Creative Pension Solutions (“CPS”) is a full service administration and consulting firm, specializing in the design, implementation and administration of defined benefit and defined contribution plans.  We offer both daily and periodic valuations, government filings, compliance testing, and trust accounting and participant reporting. We believe timely service and accurate reporting are not enough, therefore we focus on our relationship with each of our clients and responsiveness to your future needs.

CPS’s services include (i) designing the right retirement program for you and your employees, (ii) educating your employees on the plan features and functions through employee enrollment meetings, (iii) providing an administrative manual with necessary forms for daily operation of the plan, (iv) quarterly reports and participant statements and (v) internet access to participant account information. 

In addition, we prepare all Internal Revenue Service form filings, plan submissions and non-compliance testing.  We monitor changes to ERISA requirements to ensure your plan is always in compliance and all necessary amendments are adopted when required. It is our goal to reduce the amount of time you or your Human Resources people need to dedicate to the running of the plan.

When deciding on a retirement program, your first decision should be in choosing the right administrator.  If the administrator is more interested in fitting you into their services, or selling you a canned package or investment product, rather than taking the time to understand your company’s needs and goals, you may need to rethink your choice. 

How close are you to retirement?; Can you afford a fixed expense or do you need flexibility?; How soon before you start hiring or expanding?  The answers to these questions can determine which is the right retirement plan for you. The number of employees is not what should determine if a 401(k) plan is the right choice, but whether those employees can afford to and have a desire to contribute towards their own future.  A small company with employees concerned with their retirement years will have a more successful 401(k) program than a large company whose employees only concern are their current needs. 

There are many choices available to employers who are looking to set up a retirement program for themselves.  Among these choices are:

Defined Benefit - A retirement plan that works to fund a specific benefit for the participants.  A defined benefit plan would be attractive to an employer who is much closer to retirement than the rest of the employee base.  Since contributions are contingent upon investment performance, employee salaries and ages, there is no dollar limit each year as in a defined contribution plan; this can be either a positive feature or a costly expense. 
Money Purchase - A defined contribution plan that offers the ability to contribute up to 25% of compensation.  The contribution formula is not discretionary and therefore can be cost prohibitive. 
Profit Sharing - A defined contribution plan that offers the ability to contribute up to 15% of  compensation.  The contribution formula is discretionary. A 401(k) plan is actually a profit sharing plan that allows participants to make contribution on a tax deferred basis. 
Target Benefit - A defined contribution plan that offers the ability to contribute up to 25% of compensation.  The contribution formula is not discretionary and therefore can be cost prohibitive. The contribution is calculated much the same way a defined benefit plan contribution is calculated.
Employee Stock Ownership Plan (ESOP) - A defined contribution plan that offers the ability to con-tribute up to 25% of compensation.  The contribution is made in company stock.