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. When bracket incomes rise, people may be taxed at lower tax rates.

401(k) 246

401(k) Banking Deductible Deductions 246

Employee Benefits

MARCH 27, 2023

What is a group personal pension (GPP)? A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider. The rest will be taxed. What are the tax issues?

Pension 111

Pension Taxes Government Salary 111

Money Talk

MAY 4, 2023

Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. 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.

Education 245

Education Finance Pension Taxes 245

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).

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. New RMD tables went into effect in 2022, so this is a good time to discuss RMDs.

401(k) 189

401(k) Taxes Retirement Plan Finance 189

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. They could invest in financial coaching for a more personal approach to pensions education.

Pension 111

Pension Retirement Plan Education Finance 111

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. Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g.,

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductible 187

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. Then there is the issue of tax relief for low earners.

Pension 72

Pension Net Pay Government Taxes 72

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).

Pension 105

Pension Electronics Finance Government 105

McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

Retirement Plan 98

Retirement Plan Taxes Pension Utilities 98

Money Talk

JANUARY 26, 2023

lawn care, tax preparer, hair dresser), natural gas for home heating, electricity, and auto and homeowners insurance. January 2022 to January 2023) so there is no need for seasonal adjustments. pensions, Social Security, annuities) can “ride it out.” 5+ for 12 eggs!), services (e.g.,

Finance 186

Finance Pension Government Banking 186

Money Talk

AUGUST 16, 2023

of Americans age 65+ were working in 2022. Tax on Social Security Benefits - Those who work and claim benefits will trigger taxes with a combined income above $25,000 (individuals) or $32,000 (married couples filing jointly). Continued FICA Tax - Like all workers, employed older adults must pay Social Security/ Medicare tax.

Taxes 130

Taxes Pension Deductible Deductions 130

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt announced in his Budget statement today (15 March 2023) that government will abolish the lifetime allowance for pensions. Jeremy Hunt’s decision to raise the tax free pension allowance will help retain older staff who want work to pay.”

Pension 59

Pension Taxes Government Employment 59

Employee Benefits

FEBRUARY 17, 2023

As of December 2022, the UK Inflation rate stood at 10.5% Therefore, people’s pension savings will likely start catching up with the frozen Allowance. This could particularly affect those who never check the value of their pension or haven’t done so for some time. and therefore exceed the current LTA.

Pension 104

Pension Taxes Pension Benefit Salary 104

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.

Pension 59

Pension Taxes Finance Education 59

cipHR

NOVEMBER 15, 2021

It’s worth remembering that it’s an employee’s responsibility to check they’re on the right tax code, as it impacts how much tax they pay – whether it’s too much tax or too little. For the 2021/22 tax year (and through to 2025/26), the tax code for most people under 65 who only have one job or pension is 1257L.

Pension 98

Pension Gross Pay Payroll Deductible 98

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.

Pension 59

Pension Employee Benefits Management Taxes 59

Employee Benefits

MAY 30, 2023

Whilst more than one in ten (13%) have either stopped or reduced the amount they pay into their pension due to rising costs, worryingly, almost three in ten (29%), admit they may consider stopping payments in the future, and a third (30%) may consider reducing future payments. Whilst this is understandable, it really should be a last resort.

Pension 98

Pension Finance Taxes Education 98

Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Consider this: A 2022 survey conducted by tech giant Lattice, which included 200 HR professionals and 2,000 UK-based workers, revealed that 14% switched jobs due to superior benefits. Think this isn’t a big deal?

Pension 59

Pension Salary Taxes Employee Loyalty 59

Employee Benefits

APRIL 3, 2023

Pension and group risk Trust-based defined contribution pension with 12% employer, 3% employee minimum contributions. Employer-paid, but employee can fund up to 10% if it means added affordability, for example a tax efficient electric vehicle. Additional voluntary contributions. Life assurance at 10-times salary.

Pension 105

Pension Salary Retail Work From Home 105

Employee Benefits

DECEMBER 11, 2023

Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with.

Pension 52

Pension Taxes Banking Retirement Plan 52

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.

Deductible 98

Deductible Deductions Banking Taxes 98

Employee Benefits

FEBRUARY 16, 2022

At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Because pension forms part of an employee’s finances, tackling the broader topic of finances also increases engagement with pensions.

Pension 52

Pension Pension Benefit Finance Retirement Plan 52

Global People Strategist

APRIL 20, 2022

However, French residents pay for these benefits through a substantial amount of taxes. Those who wish to work and reside in France have a variety of taxes to be paid, here is a closer look at the French tax system. Types of Taxes. Primarily there are three types of taxes in France. Income Tax. Income Tax.

