Money Talk

DECEMBER 21, 2023

Below are 12 nuggets of information that I gleaned from 2023 webinars: Getting Going- Some people procrastinate on saving for financial goals because goals seem too big and intimidating. 401(k), 403(b), 457b, and TSP). Every few months, I review my personal learning journal and summarize notes taken from various webinars.

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401(k) Finance Taxes Media 194

Best Money Moves

DECEMBER 4, 2024

Some employees have resorted to borrowing from their 401(k) to help make ends meet. Solution: Contribute to employees’ 401(k)s through match contributions To help employees stressed about money afford today’s expenses, many companies have invested in a match contribution program.

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401(k) Finance Education Employment 104

Griffin Benefits

APRIL 25, 2022

Historically speaking, retirees have typically relied on three primary tools to help them prepare for retirement: pension plans, Social Security, and defined contribution plans, like 401(k) plans. A new bill, expected to reach President Joe Biden's desk by the end of the year, could usher in wide-sweeping changes to 401(k) plans.

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401(k) Retirement Plan Employment Taxes 97

Money Talk

JANUARY 18, 2023

401(k)s) and IRAs are pegged to inflation. for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022). million per individual in 2023 vs. $12.06 In January 2023, many online bank accounts are paying 3.30%+. When inflation rises, workers can save more money. million in 2022).

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401(k) Banking Deductible Deductions 246

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). The maximum contribution for traditional IRAs for 2023 was $6,500 for workers under age 50 and $7,500 for those age 50+. 401(k), 403(b), 457, or Thrift Savings Plan). There is no way out. tax bracket was over 90%.

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401(k) Taxes Retirement Plan Pension 185

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k) plan. Who is a long-term part-time employee?

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401(k) Retirement Plan Employment IT 94

Money Talk

JULY 13, 2023

Below is a brief summary of a few key retirement savings provisions from about 100 changes contained in this legislation: RMD Changes- Effective January 1, 2023, the starting age for required minimum distributions (RMDs) for people born from 1951 to 1959 is now 73 instead of 72 and the starting age for those born in 1960 or later is now 75.

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401(k) Retirement Plan Taxes Salary 130

Money Talk

MAY 18, 2022

Normal” tax rules apply in 2022, however, which may require a withholding change for many families to avoid getting a smaller refund, or owing tax, in 2023. 401(k), 403(b), and traditional IRA). The deadline for making 2022 SEP contributions is the tax filing deadline in April 2023.

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Taxes 401(k) Deductible Deductions 263

Money Talk

AUGUST 31, 2023

America’s 401(k) Experiment - 2023 is the 45 th anniversary of tax-deferred 401(k) retirement savings plans that workers fund with voluntary contributions from their pay. Baby Boomers were “guinea pigs” for the use of 401(k)s, often as a substitute for defined benefit pensions.

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401(k) Pension Food Finance 159

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950. A key take-away?

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Taxes 401(k) Deductible Deductions 189

BerniePortal

NOVEMBER 9, 2022

But with inflation at or near 40-year highs, those changes are especially relevant for 2023. The Internal Revenue Service, or IRS, regularly makes changes to adjust its regulations in response to inflation. Read on to learn more about the updated IRS numbers you need to know for the coming tax year.

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401(k) Taxes IT 98

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 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. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

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401(k) Retirement Plan Health Savings Account Deductible 85

Money Talk

JUNE 16, 2022

Examples include a 401(k) or 403(b) plan and traditional IRA. Contributions can be made until the tax filing deadline in April 2023. Some older adults have a higher tax bracket when they were working which can trigger IRMAA Medicare premium surcharges and/or the net investment income tax (NIIT). “To

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Taxes 401(k) Retirement Plan Pension 188

HR Digest

MARCH 28, 2023

One popular way to get your retirement plan sorted in the United States is through a 401(k) plan. A 401(k) plan is a type of retirement account offered by employers to their employees. How does 401(k) work? A 401(k) plan is that the money grows tax-free until it is withdrawn at retirement age.

