TRA MAKES NEWS HAPPEN

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  Plan Sponsors Ask…

  November 5, 2024 - Vanguard’s "How America Saves 2024" reports 82% of employers offer a Roth 401(k), but only 17% of employees contribute. Boost participation with an education campaign on Roth versus traditional 401(k) options to promote awareness and informed choices. Continue
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  401k and Retirement Plan Limits for the Tax Year 2025

  November 4, 2024 - Maximize your retirement savings with the updated 2025 contribution limits and key changes from SECURE 2.0. Discover new limits for 401(k), IRA, HSA, FSA, SIMPLE IRA, and SEP IRA accounts. Learn how increased catch-up contributions, automatic enrollment, and student loan matching can enhance your savings strategy. Get expert guidance from TRA. Continue
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  CASE OF THE WEEK – Litigation Update

  November 1, 2024 - With the rise in litigation related to pension risk transfers, plan sponsors must carefully select annuity providers. Interpretive Bulletin 95-1 outlines essential factors for fiduciaries to consider. Thorough documentation of the selection process is crucial. Continue
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  Handle With Care

  October 30, 2024 - Bank of America’s 2024 Workplace Benefits Report reveals 52% of the workforce are caregivers, facing challenges like time management, career impact, financial stress, and health issues. Employers can support caregivers with flexible scheduling, leave options, legal services, and targeted financial education to improve their work-life balance and financial wellness. Continue
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  Retirement Considerations and the Election’s Impact

  October 29, 2024 - Retirees should prepare by incorporating potential tax increases and Social Security changes into their financial plans. Monitoring election results and subsequent legislative actions will be crucial for adjusting retirement strategies to ensure financial stability in the face of evolving tax and benefit landscapes. Continue
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  CASE OF THE WEEK – Cash Balance Plan and Successor Plan Rules

  October 25, 2024 - There is no successor plan rule that applies to defined benefit plans, including cash balance plans. Further, the IRS does not consider a cash balance plan as a successor plan for a terminated 401(k) plan. All plans are subject to permanency rules. Continue
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  Plan Sponsors Ask…

  October 22, 2024 - With over 90 provisions, SECURE Act 2.0 is the largest retirement legislation in history. Many plan sponsors still need support, as less than half know which provisions are mandatory or optional, and 52% are unclear on the timeline, according to UBS Workplace Voice. Continue
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  Trial Running Retirement Plans

  October 22, 2024 - By implementing these strategies, retirees can embark on a purposeful and secure retirement journey. Start exploring these opportunities today to make the most of your retirement years. Continue
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  CASE OF THE WEEK – Update to DOL’s Cybersecurity Guidance

  October 18, 2024 - Discover EBSA’s updated 2021 cybersecurity guidance for all ERISA plans, including health and welfare. Essential for plan advisors, employers, sponsors, and participants, this update emphasizes the importance of incorporating cybersecurity into regular meeting agendas and adapting vendor selection processes. Ensure your plan's compliance and security with these crucial updates. Continue
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  Give Your Plan a Retirement Wellness Exam

  October 15, 2024 - Prioritize employee retirement readiness with this high-level guideline. Explore key features like automatic enrollment, employer contributions, financial education, diverse investment options, Social Security optimization tools, and Health Savings Accounts (HSAs). Ensure continuous monitoring and adjustments for optimal plan performance. Continue