 90s sitcom on ABC. Our mind went where it always is: retirement. Helping Americans save, step by step, and finding the best solutions for participants and business...
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The case of the real estate broker and lasting success Plan Sponsor Scenario The owner of a family real estate business was nervous to set up a cash balance plan due to the high, consistent profit patterns required and fear of the future unknowns. He was unsure about the large contribution commitment and didn’t think...
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Making tedious retirement tasks vanish with 3(16) fiduciary services For some reason, the circus has always freaked me out. Maybe it’s the wide variety of spooky movies featuring circus characters. Maybe it’s my fear of heights (please don’t die, tight-rope walker) or how hot and stuffy the circus tents always felt to me. And don’t...
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If you’re located on the east or west coast, you might be familiar with the retirement plan experts we interview in this blog post. Meet Tali Vaughn and Laura Grassi, some of our amazing Regional Vice Presidents on our Sales Team. In our conversation below, these ladies talk about common mistakes and misconceptions they see...
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Don’t let the ship of generous perks sail without your clients on board  What is so safe about a “Safe Harbor” 401(k) plan? They’re among the most popular types of 401(k) plans with an employer match (an incentive given to those who actively participate) or nonelective (meaning the participant merely needs to meet eligibility requirements...
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Fun Fact: Did you know that two, possibly three, government agencies oversee employer-sponsored retirement plans?  Furthermore, multiple committees in both houses of congress get involved when drafting bills and legislation that impact retirement plans. Retirement plans are both a tax benefit and employee benefit, which means that the rule book continues to be written and...
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The SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law in December 2019, bringing about several important changes to retirement plans. We’ll cover some of the biggest opportunities for advisors and business owners created by this legislation in the post below. Ch-Ch-Ch-Ch-Changes: Face the Opportunity While the SECURE Act is fairly...
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The case of the solo 401(k) and the missing 5500s Plan Sponsor Scenario A business owner looking to set up a solo 401(k) plan went directly to a retirement plan provider without engaging an experienced financial advisor or a third party administrator (TPA). The individual wasn’t informed that they were supposed to file a Form...
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A safe harbor 401(k) plan can provide significant benefits for employers. Don’t miss out on this option; now is a great time to determine if it could be a good fit!    Benefits of Safe Harbor 401(k) Plans:  Owner deduction and savings of $19,500 from income ($26,000 if age 50), regardless of employee participationMay allow...
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3(16) fiduciary services are rapidly gaining popularity in the retirement industry. But why? What do these services entail? Are they worth the investment for plan sponsors? We’ll cover these topics in the following post. What are 3(16) fiduciary services? When a business owner sets up a retirement plan, they are held legally responsible for the...
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Which model is a better fit for you? Employers may choose to “bundle” multiple services for their retirement plans with one provider, or select two or more specialist service providers in an “unbundled” arrangement. In a bundled approach, the recordkeeper performs tasks typically reserved for the third-party administrator (TPA). Alternatively, an unbundled retirement plan combines...
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