Money Talk

APRIL 6, 2023

At the 2022 Retirement Summit sponsored by the Employee Benefit Research Institute (EBRI), there were four main topics: improving individuals’ access to retirement savings plans, reducing plan leakage (i.e., Speakers suggested three types of “nudges” (i.e.,

401(k) 245

401(k) Retirement Plan Finance Government 245

WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We're getting closer to the deadline for filing for 2022. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. You'll need this form when filing your taxes.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

Health Consultants Group

OCTOBER 1, 2021

Reconsidering your employee benefits priorities. As your employees settle into their post-pandemic workflow, you’re probably noticing that they don’t want business-as-usual. After a year of unprecedented medical and personal experiences, employees can easily detect holes in their benefits plans. Adoption Benefits.

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

HR Lineup

DECEMBER 22, 2021

For this reason, we have recommended the best compensation tools 2022 to help you handle compensation management effectively. . The compensation tools in HRM below have proven beneficial to all types of businesses since most of them help in calculating employee benefits and compensation, making the entire process seamless.

Retirement Plan 94

Retirement Plan Employee Compensation Human Resources Consulting 94

Griffin Benefits

DECEMBER 30, 2021

Thousands of companies turned to JP Griffin Group for guidance on employee benefits topics in 2021. 2022 IRS Contribution Limits for HSA, HDHP, FSA, 401(k). A consolidated list of 2022 IRS contribution limits for tax-advantaged employee benefits accounts such as HSAs, FSAs, 401(k)s, QSEHRA, transportation, and adoption benefits.

401(k) 82

401(k) Employee Benefits Healthcare Media 82

Employee Benefits

JANUARY 10, 2022

In what may bring a sigh of relief, 2022 is not a year with new legal requirements incumbent on employers regarding pensions. Then there is the issue of tax relief for low earners. This may lead to pressures to select a pension scheme and investment strategy aligned with employee expectations and corporate values.

Pension 72

Pension Net Pay Government Taxes 72

Employee Benefits

FEBRUARY 21, 2024

Furthermore, the cut must be viewed in the context of a creeping counterbalance known as fiscal drag, caused by the government’s freeze in the tax and NIC thresholds until April 2028. Until the 2022/23 tax year, governments have normally increased the tax and NIC thresholds annually.

Insurance 108

Insurance Employment Taxes Salary 108

Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government has decided to maintain the current freeze on employers’ national insurance (NI) contribution thresholds for a further two years. “A lower tax regime keeps unemployment low, maximises government receipts through income tax and corporation tax.

Government 105

Government Insurance Taxes Recruitment 105

McDermott Will & Emery Employee Benefits

AUGUST 5, 2022

On July 27, 2022, Senate Majority Leader Schumer and Senator Manchin announced a surprise agreement to move forward with an expanded reconciliation bill titled the Inflation Reduction Act (summary here). The post Manchin Agrees to Expanded Reconciliation Deal appeared first on EMPLOYEE BENEFITS BLOG.

Healthcare 98

Healthcare Taxes Employee Benefits Health and Welfare 98

McDermott Will & Emery Employee Benefits

OCTOBER 11, 2023

In December 2022, Congress enacted groundbreaking legislation as part of the SECURE 2.0 Act codifying an opportunity for employers to provide matching contributions within a tax-qualified retirement plan based on their employees’ qualified student loan payments outside the plan. appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 104

Retirement Plan Employment Taxes Employee Benefits 104

Employee Benefits

MARCH 27, 2023

The pension freedoms give employees aged 55 or over the option to take their retirement savings from their GPP in any way they choose. They can access a cash lump sum; usually the first 25% of each cash withdrawal from the pot will be tax-free. The rest will be taxed. What are the tax issues? The income is taxable.

Pension 111

Pension Taxes Government Salary 111

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. Approximately one year after Congress enacted the SECURE 2.0 Merger of Pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

McDermott Will & Emery Employee Benefits

FEBRUARY 22, 2022

The program is funded through a 0.58% payroll tax on employee wages and went into effect on January 1, 2022. The post Washington State’s Mandatory Withholding for Long-Term Care On Hold appeared first on EMPLOYEE BENEFITS BLOG. However, […].

Taxes 97

Taxes Payroll Employee Benefits Employment 97

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. HOW TO AVOID PENALTIES ON AN HSA WITHDRAWAL. DIFFERENT WAYS TO SPEND DEPENDENT CARE FUNDS.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government has reduced the threshold at which the 45% rate of income tax becomes payable, from £150,000 to £125,140. In September, then Chancellor Kwasi Kwarteng told the House of Commons in his mini budget statement that the 45% income tax rate would be replaced with a 40% rate from April 2023.

Government 59

Government Taxes Employee Benefits 59

McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2022

The post Fun For the Whole Family: More ACA Subsidies Apply appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 98

Taxes Flexible Spending Account Employee Benefits Employment 98

Employee Benefits

NOVEMBER 2, 2023

The number of employees benefitting from health insurance increased by 8% from four million in 2021 to 4.4 million in 2022. Meanwhile, workplace policies also saw a 15% increase in claims, with one million made in 2022 compared to 873,000 in 2021. million in 2022, the highest number since 2008. The post 4.4

Health Insurance 105

Health Insurance Insurance Government Taxes 105

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 29, 2022

On September 26, 2022, the IRS released IRS Notice 2022-45 , which corrected a potential oversight in IRS Notice 2022-33, discussed in detail here. The notice explains that the purpose of this clarification was to ensure that all amendments required by the SECURE, CARES, and Relief Acts can be adopted in a single amendment.

