Blog

Well friends, we have a special treat for you today. We’ve brought you the latest insights from some of our best and brightest retirement plan administrators. They answer some hard-hitting questions, including the most rewarding and challenging aspects of their job, advice they have for business owners, and more. Q: What is your role at...
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The case of the undetected, costly plan errors Plan Sponsor Scenario An owner of a small company engaged a CPA to evaluate their business and switch services. The CPA reached out to EGPS to review the retirement plan when she realized there was potential for compliance issues. The EGPS Compliance Team found that the Form...
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What is the state of your finances? How much, if any, are you saving? What is your plan for retirement? What does retirement look like for you? How much will it take to finance your dreams? For some, these questions might be conversational gold. But for many, this topic can induce a lot of anxiety....
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3(16) fiduciary service definitions vary widely across the retirement plan marketplace. To ensure business owners are getting the services they want and need, it’s important they ask the right questions as they navigate the buying process. To help, we’ve compiled a list of questions for employers to ask potential 3(16) fiduciaries on the journey to...
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Growing up, my dad worked with contractors through the government. In addition, my husband has worked as a contractor for 20 years, running a plumbing business. So, needless to say, construction companies and workers have always been near and dear to my heart. I speak the language, I understand the mentality, I see the potential....
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The case of the successful private practice and the disappearing taxes Plan Sponsor Scenario A small, successful doctor’s office, was comprised of a husband and wife and a few part-time college students. The owners were paying $250,000 in quarterly taxes to the IRS, as directed by their CPA. Unfortunately, the owners (in their late 50s/early...
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A great third-party administrator (TPA) truly helps employers meet their goals – selecting the best plan design for their business, maximizing savings, minimizing taxes and liability, and more. Not all TPAs are the same; some stand in exemplary light.  Increasingly complex regulations, escalating cybersecurity risks, and rising penalties for non-compliance provide ample reasoning to thoroughly...
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What is a cash balance plan and what are the benefits? Cash balance plans help business owners fund and deduct very large employer contributions. These plans allow employers to contribute significantly more than they can with a typical 401(k) plan. They are also a great way to reduce the company tax burden. Cash balance plans...
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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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