McDermott Will & Emery Employee Benefits

OCTOBER 12, 2022

On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirement plans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual retirement accounts (IRAs).

Retirement Plan 98

Retirement Plan IT Employee Benefits Executive Compensation 98

Best Money Moves

AUGUST 23, 2023

3 ways to maximize your financial wellness benefits. Financial wellness is a must-have employee benefit — learn how to maximize your financial wellness program. Today, almost 35% of companies have financial wellness offerings for their employees, up from 25% in 2020, according to the Employee Benefit Research Institute (EBRI).

Retirement Plan 98

Retirement Plan Finance Taxes Employment 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. If a plan covers a participant’s medical services before the deductible is paid, it is not an HDHP, and the participant is ineligible to make or receive contributions from an HSA.

Deductible 98

Deductible Deductions Health Savings Account Retirement Plan 98

Higginbotham

APRIL 25, 2022

Are you offering the most popular employee benefits and perks to attract workers? Workers know their value, and if you don’t compensate them with competitive pay and the most desired employee benefits, they might choose to leave. Health insurance remains a staple of the standard employee benefits package.

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Employee Benefits Disability Insurance Voluntary Benefits Benefits Package 52

Best Money Moves

DECEMBER 13, 2022

trillion in student loan debt repayments, which have been suspended since the start of the pandemic, in 2020. 63% of all employees say their financial stress has increased since the pandemic started. 42% of full-time employees struggle to pay household expenses on time each month. Employees don’t think it’s enough.

Finance 122

Finance Retirement Plan Healthcare Voluntary Benefits 122

Employee Benefits

APRIL 18, 2024

This represents a total increase of 18% since 2020. When asked how their trust in pensions affects how they feel about their level of savings for retirement, almost six in 10 still say the industry has no impact on their retirement savings. The results found that trust in the pensions industry rose to 5.26 in 2022, 4.63

Pension 69

Pension Retirement Plan Employee Benefits IT 69

Best Money Moves

AUGUST 26, 2020

Retirement savings were identified as a source of financial relief in the thick of the coronavirus pandemic when the CARES Act expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans. COVID-19 Retirement Impact: Retirement Outlook.

Retirement Plan 101

Retirement Plan Utilities Health Insurance Taxes 101

WEX Inc.

MAY 12, 2023

Telemedicine visits At the start of the pandemic, the use of telemedicine skyrocketed by more than 1000% in March 2020 and 4000% in April 2020, according to one study. With money being the number one factor negatively affecting mental health, HSAs are a great tool for investing and retirement planning.

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Health Savings Account Medical Retirement Plan Taxes 98

Vantage Circle

DECEMBER 31, 2019

But, there’s also a list of few tax-exempted fringe benefits that you can consider for curating a lucrative employee benefits plan. Here, are some of the tax-free fringe benefits and why you should count them in your employee benefits package. Employee Health Insurance Benefits.

Life Insurance 52

Life Insurance Employee Stock Option Retirement Plan Taxes 52

WEX Inc.

MAY 8, 2023

HDHP chronic health conditions One common misconception about HDHPs is that individuals with chronic health conditions should never enroll in a high-deductible health plan. But there are options for employees with chronic health conditions. Check out our free white paper about HDHPs, HSAs and retirement planning!

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Deductible Deductions Health Savings Account Employee Enrollments 97

Proskauer's Employee Benefits & Executive Compensa

MARCH 14, 2022

Department of Labor Employee Benefits Security Administration (“DOL”), cryptocurrency might carry similar dangers for otherwise strong and healthy 401(k) plan accounts. In prior guidance involving private equity investments in 401(k) plans, DOL noted the investment risks but offered a path for fiduciaries to manage the risks.

401(k) 97

401(k) IT Retirement Plan Government 97

WEX Inc.

DECEMBER 13, 2019

The year 2020 is weeks away and employee benefits are the name of the game. Gone are the days when companies had a leg up in the labor force by simply offering retirement plans or standard health insurance. Today’s workforce demands more.

Retirement Plan 52

Retirement Plan Health Insurance Insurance Employee Benefits 52

Best Money Moves

SEPTEMBER 17, 2019

More than half of Baby Boomers are planning to delay their retirement for a variety of reasons, but the most commonly cited are that they haven’t saved enough, don’t want to retire yet, have too much debt or need to keep the healthcare coverage offered at their jobs. Hiring Trends to Watch in 2020.