Taxes 114

Taxes Retirement Plan IT 114

WEX Inc.

JULY 30, 2024

But employees remain top of mind for employers, with 55% of businesses saying they will not reduce salaries if there is a recession, and 47% saying they will not reduce benefits. That’s because benefits are critical for attracting and retaining talent. The impact cutting a benefits budget would have Why do you come into work?

Taxes 98

Taxes Education Benefits Package Salary 98

Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government will maintain the current freeze on income tax personal allowance and higher-rate tax thresholds until April 2028. Chancellor of the exchequer Jeremy Hunt told the House of Commons that personal tax thresholds, including income tax, will be frozen for further two years until 2028.

Government 52

Government Taxes Finance Professional Services 52

Employee Benefits

JUNE 20, 2023

Modern company car schemes can offer a tax-efficient means to access new vehicles. Car salary sacrifice arrangements are popular with employees due to the low cost and access to low and zero-emission vehicles. The Covid-19 pandemic saw many employees work from home, resulting in the number of people commuting dropping dramatically.

Salary 105

Salary Transportation Taxes Work From Home 105

CorpStrat

JANUARY 17, 2023

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). Transportation fringe benefit plans. 401(k) plans.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

Employee Benefits

NOVEMBER 18, 2022

between 11 and 17 November 2022 were: PWC launches discount scheme and virtual financial wellbeing support. Wilmott Dixon and Admiral named best big employers for Q4 2022. Government reduces 45% income tax threshold. The top 10 most-read articles on www.employeebenefits.co.uk Stagecoach Hull gives staff 20% pay rise.

Government 59

Government Taxes Employee Benefits Employment 59

Employee Benefits

MARCH 15, 2023

She did not gain online access to her pay slips until early 2022, nearly a year into her employment, when she discovered that despite not earning enough to meet the tax threshold, deductions had been made from her pay. Storrie’s P60 and pay slip put her gross earnings at below the personal allowance for the tax year.

Taxes 59

Taxes Deductions Deductible Insurance 59

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. Any amounts contributed while a participant is ineligible must be included in the participant’s taxable income and are subject to an additional 10% excise tax.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

InterWest Insurance Services

JULY 4, 2024

workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. The plans are typically tied to a health savings account (HSA), which employees can fund with pre-tax dollars to reimburse for health-related expenses.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductions Deductible 97

Employee Benefits

OCTOBER 31, 2023

Whilst a workplace pension provides a savings vehicle for retirement, many organisations want to put in place a tax efficient savings option for those looking to save in general and build financial resilience. This will provide employees with a convenient, flexible and tax efficient way to invest. million employees.

Deductions 98

Deductions Deductible Banking Taxes 98

InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. HSAs allow your staff to set aside a portion of their pre-tax earnings into an account they can tap later to reimburse for qualified medical expenses, including copays, coinsurance, deductibles and medications.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

Employee Benefits

FEBRUARY 28, 2022

The Edelman Trust Barometer, published in January 2022, found that businesses and non-governmental organisations (NGOs) are seen as competent and effective drivers of change. The offer of payroll giving facilitates regular employee donations to charitable causes they feel passionately about. appeared first on Employee Benefits.

Gross Pay 122

Gross Pay Retail Payroll Government 122

WEX Inc.

MARCH 16, 2023

If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). If you’re contributing to an HSA, and on a family HDHP, the maximum amount that you can contribute is $7,300 per year (in 2022).

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

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. FSA Employer Contribution Limits for 2022.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductions 56

PeopleKeep

JANUARY 26, 2023

If you have remote employees in states other than where your organization is located, understanding the tax rules can be challenging. According to McKinsey’s 1 2022 American Opportunity Survey, 58% of employees work from home at least once a week, while 35% work remotely full-time.

Taxes 52

Taxes Work From Home Government Technology 52

Proskauer's Employee Benefits & Executive Compensa

MARCH 22, 2022

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions. But there is no gap if the plan’s current plan year started before January 1, 2022.).

Deductions 97

Deductions Deductible Health Savings Account Taxes 97

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). A CIT is a tax-exempt pooled investment vehicle that holds assets attributable to certain types of employer-sponsored retirement plans.

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

WEX Inc.

JANUARY 3, 2023

To kick off another year of providing you with the employee benefits tips and information you need, we wanted to look back at your favorite blog posts from the last year. Here are our top 10 blog posts from 2022: Your HSA when you change jobs Were you among the 20% of workers expected to quit their jobs in 2022?

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

Employee Benefits

JULY 3, 2023

Share incentive plans (Sips) were introduced in the UK in 2000 as a type of employee share scheme aimed at helping employees, who can purchase shares or be awarded free shares in the company, to save in a tax-efficient way. Free shares must be withdrawn from the Sip once the employee leaves the company.

Gross Pay 105

Gross Pay Taxes Government Salary 105

BerniePortal

AUGUST 30, 2022

From open enrollment for employee benefits to preparing for tax season—HR has a lot of plates to keep spinning. To stay organized and get ahead of the rush, there are several 2022 ACA deadlines coming up early in 2023 that you’ll want to start preparing for soon.

Taxes 52

Taxes Employee Benefits 52