TRA MAKES NEWS HAPPEN

  • Plan Sponsors Ask…
    December 4, 2018 - Question: We had two participants leave our company this year with outstanding 401(k) plan loans. We’ve heard the tax law passed in December 2017 may impact those loans. What can you tell us? Answer: You heard right; there is a provision in the Tax Cuts and Jobs Act passed December 22, 2017, that affects plan participants who terminate employment with an outstanding loan. Before passage of the law,... Continue
  • 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
  • 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
  • 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
  • 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
  • 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
  • Setting Realistic Expectations about Work in Retirement
    October 30, 2018 - Sixty-four percent of workers are very or somewhat confident they will have enough money to last throughout their retirement, according to the Employee Benefit Research Institute’s (EBRI’s) Retirement Confidence Survey, said Craig Copeland, senior research associate at the Institute, speaking during a webinar on the topic of working during retirement. However, only 17% are very confident. Among retirees, 75% are very or somewhat confident their... Continue
  • Two TRA Associates Recognized at the ASPPA Annual Conference
    October 23, 2018 - Congratulations to John Markley, Industry Relations Director and Molly Tollefson, Compliance Analyst; for their recent achievements. John was appointed President of ASPPA College of Pension Actuaries (ACOPA) during a luncheon today at the ASPPA Annual Conference in National Harbor, MD. ACOPA is responsible for identifying and addressing the professional development needs of the actuarial membership of ASPPA, including maintaining the actuaries-only Google Group, and offering conferences focused... Continue
  • Projected 401k and Retirement Plan Limits for the Tax Year 2019
    October 23, 2018 - Based upon the actual and projected CPI, there is little doubt that we will see increases in the pension limits for 2019. Below are our projected changes. Remember, these are unofficial projections. The IRS hasn’t officially announced the 2019 limits and will not do so until later in October. Chart of Select Limits 401(k) Plan Limits for Year 2019* 2018 2017 2016 2015 2014 2013... Continue
  • Q & A – Plan Sponsors Ask
    October 15, 2018 - Question: As our company leadership retires and younger employees take over, we are sometimes unsure about how best to help them in their efforts to save for the future. How do younger people view the role of their employer and the government? Answer: As the workforce transitions toward more Millennials in company leadership roles, change is happening in how things are done and in attitudes. Recently, a... Continue

NEWS

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