TRA MAKES NEWS HAPPEN

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  The American Way

  February 6, 2024 - As a responsible plan sponsor, it's crucial to assess your investment menu relative to industry peers. In leveraging your retirement plan for recruitment and retention, ensure competitiveness in the benefits you offer. Aligning with fiduciary standards is imperative, acknowledging that a one-size-fits-all approach doesn't apply to investment lineups. Explore Vanguard's How America Saves 2023 report for a comprehensive overview of investment menu offerings, participant usage, and emerging trends nationwide. Use this valuable resource in your ongoing investment review meetings with advisors to maintain competitiveness and cater to the diverse needs of your employees. Uncover key insights from the 2023 study for informed decision-making. Continue
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  CASE OF THE WEEK – Suspending Social Security Retirement Benefits

  February 2, 2024 - Navigating the complexities of suspending Social Security retiree benefits can be challenging. While you can accumulate delayed retirement credits through suspension, factors like family benefits and Medicare considerations add layers to the decision-making process. If you're considering suspending your retiree benefits, it's crucial to consult with a knowledgeable tax and/or legal advisor for expert guidance. Continue
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  Plan Sponsors Ask…

  January 30, 2024 - Seek clarity on the U.S. Department of Labor's latest 401(k) audit rule for Form 5500. Uncover essential details and insights to understand the implications and requirements of this rule. Stay informed and navigate the regulatory landscape with confidence as you address changes to the 401(k) audit process. Continue
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  CASE OF THE WEEK – A SIMPLE Switch

  January 26, 2024 - SECURE 2.0 offers a solution for businesses seeking to transition from a SIMPLE IRA plan to an approved safe harbor 401(k) replacement plan midway through 2024 and beyond. Gain clearer insights into this option with Notice 2024-02. Continue
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  Inside the Minds -Priorities Regarding Financial Needs

  January 23, 2024 - Explore the shifting landscape of employee financial priorities based on Bank of America's 13th Annual Workplace Benefits Report. Uncover the trend of prioritizing short-term financial needs over retirement savings, with fewer employees emphasizing long-term goals. Dive into the data highlighting increased focus on paying off credit card debt and saving for the unexpected. Assess how your retirement plan aligns with these workplace trends, empowering you and your plan advisor to guide employees effectively toward financial wellness. Delve into two key trends shaping the landscape for informed decision-making. Continue
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  CASE OF THE WEEK – SIMPLE IRA Plan Termination and Two-Year Rollover Rule

  January 19, 2024 - Explore options for a client who terminated a SIMPLE IRA plan at the close of 2023 and initiated a 401(k) plan in 2024. Concerns arise about the two-year waiting period for distributing assets from the terminated SIMPLE IRA plan. Continue
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  Plan Sponsors Ask…

  January 16, 2024 - Embark on our pre-retiree education initiative scheduled for early 2024, in collaboration with our plan advisor. Seek the latest statistics on workers delaying retirement and gain insights into the reasons behind these decisions. Join us as we navigate the evolving landscape of retirement planning to better inform and support our community. Continue
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  CASE OF THE WEEK – Reducing PBGC Premium Costs

  January 12, 2024 - Explore strategies to minimize your company's Pension Benefit Guaranty Corporation (PBGC) premiums for a defined benefit plan. Discover cost-saving ideas to optimize your financial approach and enhance your overall plan sponsorship. Continue
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  Plan Sponsors Ask…

  January 9, 2024 - Contemplating outsourcing ERISA 3(16) administrative fiduciary responsibilities? Explore key considerations and factors to bear in mind as you navigate this decision. Uncover valuable insights to ensure a seamless transition and effective management of your fiduciary responsibilities. Continue
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  CASE OF THE WEEK – New Cash Out Limit—Mandatory or Not?

  January 5, 2024 - Qualified plans are not required to have cash-out provisions, but if they do, the details must be specified in the plan document. Each plan has the option to set its own cash-out threshold within the prescribed limit (anywhere from $0 to $7,000 for 2024 and later years). Continue