The Pension Specialists, Inc. is an independent third party administrator for benefit and retirement plans. Our mission is to meet our client's objectives by providing excellent service.
We provide services to many well known companies, which include, Broker Dealers, Investment Firms, CPA Firms, Law Firms, Medical Groups, Hospitals, Engineers and Retail Businesses.
Have you had a pension checkup recently?
"The current changes to the pension law require deliberate action."
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Plan Administration — Many changes in the tax law impact existing plans and design of new plans. Is your plan ready?
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Investment Options — We offer a broad range of investment opportunities ranging from hands-on to hands-off management. Are you offering or utilizing the best investments options available?
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Fiduciary Liability — For plans that enable participants to direct their own investment we help protect you from fiduciary liability. Are you exposed?
Allocation Types
Pro-rata:
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Uniform Point Allocation
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Permitted Disparity
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New Comparability (IRC 401(a)4)
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(Cross Tested Benefit Based
Discrimination Testing)
Document Types
Mass Submitter Prototypes:
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Standardized
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Non-Standardized
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Volume Submitter Prototypes
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Individually Designed
Administration Types
Balance Forward with: *
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Any Single Fund Family
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Ten Fund Limit
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Pooled Accounts
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Quarterly Exchanges
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Quarterly Benefit Statements
Daily Valuation with: *
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Multiple Fund Families
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Fifty Fund Limit
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Omnibus Accounts
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Daily Exchanges
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Quarterly Benefit Statement
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1-800 Account Access
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Print Internet Account Information on Demand
* Individual stock trading accounts are also available
Older employees with high savings goals may appreciate the high contribution limits of a cash-balance pension plan. With cash-balance plans, the employer contributes a set percentage of an employee's salary annually to the account. Employees older than age 60 can save more than $200,000 annually, as compared to a maximum combined contribution limit (including employer contributions) of $76,500.00 in 2024 for 401(k). Cash-balance plans provide a vehicle for older investors designed to increase their retirement savings on a pre-tax basis and reduce current income taxes. In some cases the cash balance contribution limits are much higher than the 401K contribution limits.
A Cash Balance Plan is a defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan. In other words, a cash balance plan defines the promised benefit in terms of a stated account balance. In a typical cash balance plan, a participant's account is credited each year with a "pay credit" (such as 5 percent of compensation from his or her employer) and an "interest credit" (either a fixed rate or a variable rate that is linked to an index such as the one-year treasury bill rate). Increases and decreases in the value of the plan's investments do not directly affect the benefit amounts promised to participants. Thus, the investment risks and rewards on plan assets are borne solely by the employer. When a participant becomes entitled to receive benefits under a cash balance plan, the benefits that are received are defined in terms of an account balance. The benefits in most cash balance plans, as in most traditional defined benefit plans, are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC).
Cash-balance plans
Profit-sharing plans (PSPs) are a special type of retirement account that allows employers to reward qualified employees for positive company performance. When a company offers PSPs, each eligible employee will receive an employer contribution on a quarterly or annual basis. Like SEP plans, these retirement accounts are only designated for employer contributions — employees cannot make additional elective contributions.
Profit-sharing plans can be offered by businesses of any size, and companies can elect to offer a profit-sharing plan even if other retirement account plans are offered to employees. While employers have a lot of flexibility in when and how to make contributions to PSPs, PSP allocations must not discriminate in favor of highly compensated employees.
A Profit-Sharing Plan is a defined contribution plan under which the plan may provide, or the employer may determine, annually, how much will be contributed to the plan (out of profits or otherwise). The plan contains a formula for allocating to each participant a portion of each annual contribution. A profit-sharing plan or stock bonus plan may include a 401(k) plan.
Profit-sharing plans (PSPs)
401(k) plans are one of the most popular employer-sponsored plan types because of their low cost, ease of setup, and overall flexibility. Employers that off 401(k)’s to their employees may qualify for tax incentives, and employers have some flexibility in setting matching options for their employees.
401(k) plans are a defined-contribution plan, where employees contribute a defined amount, each pay period. The employer handles the administrative work of deducting the contributions, adding them to the employee's designated 401(k) account, and contributing any match or profit-sharing contributions as outlined in the plan document
A 401(k) Plan is a defined contribution plan that is a cash or deferred arrangement. Employees can elect to defer receiving a portion of their salary which is instead contributed on their behalf, before taxes, to the 401(k) plan. Sometimes the employer may match these contributions. There is a dollar limit on the amount an employee may elect to defer each year. An employer must advise employees of any limits that may apply. Employees who participate in 401(k) plans assume responsibility for their retirement income by contributing part of their salary and, in many instances, by directing their own investments.