401(k) 69

401(k) Healthcare Retirement Plan Medical 69

Snell & Wilmer Benefits

SEPTEMBER 29, 2022

1126”) into law, amending California’s CalSavers Retirement Savings Program (“CalSavers”). In general terms, CalSavers automatically enrolls eligible California employees in ROTH Individual Retirement Accounts if their employer does not provide a qualified retirement plan. a 401(k) Plan). 1126 (“S.B.

401(k) 52

401(k) Retirement Plan Employment Employee Benefits 52

Best Money Moves

SEPTEMBER 4, 2019

More than half of Gen X report feeling significantly or somewhat behind on their retirement savings and 18 percent do not plan to retire at all, according to a survey from MetLife. Compared to Millennials and Baby Boomers, these numbers make Gen Xers the least secure in their retirement plans. .

Retirement Plan 68

Retirement Plan Finance Employment Employee Benefits 68

The Teacher's Advocate

APRIL 10, 2020

An Escape Hatch From Your Costly 403(b) or 457(b) The Covid-19 pandemic has created an opportunity for teachers (and school employees) to potentially lower the costs in their 403(b) and 457(b) by significant margins, this escape hatch will only work in 2020. If yes, there is no risk, but we don’t yet know the answer to this question.

401(k) 52

401(k) Retirement Plan Taxes Insurance 52

Hppy

SEPTEMBER 18, 2023

Efficiently managing employee benefits within the payroll system is a dynamic endeavor that extends beyond compensation, shaping an organization’s relationship with its workforce. These benefits significantly impact job satisfaction and overall well-being, reflecting a company’s commitment to supporting its employees.

Payroll 36

Payroll Employee Benefits Management Payroll System 36

PeopleStrategy

JULY 30, 2020

While it is possible that COVID-19 may be under more control by open enrollment season, one thing we learned early in 2020 is that nothing is certain. We also quickly figured out that we have to prepare for the worst-case scenario, which is what a lot of HR leaders and benefits brokers are doing.

Retirement Plan 69

Retirement Plan Insurance Health Insurance Deductible 69

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. 2022 Retirement Plan Limits Increase.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductible 56

HR Digest

SEPTEMBER 18, 2023

Those details can be mentioned separately if the employer desires Violation of the 2023 pay transparency law, with failure to correct the issue within 30 days, could result in civil penalties and fines up to $250,000 How Will Employees Benefit from the Pay Transparency Law in 2023?

Salary 86

Salary Commissions Retirement Plan Overtime 86

Benefits Notes

MARCH 31, 2021

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “ARPA”) into law. Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should take note and which are summarized below. Multiemployer Plan Provisions.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

Empuls

JUNE 21, 2024

The research also revealed that up to 77% of workers with access to employer-sponsored benefits, chose to participate in the program, increasing the take-up rate.   A thoughtfully crafted retirement plan can positively impact employee morale.   Let's quantify the significance of retirement rewards. 

401(k) 40

401(k) Retirement Plan Pension roth 401(k) 40

Snell & Wilmer Benefits

SEPTEMBER 30, 2022

1126”) into law, amending California’s CalSavers Retirement Savings Program (“CalSavers”). In general terms, CalSavers automatically enrolls eligible California employees in ROTH Individual Retirement Accounts if their employer does not provide a qualified retirement plan. a 401(k) Plan). 1126 (“S.B.

401(k) 40

401(k) Retirement Plan Employment Employee Benefits 40

Proskauer's Employee Benefits & Executive Compensa

JANUARY 24, 2022

The Consolidated Appropriations Act of 2021 (“ CAA ”) amended ERISA section 408(b)(2) to require “covered service providers” to disclose all direct or indirect compensation, totaling $1,000 or more, that the service provider reasonably expects to receive in connection with providing “brokerage services” or “consulting” to group health plans.

Retirement Plan 52

Retirement Plan Consulting Pension Insurance 52

Higginbotham

SEPTEMBER 9, 2024

Tuition Costs Are Increasing Much Faster Than Wages The National Center for Education Statistics says that 40 percent of full-time undergraduate students and 74 percent of part-time undergraduate students were employed in 2020. This option is fairly new; it has only been available since March 27, 2020.

