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% This includes Social Security recipients, retirees with COLA-adjusted pensions, and workers with COLAs stipulated in their job or union contracts. million in 2022). in June and a still-high 6.5% CPI at year-end.

401(k) 246

401(k) Banking Deductible Deductions 246

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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Pension Electronics Finance Government 105

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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Pension Net Pay Government Taxes 72

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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Pension Finance Technology Consulting 111

Money Talk

MAY 4, 2023

Interest Rates- Between March 2022 and May 2023, the Federal Reserve raised interest rates 10 times in an effort to decrease inflation by slowly increasing the cost of borrowing. Increasing Debt Loads- The average credit card balance was $5,805 at year-end 2022 and the average credit card interest rate in April 2023 was 24.2%.

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Education Finance Pension Taxes 245

Employee Benefits

MARCH 3, 2022

Nearly half (46%) of UK employers with defined contribution (DC) pension schemes say that delivering positive outcomes for members in this scheme is now their top priority, according to research by global professional services firm Aon. Back in 2020, employers’ main priority was to offer a pension that was broadly in line with competitors.

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Pension Employment Professional Services Government 105

Money Talk

JUNE 8, 2022

Many older adults also have multiple income sources including Social Security, a pension, full-or part-time work or self-employment, withdrawals from retirement savings (including taxable required minimum distributions or RMDs), and interest, dividends, and capital gains on investments. In other instances (e.g.,

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Taxes Pension Deductible Deductions 278

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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Money Talk

JUNE 16, 2022

. ¨ 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+). Contributions can be made until the tax filing deadline in April 2023.

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Taxes 401(k) Retirement Plan Pension 188

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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Pension Employee Benefits Management Employment 98

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. ” The post 32% of staff to increase emergency funds in 2022 appeared first on Employee Benefits.

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Pension Employee Benefits Employment IT 105

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. Organisations should engage employees in their future finances by introducing schemes to improve financial literacy and provide better pensions information.

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Pension Finance Salary Government 98

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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Pension Pension Benefit Employment IT 98

Employee Benefits

NOVEMBER 11, 2022

between 4 and 10 November 2022 were: Lloyds Bank offers employees minimum £2,000 pay rise. Laura Trott appointed minister for pensions. The post The top 10 most-read articles between 4 – 10 November 2022 appeared first on Employee Benefits. The top 10 most-read articles on www.employeebenefits.co.uk

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Pension Benefits Package Banking Employee Benefits 19

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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Disability Insurance Taxes Health Insurance Pension 246

Employee Benefits

FEBRUARY 1, 2022

The Department for Work and Pensions (DWP) launched a consultation titled Pensions dashboards: consultation on the draft pensions dashboards regulations 2022. The draft regulations make provision for mandatory standards associated with pensions dashboards, delegating authority to the PDP to set them.

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Pension Consulting Government Employee Benefits 75

cipHR

JANUARY 11, 2022

The 2022 NI increase . Hunt down lost pension pots. This equates to a lot of different pension pots – in fact there are around £20 billion in unclaimed pots in the UK. . Some employers will offer benefits such as Mintago, which allows employees to track down lost pensions on your behalf.

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Finance Pension Take Home Pay Work From Home 98

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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Pension Media Government Employee Benefits 59

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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Pension Pension Benefit Employment Executive Compensation 98

Money Talk

JANUARY 19, 2022

For example, workers with a guaranteed pension and/or a high investment risk tolerance might want to have more stock exposure in a TDF and would chose a target date farther off in the future. from a pension or annuity) is associated with increased financial satisfaction vs. simply having a lump sum to manage.

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Flexible Spending Account Taxes Pension Deductible 187

Employee Benefits

APRIL 18, 2024

Public trust in the pensions industry has increased for the fourth consecutive year, according to research by third-party pensions administrator Trafalgar House. The results found that trust in the pensions industry rose to 5.26 in 2022, 4.63 Only 22% said they do not have any or much trust in the pensions industry.

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Pension Retirement Plan Employee Benefits IT 69

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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Pension Benefits Package Finance Salary 69

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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Pension Finance Education Professional Services 72

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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401(k) Taxes Retirement Plan Finance 189

Employee Benefits

DECEMBER 17, 2021

The entry deadline for the Employee Benefits Awards 2022, in association with Aon, has been extended to Friday 14 January 2022. The 22 available categories span a variety of employee benefits aspects, including financial wellbeing, pensions, healthcare, employee engagement and mental health.

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Employee Benefits Pension Healthcare Management 80

Money Talk

JANUARY 26, 2023

January 2022 to January 2023) so there is no need for seasonal adjustments. pensions, Social Security, annuities) can “ride it out.” Cash Asset Options - One of the positive outcomes from inflation is increased yields on cash assets resulting from seven rounds of Federal Reserve interest rate increases in 2022. , services (e.g.,

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Finance Pension Government Banking 186

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. The Rules were adopted without change and have retroactive application. Division of Workers’ Compensation [D.W.C.]

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Pension Workers’ Compensation Medical Disability Insurance 64

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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Pension Retirement Plan Education Consulting 64

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. Background.

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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. Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g.,

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Taxes 401(k) Retirement Plan Pension 194

Employee Benefits

DECEMBER 14, 2023

The BP Pensioner Group has begun legal action against senior members of BP management and directors of the BP pension fund trustee due to concerns around the value of 2,500 members’ pensions. According to the BP Pensioner Group, the dispute is about decisions made by BP and the pension fund trustee in 2022 and 2023.

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Pension Employee Benefits Management Taxes 59

Employee Benefits

AUGUST 1, 2024

Moog, a motion control solutions supplier, has completed a £25 million pensions buy-in for its retirement benefits plan. The buy-in transaction, which was completed in partnership with Just Group and Gallagher, secures the benefits of 28 deferred members and 139 current pensioner members.

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Pension Insurance Employee Benefits Management 59

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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Pension Education Finance Government 69

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”).

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Pension Pension Benefit Consulting Employment 97

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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Pension Pension Benefit Manufacturing Consulting 59

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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Pension Construction Education Employment 59

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 Pension Healthcare Recruitment 69