Taxes 52

Taxes Transportation Pension Deductible 52

InterWest Insurance Services

MARCH 22, 2022

Employers with five or more workers – The deadline for registration is June 30, 2022. Qualified retirement plans include: Qualified pension plans. Simplified Employee Pension (SEP) plans. Employers with 50 or more workers – The deadline for registration was June 30, 2021. 401(k) plans. 403(a) plans. 403(b) plans.

401(k) 98

401(k) Retirement Plan Employment Deductible 98

cipHR

MARCH 24, 2022

With the current tax year ending on 5 April 2022, the 2022/2023 tax year introduces many key pieces of legislation affecting millions of employers and employees across the UK. In preparation for the upcoming tax year end, we’ve prepared an extensive list of all the regulatory changes that you need to be aware of.

Taxes 40

Taxes Payroll Deductible Deductions 40

Employee Benefits

JANUARY 17, 2023

It is important that employees understand the importance of saving into their pension from early on. For example, they may not realise that someone in their 20s can increase their pension pot by 25% in retirement by saving an extra 1% a year with an employer match. Don’t neglect your pension.

Finance 98

Finance Pension Banking Retail 98

Employee Benefits

AUGUST 12, 2024

She was employed by Maximus UK Services, which performs medical assessments on people claiming state benefits for the Department for Work and Pensions, and managed an administrative team of nine. In April 2022, insurers Legal and General, which had protected Henderson’s income, cut her sick pay.

Management 105

Management Pension Medical Insurance 105

cipHR

MAY 24, 2022

Read on to learn how they supported CIPHR Payroll customers – including seven new clients who have just joined the CIPHR family – as well as a quick summary of the legislative changes that have taken effect for the 2022/23 tax year. Recap of changes for the 2022/23 tax year. Pensions and pension allowances.

Payroll 52

Payroll Pension Taxes Deductible 52

Employee Benefits

JANUARY 16, 2023

According to Wagestream’s The state of financial wellbeing: the cost of living report 2022 , published in July 2022, there has been an upswing in organisations adjusting their benefits budget to support broader financial wellbeing programmes as an additional way of helping their workforce, rising from 51% in 2021 to 93% in 2022.

Employment 105

Employment Salary Consulting Pension 105

Workplace Insight

MAY 28, 2024

As the UK government warns that the state pension age might need to rise, a new report from the the International Longevity Centre UK (ILC) claims that, between 2019 and 2022, people’s work span in the UK fell by 6 months.

Pension 59

Pension Government Food Taxes 59

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). 2022-40 also includes caveats regarding limitations on the scope of IRS review and the purposes for which a plan sponsor may rely on the determination letter, which are similar to those that apply to 401(a) plans.

Taxes 84

Taxes Employment Retirement Plan Pension 84

Employee Benefits

DECEMBER 14, 2022

2022 was a year of much change, with the cost-of-living crisis raging on and many employers stepping in to help their lowest-paid workers with one-off payments and pay rises. Events impacting pay, financial wellbeing and pensions. Reward and benefits changes. Of those that are considering change, 79% will be enhancing benefits.

Pension 64

Pension Parental Leave Healthcare Government 64

Employee Benefits

FEBRUARY 5, 2024

Law firm Stephenson Harwood has offered a salary sacrifice electric vehicle scheme to its 700 employees through provider Tusker since 2022. What’s important is that quote breaks down very clearly how much their net pay will be after the sacrifice, based on their tax code and earnings year to date. So it is all very transparent.”

Net Pay 59

Net Pay Pension Taxes Salary 59

Business Management Daily

AUGUST 2, 2022

On June 3rd of 2022, the Department of Labor announced that it is developing a new proposed rule on determining employee or independent contractor status under the FLSA. They are also typically responsible for the payroll taxes that the employer would typically pay including the employer’s share of Medicare taxes and Social Security taxes.

Employment 98

Employment Taxes PTO Overtime 98

Employee Benefits

JANUARY 18, 2023

Recently, the pressures on household income has raised concerns that members will look at their pension contributions as a way of cutting back on their monthly costs. However, new research from the Pensions Management Institute[2] (PMI) has suggested that this may now be changing. 7% have already ceased their contributions.

Pension 52

Pension Taxes Commissions Education 52

Employee Benefits

DECEMBER 20, 2023

In retirement, many will probably be paying significantly less income tax, no National Insurance or pension contributions, and mortgages may be paid off, but other costs may be higher such as heating bills as retirees may spend more time at home. They then need to work out the value of their savings and investments including pensions.

Pension 52

Pension Taxes Retirement Plan Education 52