WEX Inc.

JUNE 13, 2023

And baby boomers are actually the highest percentage of retirement-account holders among any group segmented in a 2021 survey by the U.S. This lack of retirement planning by large segments of employees is leading to more stress for them and less productivity at work. First, offer retirement plans. Census Bureau.

Retirement Plan 98

Retirement Plan 401(k) IT Healthcare 98

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% Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022). million in 2022).

401(k) 246

401(k) Banking Deductible Deductions 246

HR Professionals Magazine

MAY 24, 2022

A lot of the time people are asking us about Crypto because they want us to make the recommendation to do it, but as a fiduciary, it’s impossible for us to recommend someone invest their hard earned retirement dollars into something so volatile, unregulated and mysterious.

Retirement Plan 98

Retirement Plan 401(k) Banking Education 98

Best Money Moves

DECEMBER 7, 2021

Financial Wellness: The must-have employee benefit in 2022. If you aren’t incorporating financial wellness into your 2022 benefits strategy, your employees are missing out. Financial wellness programs are a must-have for your 2022 benefits strategy. Financial Wellness is the must-have employee benefit for 2022.

Employee Benefits 122

Employee Benefits Retirement Plan Finance Benefits Package 122

Proskauer's Employee Benefits & Executive Compensa

JANUARY 3, 2023

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

Retirement Plan 106

Retirement Plan Taxes Utilities Employment 106

Insperity

OCTOBER 10, 2023

In December 2022, the U.S. workers better prepare financially for retirement, at every stage of their employment journey. workers who have not been able to save enough money to retire have delayed their transition into this next stage of life because of current economic conditions and record-high inflation. The SECURE 2.0

401(k) 116

401(k) Retirement Plan Taxes Benefits Package 116

WEX Inc.

JULY 24, 2023

Fortunately, there’s an often overlooked way to help employees build wealth and prepare for retirement. Why HSAs for retirement planning? These accounts provide another way for your employees to diversify their efforts to prepare for retirement. Click below to get your free HSA retirement white paper.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

Taxes 188

Taxes 401(k) Retirement Plan Pension 188

Money Talk

MAY 11, 2023

I recently attended three webinars related to retirement planning. One discussed required minimum distribution (RMD) rules, the second, retirement planning in general, and the third, the FIRE ( F inancial I ndependence, R etire E arly) movement. After that, the government does not care what taxpayers do with RMDs.

Retirement Plan 246

Retirement Plan Taxes Finance Government 246

Money Talk

OCTOBER 27, 2022

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. The Roth IRA became available January 1, 1998.

Deductible 245

Deductible Deductions Commissions Taxes 245

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., Some indexes adjust annual limits related to financial planning for inflation, some adjust interest earned or paid by consumers, and others measure the performance of something relative to a benchmark indicator.

401(k) 232

401(k) Pension Taxes Deductible 232

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

Employee Benefit News

MAY 30, 2024

The 2022 retirement law aims to help workers pay off their student debts and save for retirement. Can it do both? It's complicated.

Management 294

Management Retirement Plan IT 294

BerniePortal

NOVEMBER 18, 2021

On November 4, 2021, the IRS announced key updates to retirement plan contribution limits and income ranges for 2022, including both limit and income increases. Here is what HR needs to know about this announcement.

Retirement Plan 98

Retirement Plan 98

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. For example, starting in 2022, the divisor for RMDs at age 72 is 27.4

401(k) 189

401(k) Taxes Retirement Plan Finance 189

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., An example: CalSavers in California. Speakers suggested three types of “nudges” (i.e.,

401(k) 245

401(k) Retirement Plan Finance Government 245

International Foundation of Employee Benefit Plans

DECEMBER 28, 2022

Act of 2022 (SECURE 2.0 Act), which aims to increase retirement savings and expand coverage to employer-sponsored retirement plans, was included in the 4,155-page omnibus spending bill. Read more > The post <strong>What Plan Sponsors Need to Know After the Passage of SECURE 2.0 The SECURE 2.0

Retirement Plan 98

Retirement Plan Employment Education Employee Benefits 98

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 21, 2021

The IRS recently updated its “Employee Plans Compliance Resolution System” (EPCRS). By way of background, EPCRS is a correction program administered by the IRS for plan sponsors to correct certain retirement plan errors. New Flexibility to Correct Retirement Plan Overpayments.

Retirement Plan 74

Retirement Plan 401(k) Utilities Employment 74

Money Talk

SEPTEMBER 14, 2023

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. RMD Calculation - A new life expectancy table took effect in 2022.

Taxes 194

Taxes 401(k) Retirement Plan Pension 194

Money Talk

DECEMBER 7, 2023

tax-deferred retirement plan contributions and charitable gifting) are already accounted for. Year-to-Year Comparison - Once a draft 2023 tax return is prepared, compare it to 2022. Example: savers earned about 0.25% interest in 2022 vs. 4.5%+ with online banks and money market funds in 2023.

Taxes 158

Taxes Retirement Plan Deductible Deductions 158

Money Talk

JULY 13, 2022

If you are “of age” and have not yet taken your 2022 RMD, consider doing so soon- in one or more “installments”- to avoid the year-end rush. Also be sure to adjust tax withholding for RMD withdrawals using quarterly estimated tax payments to the IRS or tax withholding by the retirement plan custodian.