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401(k) roth 401(k) Retirement Plan IT 64

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. In other words, if a plan was adopted on November 1, 2022, with an effective date of January 1, 2023, the plan would not be subject to the SECURE 2.0 Merger of Pre-SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111

Money Talk

SEPTEMBER 30, 2022

Example: I increased my 2021 SEP contribution to reduce AGI and avoid triggering a higher level of IRMAA in 2023. This is especially true when you “did everything right” and saved money in IRAs, 401(k)s and the like, as financial experts recommended. The key is to monitor AGI/MAGI and use legal strategies to lower it.

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401(k) Taxes Pension Deductible 245

Money Talk

OCTOBER 19, 2023

Average monthly benefit in 2023: $1,827 ($21,924 per year). 401(k) and 403(b) plans) because contributions are deducted automatically from workers’ paychecks and employers may match them, in which case, it is smart to save enough to earn the maximum employer match.

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401(k) Finance Medical Deductible 213

Money Talk

APRIL 27, 2023

Four months into 2023, it is still appropriate to consider setting goals. Examples: save $10,000 toward the cost of a new car in 10 years and save 10% of salary in a 401(k) plan for 25 years. Goals are a statement of what an individual, family, or organization wants to achieve in the future. They are not just for New Year’s Eve.

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401(k) Health Salary Finance 189

Money Talk

FEBRUARY 15, 2024

With 2023 tax season well underway, now is a good time to examine income tax rates, which are a percentage of taxpayers’ income that is taxed. 401(k)s, 403(b)s, and traditional IRAs). income tax system is progressive, which means that taxes take a larger percentage of income from taxpayers with higher taxable incomes.

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Taxes 401(k) Commissions Bonuses 185

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 17, 2023

legislation that was enacted at the end of 2022 included an expansion of the ability for a section 401(k) or 403(b) plan, or a governmental section 457(b) plan, to provide matching contributions on participants’ student loan payments. We are hopeful that guidance will be issued sometime in 2023. Prior to SECURE 2.0,

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401(k) Education Taxes Employment 115

Business Management Daily

APRIL 1, 2022

Figuring that defined-contribution plans such as 401(k)s weren’t nearly secure as they should be after the passage of the Setting Every Community Up for Retirement Enhancement Act of 2019, Congress is taking another stab at it with the Securing a Strong Retirement Act of 2021 (H.R. Student loans and 401(k) plans.

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401(k) Deductible Deductions Taxes 59

InterWest Insurance Services

DECEMBER 20, 2022

SB 216 will take effect in two phases: Starting July 1, 2023, the following contractors will be required to carry workers’ compensation coverage regardless of whether they have staff or not: Concrete (C-8 license), Heating and air conditioning (C-20), Asbestos abatement contractors (C-22), and. 8) CalSavers expanded. 9) Bereavement leave.

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401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 24, 2023

21-cv-8458, 2023 WL 186679 (S.D.N.Y. District Court for the Southern District of New York, alleging that it violated ERISA in its management of both a 401(k) plan and a profit-sharing plan. The case is Singh v. Deloitte LLP , No. Plaintiffs, former Deloitte LLP employees, sued the firm in the U.S.

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401(k) Profit Sharing Plan Retirement Plan Management 109

Insperity

OCTOBER 10, 2023

employer-sponsored 401(k) plans. Act seeks to: Open access to 401(k) retirement plans to more people Provide greater opportunities to save Offer financial incentives to save while removing common barriers and penalties So, what does the law require of employers? The SECURE 2.0 Major highlights of the SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 113

McNees

JANUARY 13, 2023

The Consolidated Appropriations Act of 2023 (“Act”) was passed by Congress in late December 2022 and signed by President Biden on December 29, 2022. Below is a high-level list of the provisions of the Act which are effective in 2023 and which may affect your plan: Welfare Benefit Plans. The Act, a $1.7 Retirement Benefit Plans.

