Money Talk

JANUARY 18, 2023

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% 401(k)s) and IRAs are pegged to inflation. for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022). million in 2022). in June and a still-high 6.5% CPI at year-end.

401(k) 246

401(k) Banking Deductions Deductible 246

Money Talk

MARCH 4, 2022

Required Minimum Distributions (RMDs) - Taxpayers with traditional IRAs, SEPs (self-employed), and employer retirement savings plans (401(k), 403(b), 457, and TSP) must begin annual RMDs upon reaching age 72. For singles in 2022, the standard deduction is $14,700 ($12,950 + $1,750 additional for age 65+). Part B premium.

Taxes 245

Taxes 401(k) Deductions Deductible 245

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. On March 10, 2022, DOL issued Compliance Assistance Release No. On March 10, 2022, DOL issued Compliance Assistance Release No.

401(k) 97

401(k) IT Retirement Plan Government 97

Proskauer's Employee Benefits & Executive Compensa

JANUARY 25, 2022

1:20-cv-04220, 2022 WL 88586 (D.S.C. Plaintiffs were participants in Centerra’s 401(k) plan who alleged that the defendants breached their fiduciary duties in connection with the monitoring of various investment options that had excessive fees and underperformed. The case is Williams et al. Centerra Grp., LLC et al. ,

401(k) 97

401(k) 97

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k) plan. Who is a long-term part-time employee?

401(k) 94

401(k) Retirement Plan Employment IT 94

Proskauer's Employee Benefits & Executive Compensa

JANUARY 28, 2022

24, 2022) (discussed further here ), a Georgia federal district court held in favor of plaintiffs and declined to dismiss allegations that defendant’s 401(k) plan included costly and underperforming funds and charged excessive recordkeeping fees. 25, 2022). Northwestern Univ. , 19-1401, 595 U.S. The case is Goodman v.

401(k) 98

401(k) Retail Healthcare Management 98

Money Talk

SEPTEMBER 30, 2022

There is a two-year look-back period so 2022 IRMAA surcharges are based on 2020 modified adjusted gross income (MAGI). There are five MAGI income ranges for IRMAA, with 2022 payments ranging from $238.10 The 2022 standard Medicare Part B premium for most older adults, for whom IRMAA is a non-issue, is $171.10. to $573.30

401(k) 245

401(k) Taxes Pension Deductions 245

Money Talk

AUGUST 3, 2022

People can also lower their account balances that get taxed by gifting up to $16,000 to individuals (2022). IRA, 401(k)/403(b) plans), suitable investments include stocks to be held a year or less, funds that generate significant short-term capital gains, and taxable bond funds. For tax-advantaged accounts (e.g.,

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 189

Insperity

OCTOBER 10, 2023

In December 2022, the U.S. Act of 2022 enables business leaders to: Deliver additional financial benefits to round out an organization’s compensation strategy Remain competitive in an increasingly dynamic labor market Win the war for talent In this blog, we’ll discuss: What the SECURE 2.0 employer-sponsored 401(k) plans.

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02 , which addresses SECURE 2.0 requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. 401(k) Plan : A spin-off plan from a pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Money Talk

JUNE 16, 2022

Examples include a 401(k) or 403(b) plan and traditional IRA. Contribution Limits- The maximum contribution for Roth and traditional individual retirement accounts (IRAs) in 2022 is $6,000 (under age 50) and $7,000 (age 50+). . The 2022 limits for the plans noted above are $20,500 (under age 50) and $27,000 (age 50+).

Taxes 188

Taxes 401(k) Retirement Plan Pension 188

International Foundation of Employee Benefit Plans

APRIL 28, 2022

On March 10, 2022, the Department of Labor’s Employee Benefits Security Administration (EBSA) released compliance guidance that cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency.

401(k) 77

401(k) Employee Benefits Education 77

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., In 2022, beneficiaries will receive a 5.9% a $59 increase for every $1,000 of benefits) in 2022. Estate and Gift Tax Exemption - The exemption amount in 2022 will be $12.06 indices) on our financial lives.