Taxes 189

Taxes Retirement Plan Finance Consulting 189

Benefits Notes

AUGUST 9, 2022

On August 3, 2022, the IRS published Notice 2022-33, which extends the deadlines for amending retirement plans and IRAs to reflect certain changes to the law made by the SECURE Act; the Bipartisan American Miners Act; and section 2203 (allowing waiver of 2020 required minimum distributions) of the CARES Act.

Retirement Plan 97

Retirement Plan Pension Employee Benefits IT 97

Money Talk

AUGUST 1, 2024

Earlier this year, the book reached #8 and #14 in Amazon’s wealth management and retirement planning categories, respectively. Median book-related earnings for all authors in 2022 were $2,000 and over 90% of self-published books sell less than 100 copies. This followed a mention in a nationally syndicated newspaper article.

Finance 191

Finance Retirement Plan Media Management 191

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. New Catch-Up Limit - Currently, additional catch-up savings ($7,500 in 2023) in employer retirement plans is available for workers age 50+. The SECURE 2.0

401(k) 130

401(k) Retirement Plan Taxes Salary 130

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. Qualified Defined Benefit Plans. Increase from 2022 to 2023.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

HR Professionals Magazine

JULY 26, 2022

workers currently don’t have access to a retirement plan sponsored by their employer. To bridge this gap, a majority of states have contemplated state-mandated retirement savings plan legislation, and 13 have already signed such programs into law. Key retirement plan differentiators at a glance.

Retirement Plan 52

Retirement Plan 401(k) Employment Deductible 52

Money Talk

FEBRUARY 23, 2023

salary/wages, interest income, short-term capital gains, and RMDs (withdrawals) from tax-deferred retirement plans) in 2022 and 2023 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Ordinary Income Tax Rate - The seven federal income tax brackets for ordinary income (e.g., Income taxes are progressive (i.e.,

Taxes 188

Taxes Retirement Plan Finance Commissions 188

Business Management Daily

MAY 5, 2022

Fewer employees are covered by traditionally defined benefit plans. DB plans are retirement plans. The plan sponsor, most likely the employer, bears all the investment risk and pays you a fixed amount every month until you die. The undisputed fact is, however, 401(k) plans have morphed into retirement plans.

401(k) 133

401(k) Retirement Plan Deductible Deductions 133

McDermott Will & Emery Employee Benefits

APRIL 6, 2022

The increased penalties generally apply to reporting and disclosure failures if the penalty is assessed after January 15, 2022, and if the violation occurred after […]. The post Inflation and ERISA Penalties: Hand in Hand for 2022 appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 98

Employee Benefits Health and Welfare Executive Compensation Retirement Plan 98

Money Talk

DECEMBER 29, 2022

I recently attended a number of webinars about retirement planning. 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.

401(k) 181

401(k) Taxes Retirement Plan Finance 181

McDermott Will & Emery Employee Benefits

FEBRUARY 1, 2023

What do retirement plan professionals and participants need to know about the recently passed SECURE 2.0 Act of 2022? appeared first on EMPLOYEE BENEFITS BLOG.

401(k) 97

401(k) Retirement Plan Employee Benefits 97

McDermott Will & Emery Employee Benefits

OCTOBER 12, 2022

On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirement plans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual retirement accounts (IRAs).

Retirement Plan 98

Retirement Plan IT Employee Benefits Executive Compensation 98

Health Consultants Group

APRIL 1, 2021

How CARES Act Affects Employee Retirement Plan Distributions. That includes compliance with CARES Act Section 2202 , Special Rules For Use of Retirement Funds. Employees who met these coronavirus-related conditions qualified for retirement plan distributions under the special rules. CARES Act Retirement Plan Rules.

Retirement Plan 52

Retirement Plan 401(k) Taxes Pension 52

International Foundation of Employee Benefit Plans

AUGUST 31, 2023

With the federal student loan debt relief plan ruled unconstitutional by the Supreme Court, more employers are expected to consider offering student loan repayment benefits (covered in Part 1) or retirement plan matching under the SECURE Act 2.0 appeared first on Word on Benefits.

Retirement Plan 104

Retirement Plan 401(k) Employment Education 104

International Foundation of Employee Benefit Plans

JANUARY 23, 2024

Act of 2022 (SECURE 2.0) encompasses a number of changes affecting retirement plans that go into effect over the next few years. aims to make it easier for employers to offer retirement plans and help employees plan […] The post SECURE 2.0 The SECURE 2.0 Act: Where Are We Now?

Retirement Plan 104

Retirement Plan 401(k) Employment Pension 104

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. This On the Subject discusses the SECURE 2.0

Retirement Plan 104

Retirement Plan Employment Taxes Employee Benefits 104

Best Money Moves

JANUARY 31, 2023

Here are three key ways to support your team with better retirement options. Almost 4 in 10 employees say they’re not confident about reaching their retirement goals, according to a 2022 Bank of America report , and even more are unsure if they have enough savings to retire.

401(k) 119

401(k) Retirement Plan Banking Finance 119