TRA MAKES NEWS HAPPEN

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  CASE OF THE WEEK – Updating Plan Records When A Participant Changes Their Name

  August 30, 2024 - When changing a name, the first step is to notify the SSA by filing Form SS-5, ensuring the name on tax returns matches SSA records. For retirement plans and financial accounts, consult the administrator for required documentation. Continue
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  Retirement Confidence Goes “Boom”

  August 27, 2024 - Overall, the RCS findings offer valuable insights into the evolving landscape of retirement confidence in America. While the current outlook is optimistic, vigilance and proactive measures are essential to tackle the challenges ahead effectively. With a concerted focus on financial wellness and resilience-building, we can strive towards creating a more confident and robust retirement system that benefits all Americans. Continue
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  CASE OF THE WEEK – Domestic Abuse Withdrawal Penalty Exception

  August 23, 2024 - While most 401(k) plans do not require spousal consent for distributions, those that do should either amend this requirement before implementing the domestic abuse victim distribution option or choose not to adopt this provision Continue
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  Plan Sponsor’s Quarterly Calendar

  August 20, 2024 - Important dates to remember for the fourth quarter. Consult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan. Continue
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  CASE OF THE WEEK – Issues with Terminating and Restarting a Cash Balance Plan

  August 16, 2024 - Plan sponsors, with the help of their legal and actuarial advisors, should consider a plan amendment versus a termination if they would like to change the crediting rate currently used in their cash balance plans. Continue
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  Plan Sponsors Ask…

  August 13, 2024 - Prioritizing fiduciary training is essential for retirement plan sponsors, particularly under ERISA. It ensures committee members understand and fulfill their fiduciary responsibilities. Seek educational resources from your plan advisor, recordkeeper, TPA, and potentially an ERISA attorney to enhance your committee's expertise. Continue
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  CASE OF THE WEEK – Penalty-Free Distributions at Age 54

  August 9, 2024 - Avoid the 10% early withdrawal penalty on qualified retirement plans and IRAs by exploring IRS-approved exceptions to early distributions. Continue
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  Press Release – A Veteran TRA Regional Plan Consultant Returns

  August 8, 2024 - Leading Producer Matt Solomon Representing TRA Once Again APPLETON, WI (August 8, 2024) – The Retirement Advantage, Inc. (TRA), an independently owned, industry-leading retirement plan solutions provider is pleased to announce the re-hiring of Matt Solomon as their latest Regional Plan Consultant, covering a territory that includes Florida, Georgia, North Carolina, and South Carolina.  Solomon will report to Darin Erdmann, Director of Sales and Distribution... Continue
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  Team Building

  August 6, 2024 - Discover the critical role of an investment committee in 401(k) plans. As fiduciaries, they oversee decisions that benefit plan participants, such as reviewing services, setting investment policies, hiring advisors, monitoring performance, and ensuring reasonable fees. Explore four essential best practices for forming an effective investment committee for your plan. Continue
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  CASE OF THE WEEK – One-time Exemption Letter For Nonqualified Plans

  August 2, 2024 - Despite the $750 fee to correct a missed top-hat plan exemption letter, it's a cost-effective solution compared to facing penalties for annual reporting failures and potential retroactive taxes and penalties for plan participants. However, before paying the $750, always check the Top-Hat Plan Statement search engine to ensure the DOL doesn't already have an exemption letter on file. Continue