401(k) 232

401(k) Pension Taxes Deductions 232

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950.

Taxes 189

Taxes 401(k) Deductions Deductible 189

Money Talk

APRIL 4, 2024

All other tax-deferred plans, like 401(k)s and the thrift savings plan (TSP), must have RMDs calculated separately. 2022 for 2024) and can be avoided by lowering adjusted gross income or making an appeal to Medicare based on life events. IRMAA is based on income earned two years earlier (e.g.,

401(k) 196

401(k) Taxes Finance Education 196

Best Money Moves

OCTOBER 7, 2021

5 financial steps to support employees in 2022. Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees. Here are five steps to increasing employee financial wellness for 2022. Help your employees plan for the future.

401(k) 98

401(k) Retirement Plan Financial Counseling Finance 98

Business Management Daily

MAY 5, 2022

Defined contribution plans such as 401(k) plans were never meant to function as retirement plans—they are profit-sharing plans. The undisputed fact is, however, 401(k) plans have morphed into retirement plans. As with W-4s, the trick with 401(k) plans is not giving advice. Here’s what you can do to help.

401(k) 133

401(k) Retirement Plan Deductions Deductible 133

Money Talk

SEPTEMBER 14, 2023

401(k), 403(b), 457, thrift savings plan), Traditional IRAs funded with pre-tax dollars, simplified employee pensions (SEPs) for self-employed workers, and annuities. RMD Calculation - A new life expectancy table took effect in 2022. For example, $100,000 ÷ 26.5 (the the divisor for age 73) = $3,774 (rounded).

Taxes 194

Taxes 401(k) Retirement Plan Pension 194

Business Management Daily

APRIL 1, 2022

Figuring that defined-contribution plans such as 401(k)s weren’t nearly secure as they should be after the passage of the Setting Every Community Up for Retirement Enhancement Act of 2019, Congress is taking another stab at it with the Securing a Strong Retirement Act of 2021 (H.R. For 2022, the catch-up contribution amount is $6,500.

401(k) 59

401(k) Deductions Deductible Taxes 59

Money Talk

JANUARY 26, 2022

New RMD tables went into effect in 2022, so this is a good time to discuss RMDs. 401(k)/403(b)/457, TSP, SEP, and Traditional IRA accounts). New IRS Tables - New Uniform Lifetime (life expectancy) tables became effective for RMDs beginning January 1, 2022 and replace those in effect previously. The divisor is 27.4

401(k) 189

401(k) Taxes Retirement Plan Finance 189

Money Talk

JULY 13, 2023

Act of 2022 , passed last December, has financial planning opportunities for both the accumulation and distribution phases of retirement planning. The limit will be the greater of $10,000 or 150% of the standard catch-up amount for 401(k)s and similar salary reduction plans. The SECURE 2.0

401(k) 130

401(k) Retirement Plan Taxes Salary 130

Money Talk

JUNE 29, 2022

We are almost at the halfway mark of 2022, which makes this a perfect time to assess your financial progress and take action over the next six months. Investment Portfolio Rebalancing Review - To put it mildly, the stock market has been very volatile during the first half of 2022. 401(k) or 403(b) plan).

401(k) 189

401(k) Out of Pocket Cost Finance Flexible Spending Account 189

Proskauer's Employee Benefits & Executive Compensa

AUGUST 5, 2022

Dudenhoeffer , courts around the country have overwhelmingly rejected ERISA fiduciary-breach claims by 401(k) plan participants seeking relief related to investments in company stock funds. 1, 2022). The Boeing Co. , 20-3389 (7th Cir. Background.

401(k) 114

401(k) Management IT 114

Griffin Benefits

NOVEMBER 1, 2022

Together, these combined announcements by the IRS detail 2023 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. Adoption Assistance Increases for 2022.

