TRA MAKES NEWS HAPPEN

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  CASE OF THE WEEK – Distributions Affect Saver’s Tax Credit

  March 17, 2023 - Every deduction and tax credit counts these days. Many IRA owners and plan participants may be unaware of the retirement plan-related tax credits for which they may qualify. Seeking qualified tax advice is essential to ensure accurate calculations. Continue
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  CASE OF THE WEEK – A SIMPLE Switch

  March 10, 2023 - For 2023, switching from a SIMPLE IRA plan to another plan type mid-year is problematic, and may involve an IRS VCP filing (with fees). SECURE 2.0 provides relief for 2024 and later years for this scenario when adopting an eligible 401(k) replacement plan. Continue
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  CASE OF THE WEEK – Plan Establishment Deadline

  March 3, 2023 - From a timing perspective, both SECURE 1.0 and 2.0 have made it easier for business owners to set up retirement plans. This is in keeping with Congress’s goal to facilitate plan establishment with the end result being increasing employee coverage by workplace retirement plans. Continue
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  CASE OF THE WEEK – Startup Plan Tax Credit Changes

  February 24, 2023 - A sweeter tax deal may await small businesses that do not currently offer workplace retirement plans. SECURE 2.0 enhances current plan startup tax credit rules and adds a new tax credit for employer-provided contributions. Plus, the $500 spiff for adding an auto-enroll feature may apply. Continue
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  Plan Sponsors Ask…

  February 21, 2023 - Inflation 2022: 74% of Americans’ Retirement Planning Has Been Impacted, According to New Study Continue
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  Tackling the Trend

  February 14, 2023 - An August 2022 survey from Nationwide Retirement Institute found that 40% of workers age 45 and older plan to delay their retirement due to inflation and rising living costs. That figure is double the percentage of workers who said they delayed retirement last year due to the COVID-19 pandemic. While the current inflationary environment presents a host of retirement plan challenges for both employers and employees, tackling the trend with prudent and sensible solutions remains the best course of action.. Continue
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  CASE OF THE WEEK – New RMD Rules to Live By

  February 10, 2023 - The changes to RMD rules because of SECURE 2.0 are good news for plan participants. The IRS has some homework to accomplish in the form of final Treasury regulations and updated filing forms to facilitate the changes. It’s important for plan sponsors to get the new rules right. Financial advisors can help plan sponsors ensure recordkeepers and TPAs are correctly implementing the new RMD rules as well as other SECURE 2.0 enhancements. Continue
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  Reaching Retirement Readiness

  February 7, 2023 - Saving rates are fundamental to retirement wealth accumulations. Defined contribution plan participants are saving optimally in their current workplace retirement plan. Continue
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  CASE OF THE WEEK – New RMD Age and Plan Delay

  February 3, 2023 - SECURE 2.0 changes the current RMD age of 72 to 73 for years 2023 through 2032 (and to 75 for 2033 and years thereafter).  The Treasury Department is schedule to issue final treasury regulations to provide further implementation guidance in the near future. Plans with the appropriate language may still allow non-five-percent owners who are still working to delay their RMDs until after retirement. Continue
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  SECURE Act 2.0 Webinar and Summary

  January 31, 2023 - This bill makes significant changes to most aspects of the retirement environment including expanded contribution limits and credits, enhancements of SIMPLE IRA arrangements, emergency saving account options in 401(k), and matching of certain student loan payments. In addition, we'll cover changes to excesses, corrections, RMD and rollover rules. Lastly, the timing, amendment and effective dates of key provisions will be discussed. Continue