Employment 52

Employment 401(k) Taxes Education 52

Employee Benefits

FEBRUARY 8, 2022

Author Name: Tracey Ward, Head of Business Development and Marketing at Generali UK Employee Benefits. 1 Meanwhile, for employees, all of this is only serving to add to all the change and perceived uncertainty currently faced in their working lives, not to mention the very tangible pinch as UK inflation hits a 30 year high.

Salary 52

Salary Finance Education Retirement Plan 52

Snell & Wilmer Benefits

AUGUST 12, 2022

The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans). The extended relief for the CARES Act amendments applies only to the 2020 waiver of required minimum distributions.

Retirement Plan 40

Retirement Plan Employee Benefits 40

Higginbotham

NOVEMBER 2, 2023

According to Pew Research Center, the number of 18- to 29-year-olds living with their parents increased during the COVID-19 pandemic, peaking at 52 percent in July 2020. Employers who want to keep their employees productive and focused on work need to take financial wellness seriously.

401(k) 52

401(k) Disability Insurance Benefits Package Insurance 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 31, 2023

The proposal would cover advice to roll over assets from an employer-sponsored plan (e.g., a 401(k) plan) into an IRA – i.e., rollover advice would now be ERISA-covered fiduciary “investment advice” regardless of whether the advice is provided on a “regular” basis; and Prohibited Transaction Exemptions.

401(k) 80

401(k) Insurance Employment Retirement Plan 80

HR Digest

JUNE 22, 2022

Furthermore, another study by the HRC Foundation revealed that nearly 20% of LGBTQ workers are employed in the service industry, mainly food and retail, where pay is low and employers are less likely to provide health benefits. Equal pay issues are further compounded by such factors that directly impact health and retirement planning.

Food 52

Food Retirement Plan Retail Education 52

Vantage Circle

JUNE 7, 2021

In 2020, when the Coronavirus pandemic was on peak, the economy and the unemployment rate hit a new low with mass layoffs. Even in normal times, a layoff or a termination is a hard pill to swallow for all employees. For example, suppose some employees are about to hit their retirement stage. as an extended benefit.

Retirement Plan 52

Retirement Plan Pension Health Insurance Education 52

Higginbotham

FEBRUARY 27, 2024

In 2020, EAP utilization increased amid the COVID-19 pandemic, and the ROI increased to $5.04 Encouraging EAP Utilization EAPs can benefit employees while delivering a good ROI, but this return is dependent on the utilization rate. Higginbotham can help you put together an employee assistance package.

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Proskauer's Employee Benefits & Executive Compensa

JUNE 14, 2022

As discussed in greater detail in our earlier posts ( here and here ), in response to the COVID-19 National Emergency, the IRS issued guidance temporarily allowing a notary or plan representative to witness spousal consent electronically via live video, provided certain conditions are met.

Electronics 52

Electronics Retirement Plan IT 52

Higginbotham

OCTOBER 27, 2023

While this is an exceptional example, the EEOC reported that in 2020 , there were over 470,000 calls to its toll-free number and 187,000 inquiries to field offices. EEOC complaints in 2020 were based on many forms of discrimination, including disability, race, gender, age, national origin and religion.

Family and Medical Leave Act 52

Family and Medical Leave Act Human Resources Government Medical 52

Higginbotham

AUGUST 10, 2023

By the 1990s, leading employers were including in their employee benefits packages programs for alcohol addiction, smoking cessation and other programs focusing on improved employee wellness through lifestyle changes. In a 2020 survey of large U.S.

Health Insurance 52

Health Insurance Employee Wellness Insurance Benefits Package 52

Employee Benefits

DECEMBER 11, 2023

44% of employers plan to offer targeted support for over 55s, and 68% already offer or plan to offer pre-retirement planning. This approach should ensure an improved retirement process, leading to better outcomes for all.” [1] 2025 UK adults aged 22+ in full time employment were surveyed.

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Pension Taxes Banking Retirement Plan 52

Genesis HR Solutions

SEPTEMBER 11, 2023

Flexible work arrangements allow employees arrangements or schedules that differ from the traditional 9-5, Monday through Friday, in-office work week. At GenesisHR, we’ve seen a shift amongst many of our clients since 2020—clients have adapted to some sort of flexible work arrangement since 2020. Wage and hour.

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