TRA MAKES NEWS HAPPEN

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  The Road to New SECURE Act Retirement Legislation

  June 21, 2022 - The waiting game continues on new legislation, but the optimism has grown increasingly evident, with the House having passed its version of the legislation by a wide margin. According to Epstein, a number of the provisions in the legislative package involve significant bipartisan appeal. However, a closely-divided Congress will have to navigate speed bumps involving certain aspects of the legislation not being budget neutral and potentially having to involve new tax revenues. Continue
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  CASE OF THE WEEK – Top Heavy Safe Harbor Plans

  June 17, 2022 - Not all 401(k) safe harbor plans are exempt from top-heavy testing. The IRS has identified three scenarios in which safe harbor plans would be required to apply the test and, if found to fail, meet minimum contributions and vesting requirements. Continue
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  PRESS RELEASE – TRA Hires Robert Dolin as New Regional Sales Consultant

  June 14, 2022 - Flynn has nearly 20 years of expertise in the retirement services industry and has held several sales and leadership roles with some of the industry’s biggest and most well-known companies, including: Ameritas, John Hancock Retirement Plan Services, and Watson Wyatt Worldwide. Continue
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  CASE OF THE WEEK – Qualified Recognized Overseas Pension Scheme

  June 10, 2022 - Owners of QROPS may not roll the assets to a US-based IRA or qualified retirement plan. Because there are extreme variations in the tax treatment of QROPS depending on the QROPS jurisdiction and the owner’s country of residency, taxpayers with QROPS should seek out tax advisors who specialize in this space. Continue
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  CASE OF THE WEEK – Railroad Retirement Benefits

  June 3, 2022 - Railroad employees may be eligible for unique benefits paid through the federal Railroad Retirement Board. Railroad companies could also sponsor private qualified retirement plans for their employees. Continue
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  CASE OF THE WEEK – Sources of Retirement Income

  May 27, 2022 - Nowadays, the primary sources of retirement income come from a person’s defined contribution plans and IRAs, Social Security benefits and workplace earnings. How to convert retirement plan and IRA balances into a reliable stream of retirement income is the next critical issue that needs innovative solutions. Continue
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  Plan Sponsors Ask…

  May 24, 2022 - The money must be moved into the plan’s forfeiture or suspense account, where it can be used to a) Cover other employer contributions already payable by the plan, b) Restore the accounts of rehired employees, subject to certain criteria, c) Pay ERISA-approved plan expenses, d) Make additional employer contributions for existing plan. Continue
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  CASE OF THE WEEK – Fiduciary Investigation Guidelines

  May 20, 2022 - Plan sponsors can use the DOL’s FIP as a guide for conducting their own fiduciary reviews to uncover any potential deficiencies in their plans and implement remedies before the DOL targets them for formal investigations. For plan sponsors who have already been notified of a pending investigation, the FIP can give them an idea of what to expect. Continue
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  An Easy Way To Reduce Employee Financial Stress

  May 17, 2022 - More than half (54%) of employees report their retirement savings are the only significant emergency savings they have. Continue
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  CASE OF THE WEEK – Auditor’s Report “Disclaimer of Opinion” for Form 5500 Filings

  May 13, 2022 - Limited scope audits associated with IRS Form 5500s have a new name and scope because of changes that are effective starting with the 2021 filing year in most cases. A plan sponsor’s ability to elect such an audit continues. The new rules change what is expected of the plan auditor. Make sure the plan has an experienced auditor who is keenly aware of the new expectations. Continue