TRA MAKES NEWS HAPPEN

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  CASE OF THE WEEK – 401(k) Plan Safe Harbor Conversions

  July 26, 2024 - Safe harbor plan design options can help plan sponsors bypass or correct failed ADP/ACP testing. Employers should be aware of the deadlines for converting an existing 401(k) plan to a safe harbor design. Continue
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  Hooray for the 401(k)!

  July 23, 2024 - As a plan sponsor, you invest significant time with your advisor to ensure your workplace retirement plan is competitive and effective. Your efforts in selecting diverse investment options, optimizing plan design features, educating employees on saving, and fulfilling fiduciary responsibilities are commendable. A recent survey confirms that your employees highly value this benefit, which is positively impacting their financial lives. Continue
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  CASE OF THE WEEK – Social Security and Medicare Scams

  July 19, 2024 - Join our discussion on the rise of Social Security and Medicare scams targeting our clients. Learn how to alert the public and advise clients on protecting their personally identifiable information (PII) from con artists. Continue
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  Department of Labor Releases Final Investment Advice Fiduciary Rule

  July 16, 2024 - ERISA, a federal law governing workplace employee benefit plans like pension and 401(k) plans, imposes critical requirements on fiduciaries, including those providing investment advice for a fee. Trusted investment professionals, such as brokers and registered investment advisers, play a crucial role in advising retirement investors. However, outdated ERISA rules sometimes fail to subject these professionals to necessary fiduciary safeguards, potentially leaving retirement investors vulnerable to conflicts of interest. Continue
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  CASE OF THE WEEK – Tax Withholding and Roth Conversions

  July 12, 2024 - Roth conversions are taxable events, generally. Individuals who complete large Roth conversions late in the year may face IRS penalties if they failed to make the appropriate estimated tax payments. Continue
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  Plan Sponsors Ask…

  July 9, 2024 - Discover the rising prominence of target date funds (TDFs) in retirement plans according to NEPC's 2023 DC Plan Trends and Fee Survey. Currently, 97% of plans offer TDFs, with these funds comprising an average of 47% of plan assets, up from 28% in 2010. This shift is accompanied by a decline in core investment options, with 30% of plans now offering fewer than 10 choices. Continue
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  CASE OF THE WEEK – Pension Derisking

  July 5, 2024 - The current financial climate is ideal for accelerating the pension plan de-risking trend. Financial advisors, whether they work directly with DB plans or not, can seize opportunities to discuss the impact of pension de-risking with their clients. Continue
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  CASE OF THE WEEK – Pension Distributions and Restricted Employees

  June 28, 2024 - When discussing benefit restriction rules for defined benefit plans with your clients, remember the significant restrictions that may apply to the High 25 Highly Compensated Employees (HCEs) in the plan. Affected individuals should collaborate with their plan administrators to explore potential exceptions and seek professional advice from a tax and/or legal advisor. Continue
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  CASE OF THE WEEK – What is the Abandoned Plan Program?

  June 21, 2024 - Explore the distribution options for benefits from an abandoned plan, considering if the plan's sponsor is in Chapter 7 bankruptcy and subject to new special rules or if general abandoned plan rules are applicable. Continue
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  CASE OF THE WEEK – What to Correct under the Voluntary Fiduciary Correction Program

  June 14, 2024 - The DOL's Voluntary Fiduciary Correction Program (VFCP) offers significant incentives and assistance for fiduciaries to self-correct ERISA violations. Plan officials can voluntarily rectify 19 specific prohibited transactions, with PTE 2002-51 providing IRS excise tax relief for six of these transactions. Continue