401(k) 85

401(k) Retirement Plan Health Savings Account Deductions 85

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. What follows is a summary of the new IRS limits; Health Care FSA Limits Increase for 2022.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductions 56

International Foundation of Employee Benefit Plans

SEPTEMBER 11, 2024

Act of 2022 allows employers to make matching contributions toward employees’ qualified student loan payments (QSLPs) to 401(k) plans, 403(b) plans and governmental 457(b) plans (and SIMPLE IRAs plans not summarized in this blog). Section 110 of the SECURE 2.0

401(k) 96

401(k) Employment Employee Benefits 96

HR Digest

APRIL 30, 2022

A Bitcoin 401(k). recently revealed that they plan to offer investors the option to put bitcoin in their 401(k)s by the end of this year. A 401(k) plan is a company-sponsored retirement account where employee funding might come directly from their paychecks and may be matched by the employer.

401(k) 52

401(k) Retirement Plan Banking Government 52

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 17, 2023

legislation that was enacted at the end of 2022 included an expansion of the ability for a section 401(k) or 403(b) plan, or a governmental section 457(b) plan, to provide matching contributions on participants’ student loan payments. The grab bag of retirement provisions in the SECURE 2.0 Prior to SECURE 2.0,

401(k) 115

401(k) Education Taxes Employment 115

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). As previously discussed, the SECURE 2.0 However, SECURE 2.0

401(k) 98

401(k) Retirement Plan Education Finance 98

Money Talk

DECEMBER 29, 2022

Limited Investment Alternatives - Stocks have not been doing well during most of 2022 but neither are bonds, cryptocurrencies, or cash equivalent assts (money market funds and CDs) that are losing purchasing power to inflation. Recent research provides clear evidence of the positive effects of financial education on financial behaviors.

401(k) 181

401(k) Taxes Retirement Plan Finance 181

Business Management Daily

FEBRUARY 18, 2022

The Employee Benefits Security Administration has had an on-again, off-again approach to whether employers can allow 401(k) investment choices to promote social, environmental, or other public policy causes—called economically targeted investments or sometimes environmental, social, or governance investing.

401(k) 59

401(k) Pension Retirement Plan Commissions 59

Employee Benefit News

AUGUST 10, 2023

Bank of America's recent data found that retirement account balances have increased almost 10% from the end of 2022.

401(k) 98

401(k) Banking Management 98

Money Talk

APRIL 28, 2022

Before I did, I reviewed notes that I had taken looking for some “timeless nuggets” that are still relevant in 2022. Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.

401(k) 186

401(k) Health Savings Account Finance Retirement Plan 186

Business Management Daily

JANUARY 5, 2023

Act of 2022 —90+ provisions focused on 401(k) and other retirement plans. Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. 401(k) plans established after Dec. which was enacted in 2019.

401(k) 52

401(k) roth 401(k) Taxes Deductions 52

Proskauer's Employee Benefits & Executive Compensa

JULY 6, 2022

In April, we wrote here about the discouraging trend of opinions allowing commonly asserted breach of fiduciary duty claims in 401(k) and 403(b) plan investment litigation to survive motions to dismiss. 737 (2022), and two district courts dismissed similar claims. 21-5964, 2022 WL 2207557 (6th Cir. June 21, 2022).

401(k) 97

401(k) Retirement Plan Management IT 97

Business Management Daily

OCTOBER 19, 2023

This should give you pause if you’re considering allowing your 401(k) plan to offer a crypto investment option. So in March 2022, the DOL issued guidance cautioning employers about offering a crypto investment option in their 401(k) plans. This lawsuit has been bouncing around since June 2022.

401(k) 52

401(k) IT Management Employment 52

McDermott Will & Emery Employee Benefits

FEBRUARY 1, 2023

Act of 2022? In this webinar replay, McDermott’s Employee Benefits team discusses the many changes to retirement plans and individual retirement accounts, including the key changes for 401(k), 403(b) and defined benefit plans as well as other changes impacting […] The post Webinar Replay: What to Know About SECURE 2.0

401(k) 97

401(k) Retirement Plan Employee Benefits 97