TRA MAKES NEWS HAPPEN

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  How Student Loan Debt Impacts Retirement Savings

  November 27, 2018 - The Financial Wellness/Student Debt Connection If your workforce includes recent college graduates, it’s likely that some of them have debt associated with their college years. Student debt may play a large part in the finances of these young (and even not-so-young) employees; that’s why a complete picture of employee financial wellness should consider it. In addition, carrying student debt may play a role in how... Continue
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  Plan Sponsors Ask…

  November 20, 2018 - Question: What are the risks of losing track of a plan participant? There are a few people who remain “on the books,” in spite of trying many times to reach them. Answer: That’s an important question because there are serious potential consequences. Losing track of a participant can be considered a breach of fiduciary duty, according to a 2014 Field Assistance Bulletin from the Department of Labor.... Continue
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  2017: A Good Year for Participants

  November 13, 2018 - It was a good year for individual account plans, including 401(k)’s and 457’s. In fact, 2017 may go in the record books as the first year the number of plans with an average auto-enrollment deferral rate of 6% exceeded the number of plans with a default deferral rate of 3%, as it has commonly been. This change, along with market appreciation, may well have factored... Continue
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  Plan Sponsors Ask…

  November 7, 2018 - Question: Sometimes employees ask us for advice about how much of their income they should be saving for retirement, how much they should already have saved, and how much they will need. Of course, we don’t give blanket answers. But we would like to pass along some resources, either directly or through our plan communications, so they can educate themselves. Can you suggest some? Answer: We’re glad... Continue
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  Q & A – Plan Sponsors Ask

  November 6, 2018 - Question: We have several new employees who will be involved with our 401(k) plan. How can we help them stay on the right side of their duties as fiduciaries? Answer: You’re wise to ask. Fiduciary training can help protect individual fiduciaries, the plan as a whole — and, of course, the participants. You may already know that the penalties for fiduciary breaches can be both... Continue