Employee Benefits

NOVEMBER 15, 2023

Need to know: Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge. Losing the jargon will make the language of pensions easier to understand and more relevant to staff. Workplace pensions are one of the most valuable elements of the benefits package.

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Employee Benefits

OCTOBER 23, 2023

lost pension pots in the UK, worth around £26.6 billion WEALTH at work explains how employees can track down lost pensions and provides guidance on whether to consolidate The total value of lost pension pots has grown from £19.4 billion in 2022. find-pension-contact-details). find-pension-contact-details).

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Employee Benefits

JANUARY 18, 2023

One effective way in which employers can help drive employee engagement with pensions is by ensuring ease of access, so they can engage more easily and more regularly. In order to minimise jargon surrounding pensions, communication strategies should be easy to understand, inspiring, engaging and informing.

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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. But there are many ongoing requirements to be mindful of, and changes within the pensions environment that could lead to future impacts. There will be a need to be maintaining ongoing AE duties.

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Money Talk

AUGUST 10, 2022

The year 2022 is equally noteworthy for a “Great Unretirement” as millions of older workers who left jobs during the pandemic decided to come back into the labor force. 67 for workers born in 1960 or later), Social Security deducts $1 from benefits for every $2 earned above the annual limit ($19,560 in 2022).

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Money Talk

JUNE 16, 2022

Does your employer offer matching retirement contributions?, 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+).

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Employee Benefits

NOVEMBER 30, 2022

The Department of Work and Pensions (DWP) has reported a mean gender pay gap for 2022 of 5.9%. percentage point from 2021, while its median gender pay gap for 2022 is 0. for 2022, while its median bonus gap increased by a 1.2 The post Department of Work and Pensions reports 5.9% percentage point to 14.6%

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 20, 2021

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA).

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Employee Benefits

AUGUST 14, 2023

When Ford Motor Company moved to a master trust in April 2022, explaining the changes to people at pensions roadshows was a priority. Oliver Payne, international pensions and data analytics manager at Ford and founder of the Reinventing Pensions event, explains: “The reason for that is you get people’s focused attention.

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Employee Benefits

JULY 17, 2023

As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement. Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford. Enter the living pension initiative.

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Employee Benefits

JANUARY 5, 2022

One in three UK employees is prioritising building up emergency savings in 2022, according to new data, as financial uncertainty from the Covid-19 (Coronavirus) pandemic has promoted the need for a financial cushion. Employment insecurity also featured.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”).

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cipHR

JANUARY 11, 2022

The 2022 NI increase . Hunt down lost pension pots. Research shows that most people have approximately 11 different employers throughout their working lives. This equates to a lot of different pension pots – in fact there are around £20 billion in unclaimed pots in the UK. . Set short and long-term financial goals.

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Money Talk

JANUARY 26, 2022

New RMD tables went into effect in 2022, so this is a good time to discuss RMDs. New IRS Tables - New Uniform Lifetime (life expectancy) tables became effective for RMDs beginning January 1, 2022 and replace those in effect previously. For example, starting in 2022, the divisor for RMDs at age 72 is 27.4 The divisor is 27.4

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Employee Benefits

JANUARY 10, 2022

The Caravan and Motorhome Club Pension Plan was established in 2009 and now has around 1200 active members. Pensions manager Sarah Reynolds has planned a series of monthly communications this year, with the help of provider Aegon and adviser Punter Southall Aspire. A topic here will be to encourage people to pay more into the scheme.

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Employee Benefits

APRIL 28, 2023

Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation. Launched last month , the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement.

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Money Talk

SEPTEMBER 14, 2023

Traditional IRAs and employer plans). Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g., 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. Tax-free accounts (e.g.,

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Taxes 401(k) Retirement Plan Pension 194

Employee Benefits

MARCH 13, 2023

In October 2022, professional services firm Deloitte introduced a flexible pension policy that gave its 22,000 UK employees more control over their finances, while still centring the importance of retirement savings. We deliberately structured the new policy to be more pro pensions than it was.

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InterWest Insurance Services

MARCH 22, 2022

The deadline is fast approaching for employers with 5 or more workers in California, and who do not already offer their employees a retirement plan, to register their staff for the CalSavers Retirement Savings Program. Employers with 50 or more workers – The deadline for registration was June 30, 2021. Employers can register here.

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Employee Benefits

JANUARY 16, 2023

Record high inflation in the UK is resulting in some employers increasing pay levels in an attempt to keep up. Alongside one-off payments and pay rises, employers may want to consider investing in a long-term strategy to ensure the financial wellbeing of their employees. Pay strategy changes.

