TRA MAKES NEWS HAPPEN

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  PRESS RELEASE – The Retirement Advantage, Inc. Welcomes Nic Irick to Bolster Regional Plan Consulting Team

  August 22, 2023 - The Retirement Advantage, Inc. (TRA), a prominent provider of retirement plan solutions, is proud to announce the latest addition to its Regional Plan Consulting (RPC) team. Continue
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  CASE OF THE WEEK – Retirement Plans and FDIC Coverage

  August 18, 2023 - Retirement funds deposited within an FDIC-insured institution receive coverage if they're allocated to deposit products such as checking accounts, savings accounts, money market deposit accounts, or certificates of deposit (CDs). The extent of coverage is contingent upon factors such as the nature of the retirement assets being self-directed or administrator-directed, as well as their classification as contingent, noncontingent, or overfunded sums. Continue
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  Plan Sponsors Ask…

  August 15, 2023 - A robust retirement plan that prioritizes participants can serve as a competitive advantage for employers seeking to attract and retain top talent. As the workforce evolves in the aftermath of the pandemic, data analysis can provide valuable insights to inform plan design decisions, including eligibility criteria, employer contributions, automatic solutions, and the provision of participant financial advice. By implementing an effective plan design, employers not only have the potential to attract skilled professionals but also provide a valuable tool for employees to save for their future. Continue
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  Pre-Launch Planning

  August 8, 2023 - This resource provides up-to-date information on various retirement plan subjects, encompassing SECURE 2.0 (pre-passage), diversity, equity and inclusion, plan design, governance, legislation, investment management, and participant advice. Moreover, if you're considering the implementation of a financial wellness program for your employees, the survey offers valuable insights on the key components involved in the process, highlighting the following three essential elements. Continue
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  CASE OF THE WEEK – Updating the Plan Administrator

  August 4, 2023 - M&A situations often overlook the importance of retirement plans, leading to confusion, mistakes, and potential risks. It is crucial to update the Plan Administrator, the authorized person or entity responsible for making decisions regarding the retirement plan. By doing so, we can ensure a seamless and secure retirement plan administration process. Continue
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  Plan Sponsors Ask…

  August 1, 2023 - With the implementation of SECURE Act 2.0, starting from plan years commencing on or after December 29, 2022, plan administrators can now accept participant certification as sufficient evidence of meeting the eligibility criteria for a 401(k) or 403(b) plan hardship distribution. This means that additional documentation is no longer required in such cases. Continue
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  Recent Study Offers Employee Trends To Consider in Your Plan Design Strategy

  July 25, 2023 - Employees have predominantly remained steadfast amidst market volatility, economic uncertainty, and various other challenges witnessed in recent years. Nonetheless, this study has also identified intriguing trends that have surfaced during this period. Continue
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  CASE OF THE WEEK – Small Employer Startup Credit and Tax-Exempt Entities

  July 21, 2023 - Despite its appearance of unfairness, the special tax credits aimed at assisting small businesses in establishing and financing retirement plans are exclusively accessible to eligible taxable entities that serve as sponsors for qualified plans, 403(a), SEP, or SIMPLE IRA plans. Continue
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  PLAN SPONSORS ASK…

  July 18, 2023 - Essential plan elements that employers should implement to address the gender gap. These include incorporating automatic features with a strong employer match, as well as providing tools and resources to enhance financial well-being. Additionally, targeted educational campaigns aimed at increasing retirement savings knowledge and instilling confidence in the retirement planning process should be taken into account. Continue
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  CASE OF THE WEEK – ESOP Rebalancing

  July 14, 2023 - During a recent conversation with an advisor in Illinois, a common question about employee stock ownership plans (ESOPs) was raised. The advisor inquired, "One of my clients who has an ESOP is curious about a true-up provision in his plan. What exactly does an ESOP true-up provision entail?" Continue