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401(k) Health and Welfare Employee Benefits Deductible 98

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. Among other changes, it: Requires automatic enrollment for new 401(k) and 403(b) plans that are first established after SECURE 2.0’s The wait is over for SECURE 2.0, Today, Congress passed the “SECURE 2.0

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401(k) Retirement Plan Taxes Finance 108

Money Talk

APRIL 14, 2022

401(k), 403(b), 457, TSP). 2022, 2023, 2024, and 2025). The important thing is to find a system that works for you to make 2022 tax filing season as stress-free as possible in 2023. Contributions are subtracted from gross income, which reduces adjusted gross income (AGI) and taxable income.

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Taxes Family and Medical Leave Act 401(k) Deductible 189

Proskauer's Employee Benefits & Executive Compensa

MARCH 16, 2023

21-cv-697, 2023 WL 2431667 (S.D. 9, 2023); dismissal was denied in Lucero v. 22-cv-208, 2023 WL 2424787 (W.D. Dismissal was granted in Sigetich v. The Kroger Co. , Credit Union Retirement Plan Association , No.

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401(k) Retirement Plan Employment IT 85

Business Management Daily

JANUARY 5, 2023

The last act of the 117th Congress was to pass the Consolidated Appropriations Act, 2023. Act of 2022 —90+ provisions focused on 401(k) and other retirement plans. Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis.

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401(k) roth 401(k) Taxes Deductible 52

McDermott Will & Emery Employee Benefits

JANUARY 24, 2023

Join partners from McDermott’s Employee Benefits team on Wednesday, January 25, 2023, as they discuss the impact of the recently passed SECURE 2.0 Act of 2022. Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG.

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401(k) Retirement Plan Employee Benefits 97

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). On December 6, 2023, the House and Senate released a draft bipartisan SECURE 2.0

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401(k) Retirement Plan Education Finance 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal. 401(k) plans increasingly offer group trusts in their investment line-ups as cost-effective alternatives to mutual funds. Before SECURE 2.0, However, SECURE 2.0

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401(k) Taxes Retirement Plan Commissions 111

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 22, 2023

We have previously blogged on the flurry of class action lawsuits challenging 401(k) plan investments in the BlackRock LifePath Index Target Date Funds. 22-cv-532, 2023 WL 5961651 (E.D. Trauernicht v. Genworth , No.

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401(k) Retirement Plan IT 95

Business Management Daily

SEPTEMBER 1, 2023

The saga of 401(k) catch-up contributions under SECURE 2.0 For employees who contribute to more than one 401(k) plan during a year—an old employer’s plan and a new employer’s plan, for example—contributions into each plan would be treated separately for purposes of determining whether the $145,000 threshold has been reached.

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401(k) Taxes Payroll Software Payroll 97

HR Digest

MARCH 12, 2025

According to a 2023 SHRM survey, 68% of employees prefer jobs with top-tier benefits over higher pay. 401(k) matching), stock options, or performance bonuses. The concept isnt new. Employee perks have evolved over decades as a strategic tool for businesses to stand out.

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401(k) Health Insurance Taxes Retirement Plan 52

Proskauer's Employee Benefits & Executive Compensa

MAY 4, 2023

A third district court has dismissed with prejudice a complaint alleging that defendants breached their fiduciary duties under ERISA by offering 401(k) plan participants the option to invest in BlackRock LifePath Index Target Date Funds (the “Funds”). Microsoft , Case No. 22-cv-1082 (W.D.

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401(k) Food IT 110

WEX Inc.

OCTOBER 15, 2024

“Health savings accounts are booming in popularity, with total assets eclipsing $123 billion in 2023 – nearly triple from just five years earlier – and yet they’re still widely misunderstood,” said Robert Deshaies, Chief Operating Officer of Benefits at WEX.

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401(k) Health Savings Account Flexible Spending Account Taxes 52