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Employee Benefits

AUGUST 21, 2024

Credit: Dilok Klaisataporn/Shutterstock Need to know: Significant amounts of money are tied up in small pension pots, many of which may have been forgotten. The Pensions Tracing Service can help people reconnect with lost pensions. Employers can help staff with this process and engage with pensions more generally.

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Workers' Compensation

MARCH 8, 2022

The rules are effective as of March 7, 2022. concluded that employers must pay complete workers’ compensation benefits, and the state pension system should be permitted to take an offset in benefits than it pays out. Cost shifting by employers and workers’ compensation insurance companies is a national issue.

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Employee Benefits

OCTOBER 9, 2023

Our employees benefit from a 30-minute free consultation with an independent financial advisor, and access to free mortgage and pension advice. Dani Saadu: Could employers do more to support the mental health of staff? The post Marco Pezzani: Could employers do more to support the mental health of staff?

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

Act of 2022” as part of the 2023 Consolidated Appropriations Act; President Biden is expected to sign the bill into law soon. Until then, below is a high-level summary of some key highlights for employers and retirement plan sponsors: Improving Access to Retirement Savings. The wait is over for SECURE 2.0, may be viewed here.

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The Workcomp Writer

JUNE 3, 2022

Quoting Larson’s Workers’ Compensation Law , an Ohio appellate court affirmed a decision by the state’s Industrial Commission that had refused to consider various fringe benefits in the form of health and welfare benefits, as well as the employer’s contribution to several pension funds as “wages” or “earnings” under Ohio Rev.

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Employee Benefits

FEBRUARY 20, 2023

Need to know: There are plenty of benefits to getting employees engaged with their pensions investments, but employers should to be clear about what behaviour they want to encourage. Employers do not have to have much say in how employees’ pension savings are invested. So, should pensions education be one of them?

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LACE Partners

DECEMBER 16, 2022

In this week’s blog LACE Partners consultant Alex Oliver summarises what innovations in payroll 2022 has seen for key industry players. During 2022 the financial pressures on both employees and employers have increased due to the pandemic and the energy crisis and we have seen interest increase in earned wage access.

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Proskauer's Employee Benefits & Executive Compensa

JULY 11, 2022

On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”). The PBGC is seeking public comments on this aspect of the final rule.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 17, 2022

On January 31, 2022, the Ninth Circuit affirmed the lower court’s finding that surcharges imposed by the Pension Protection Act (“PPA”) are excluded from the determination of an employer’s “highest contribution rate” for withdrawal liability payment calculations. of IBT Local 863 Pension Fund v. 31, 2022).

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Employee Benefits

JANUARY 6, 2022

Time is running out to enter the Employee Benefits Awards 2022, in association with Aon, with the extended entry deadline of Friday 14 January 2022 drawing near. The winners for 2022 will be announced at the Employee Benefits Awards and Summer Party, which will be held in June.

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Employee Benefits

DECEMBER 16, 2021

Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. Unite general secretary Sharon Graham explained that the union will back members if they decide to take industrial action to defend their pensions.

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Employee Benefits

JANUARY 31, 2022

More than 50,000 university employees are to take part in further strike action over pensions , pay and working conditions next month, according to a trade union. USS announced last year that changes would be made to the way pensions accumulate for its members from April 2022.

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Money Talk

AUGUST 16, 2023

of Americans age 65+ were working in 2022. Still Working Exception - Older workers who stay put can postpone required minimum distributions (RMDs) on a current employer’s plan under the “ still working exception ” rules. After declining in early years of the pandemic, the percentage of older adults in the labor force is increasing.

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Employee Benefits

APRIL 23, 2024

The FCA announced that more over 55s are accessing their pensions, and over half are cashing out their pension pots completely. Jonathan Watts-Lay, Director, WEALTH at work – a leading financial wellbeing and retirement specialist comments; “It’s concerning that so many pensions are being cashed out in full.

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Employee Benefits

JANUARY 30, 2024

The Department of Work and Pensions (DWP) has published the final version of the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 and a consultation response. The post DWP publishes updated occupational pension schemes regulations appeared first on Employee Benefits.

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Employee Benefits

JANUARY 12, 2024

More than a third (36%) of British employees will continue working past state pension age because they do not think their pension will cover their day-to-day expenses , according to research by Canada Life. Of those workers, the average individual expects to work until they are 72, up from an estimated 70 years old in 2022.

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Employee Benefits

MARCH 10, 2023

Camden Council has reported its 2022 gender pensions gap for the first time, revealing that on average for every £1 paid into a male employee’s pensions, female staff receive 75p. The council’s 2022 mean gender pay gap was 1.2%, and its median was 2.5%, both in favour of women, compared with 0.9% of white and 39.6%

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