TRA MAKES NEWS HAPPEN

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  CASE OF THE WEEK – Recovery of Overpayments Under SECURE Act 2.0

  September 27, 2024 - SECURE Act 2.0 gives plan fiduciaries an additional way to rectify plan overpayments: the discretion not to seek recovery of such overpayments. If recovery is sought, however, then the plan must satisfy new safeguards for participants and beneficiaries. Continue
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  Impact of Cybersecurity on Retirement Plans: Responsibilities of the Plan Sponsor

  September 24, 2024 - Despite major financial institutions' substantial cybersecurity investments, sponsors must not rely solely on vendor reputations but conduct thorough due diligence, document efforts, and adopt a risk-based approach that includes regular penetration testing and comprehensive cybersecurity assessments. Continue
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  CASE OF THE WEEK – HCEs and Foreign Earned Income

  September 20, 2024 - If an employee of a multinational company transfers to a U.S. company within the same controlled group and earns both foreign-source and U.S.-source compensation in the same year, the plan administrator must convert the foreign compensation to dollars to determine if the employee qualifies as a Highly Compensated Employee (HCE) under the U.S. plan. However, if the employee is not eligible for the U.S. plan and has no U.S.-source income, foreign-source income does not need to be considered. Continue
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  Social Security COLA Estimate for 2025 Affected by Inflation Data

  September 17, 2024 - Stakeholders and policymakers are closely monitoring inflation trends and their implications for retirement security, with a focus on ensuring adequate support for retirees in the face of rising living costs. As the COLA estimate for 2025 is adjusted upwards in response to inflationary pressures, retirees and beneficiaries may see a more substantial increase in their Social Security benefits, providing some relief amidst economic uncertainty. Continue
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  CASE OF THE WEEK – Allocating Revenue Sharing Payments

  September 13, 2024 - Explore the best practices for allocating revenue sharing payments among participants. Learn why plan fiduciaries must follow a documented, prudent process to manage these payments effectively, considering essential factors to ensure compliance and fairness. Continue
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  The Magnitude of a TPA-Advisor Relationship

  September 10, 2024 - Ultimately, TPAs are indispensable allies in the retirement planning ecosystem, driving enhanced client outcomes and facilitating business growth for advisors. Recognizing and articulating the value TPAs bring enables advisors to forge stronger partnerships, achieve greater client satisfaction, and ensure enduring success in the evolving landscape of retirement planning. Continue
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  CASE OF THE WEEK – Flexibility of SEP Plan Contributions

  September 6, 2024 - SEP plan sponsors have flexible options for making annual employer contributions to participants' traditional or Roth IRAs, enhanced by SECURE Act 2.0. Advisors and employers should understand the latest contribution options for SEP plans. Continue
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  MEPs Bring More Flexibility in Retirement Planning for Teachers

  September 3, 2024 - In summary, the legislative progress towards expanding retirement plan choice for teachers represents a significant milestone in advancing retirement security. By embracing MEPs, educators stand to benefit from enhanced flexibility, efficiency, and cost-effectiveness in their retirement planning endeavors. Continue