DEFINITION of 'Chartered Retirement Plans Specialist (CRPS) '
A professional designation awarded by the College for Financial Planning to individuals who specialize in creating, implementing and maintaining retirement plans for businesses. They must pass an exam demonstrating their expertise. Successful applicants earn the right to use the CRPS designation with their names for two years, which can improve job opportunities, professional reputation and pay. Every two years, CRPS professionals must complete 16 hours of continuing education and pay a nominal fee to continue using the designation.
BREAKING DOWN 'Chartered Retirement Plans Specialist (CRPS) '
The CRPS program is a case-study based, client-centered problem-solving approach. The study program to become a CRPS covers types and characteristics of retirement plans, including IRAs, small business retirement plans, defined contribution plans, 401(k) plans and nonprofit and government plans. It also covers plan distributions, plan design and implementation, plan establishment and operation, and fiduciary issues.