TRA MAKES NEWS HAPPEN

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  Everybody Wins

  November 29, 2022 - Depending on the nature of your business and the varied experience, education and expertise required of your workforce, you may have a significant population of lower-income workers. In a highly competitive hiring environment, the following plan design ideas can help attract and retain workers. By adding just a little flexibility to better accommodate your lower-income workers, everybody wins. Continue
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  Plan Sponsors Ask…

  November 22, 2022 - Planning for retirement has always been challenging because retirees face numerous risks and may not perceive them accurately. This study develops a lifecycle model of a typical retired household facing five categories of risk from both the objective and subjective perspectives. Continue
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  CASE OF THE WEEK – Roth IRA or In-Plan Conversion Deadline for 2022 Taxation

  November 18, 2022 - The deadline for completing a Roth IRA or Roth in-plan conversion depends on the year in which an individual wants to include the taxable portion of the Roth conversion in income. A Roth conversion is taxable in the year it is completed. To be taxable for a particular year, the conversion must be completed by December 31st. Continue
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  PRESS RELEASE – The Retirement Advantage Hires New York / New Jersey Regional Sales Consultant

  November 16, 2022 - The Retirement Advantage, Inc. (TRA), an industry-leading national retirement services company is pleased to welcome Michael Schessler to their Regional Sales Consultant team. Schessler will be providing retirement plan consulting services in New York and Northern New Jersey, and will report to Darin Erdmann, TRA’s National Sales Manager. Continue
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  Eyes on the Prize

  November 15, 2022 - Retirement plan participants broke new savings records in 2021, a testament to the willingness of plan sponsors to implement smart plan design. How America Saves shows improvement is possible. It documents how sponsors have successfully used plan design to improve participant outcomes. And it points to how, together, we can take plan design to the next level. Continue
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  Case of the Week – Don’t Forget About the Benefits of a Qualified Charitable Distribution for 2022

  November 11, 2022 - Eligible IRA owners and beneficiaries age 70 ½ and over, including those with inactive SEP or SIMPLE IRAs, should be aware of the benefits of directing QCDs to their favorite charitable organizations. Continue
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  Plan Sponsors Ask…

  November 8, 2022 - Question: We are considering a plan design change regarding loans. Are there any data that supports offering just one loan per participant versus offering multiple loan options? Answer: According to T. Rowe Price’s 2022 “Reference Point”, plans that allow multiple loans tend to have lower savings rates — dropping from an average deferral of 7.9% to 6.8%. Allowing a greater number of loans is also... Continue
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  CASE OF THE WEEK – Retirement Plans and Davis Bacon “Prevailing Wage” Rules

  November 4, 2022 - Under the Davis-Bacon and Related Acts and Reorganization Plan No. 14 of 1950, the U.S. Department of Labor is responsible for determining prevailing wages, issuing regulations and standards to be observed by federal agencies that award or fund projects subject to Davis-Bacon labor standards, and overseeing consistent enforcement of the Davis-Bacon labor standards. Continue