TRA MAKES NEWS HAPPEN

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  CASE OF THE WEEK – Deadline for Summary Annual Reports

  March 25, 2022 - When applicable, plan sponsors have a fiduciary duty to distribute SARs each year to participants and beneficiaries. They also have a responsibility to timely provide them upon request. Continue
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  CASE OF THE WEEK – Lump Sum Vacation Pay and Plan Compensation

  March 18, 2022 - The IRS treats the lump-sum payout of unused vacation as supplemental wages for tax purposes. As supplemental wages, a lump-sum payout of unused vacation would be included in the definition of compensation for plan purposes—unless it is explicitly excluded under the terms of the plan document. For specific tax advice, please see the guidance of a tax professional. Continue
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  CASE OF THE WEEK – How to Make a $28,000 Roth or Traditional IRA Contribution

  March 11, 2022 - The deadline for making 2021 traditional or Roth IRA contributions is April 18, 2022 (April 19, 2022), for residents of Maine and Massachusetts). That means there is a window of opportunity that allows eligible couples to double up their IRA contributions (for 2021 and for 2022) to the tune of $28,000. Continue
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  PRESS RELEASE – TRA Continues to Expand to Support Growth

  March 8, 2022 - Addition of Director of Client Services is in direct response to company growth and continued demand for TRA services APPLETON, WIS. (March 8, 2022) – The Retirement Advantage, Inc. (TRA), an industry-leading national retirement services company, is proud to welcome Mary Crothers, who will serve as Director of Client Services and will report to Michelle Zentner, Vice President of Operations. Crothers will primarily be responsible... Continue
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  CASE OF THE WEEK – Failure to Fulfill PTE 2020-02’s Requirements

  March 2, 2022 - Those who take advantage of the protections offered under PTE 2020-02 should be aware that failure to uphold the requirements could result in penalties and, potentially, loss of the PTE’s shield for a decade. Continue
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  ASK THE EXPERTS – Annie DeHaven | Director of Human Resources

  March 1, 2022 - Annie shares her experience working at TRA as well as insights for those contemplating a career move to TRA. Continue
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  CASE OF THE WEEK – Dual-Status Hospitals and Retirement Plans

  February 24, 2022 - Dual-status entities could include governmental hospital organizations that have received a determination letter from the IRS stating it is exempt from taxes under IRC Sec. 501(c)(3) and that it also qualifies as an affiliate of a government unit as described in Rev. Proc. 95-48. Continue
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  Plan Sponsors Ask…

  February 22, 2022 - Our plan committee is thinking about purchasing fiduciary liability insurance. Is a fidelity bond the same thing as fiduciary liability insurance? Continue
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  CASE OF THE WEEK – Designated Roth Account Rollover and Five-Year Rule

  February 17, 2022 - The five-year period for determining qualified distributions from a 401(k) plan Designated Roth account is determined separately from the five-year period for determining qualified distributions in a Roth IRA. For that reason, it may be advantageous for investors to make a Roth IRA contribution sooner rather than later in order to put the five-year clock in motion in the Roth IRA. Continue
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  Lower Your Tax Obligations with Cash Balance Plans

  February 15, 2022 - Many business owners and partners of firms are looking for larger tax deductions and accelerated retirement savings. Cash balance plans can help provide above-the-line deductions that directly reduce ordinary income dollar for dollar. A Cash Balance/401(k) Combo Plan can help clients save $50,000 – $250,000+ per year on a tax deferred basis while reducing the cost of staff benefits. Cash Balance/401(k) Combo Plans are ideal... Continue