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

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. Here’s an example.

401(k) 94

401(k) Retirement Plan Employment IT 94

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.

401(k) 85

401(k) Retirement Plan Health Savings Account Deductions 85

HR Digest

MARCH 28, 2023

Having a retirement plan is an important aspect of financial planning. 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.

401(k) 64

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

Insperity

OCTOBER 10, 2023

At its most basic level, the law encourages people to not only save money for retirement , but to save more and also become financially stable in the present. To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. The SECURE 2.0

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

HR Lineup

OCTOBER 25, 2023

As we step into 2023, retirement planning has become more critical than ever. With the uncertainty surrounding the future of Social Security and the increasing life expectancy, having a solid retirement plan is essential. What is a 401(k)? 10 Best 401(k) companies of 2023 1.

401(k) 52

401(k) Retirement Plan Taxes Education 52

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. Plan sponsors had questioned how the “establishment date” would apply in the context of plan mergers and spin-offs. Merger of Pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 3, 2023

On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant increases.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

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 Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022.

401(k) 97

401(k) Retirement Plan Employee Benefits 97

Money Talk

APRIL 14, 2022

Tax-Deferred Investing - One way to avoid a higher tax bracket is to increase tax-deductible contributions to an employer retirement plan (e.g., 401(k), 403(b), 457, TSP). 2022, 2023, 2024, and 2025). Contributions are subtracted from gross income, which reduces adjusted gross income (AGI) and taxable income.

Taxes 189

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

Proskauer's Employee Benefits & Executive Compensa

JANUARY 24, 2023

A district court in New York recently dismissed a putative class action challenging retirement plan recordkeeping and investment management fees. 21-cv-8458, 2023 WL 186679 (S.D.N.Y. Next, the court held that plaintiffs lacked standing with respect to four of the challenged funds in the 401(k) plan in which they did not invest.

401(k) 109

401(k) Profit Sharing Plan Retirement Plan Management 109

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 ). Automatic Deferral Increase for Non-Safe Harbor Plans.

401(k) 98

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. hardship withdrawals from a 403(b) plan could only be funded from the employee’s elective deferrals exclusive of earnings. Before SECURE 2.0, However, SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

Money Talk

JUNE 13, 2024

With the 2023 tax filing deadline in the rear view mirror, now is a good time to look ahead to 2024 taxes that you will owe in April 2025. This post extends that discussion with a description of seven key steps to take to plan for your 2024 tax return due in 2025. 401(k) plan).

Taxes 126

Taxes 401(k) Retirement Plan Health Savings Account 126

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

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

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. Church plans. So SECURE 2.0

401(k) 59

401(k) Deductions Deductible 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. 9) Bereavement leave.

401(k) 84

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 84

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. Credit Union Retirement Plan Association , No. 22-cv-208, 2023 WL 2424787 (W.D. Dismissal was granted in Sigetich v. The Kroger Co. ,

401(k) 85

401(k) Retirement Plan Employment IT 85

Best Money Moves

NOVEMBER 7, 2023

In their 2023 Workplace Benefits Report , Bank of America surveyed 800+ American workers, examining the success of their benefits programs. 63% of employees feel that economic uncertainty affects current and future workplace benefits and 401(k) retirement plans.

401(k) 106

401(k) Retirement Plan Banking Finance 106

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. The basis for withholding, including for auto-enrollment 401(k) plans, is that you can’t miss what you never thought you had.

401(k) 52

401(k) roth 401(k) Taxes Deductions 52

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

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.

401(k) 95

401(k) Retirement Plan IT 95

International Foundation of Employee Benefit Plans

JANUARY 13, 2023

Plan sponsors and administrators are encouraged to reference these comprehensive calendars to stay on track in 2023. Health and Retirement Plans Subject to ERISA (Includes Multiemployer Plans) Health and Welfare.

Health and Welfare 87

Health and Welfare Employee Benefits Retirement Plan 401(k) 87

HR Digest

APRIL 22, 2023

In this article, we will explore some of the latest employee benefits trends 2023 and what employees are looking for in their benefits package. Financial Wellness Benefits This employee benefits trend 2023 is another growing trend in workplace benefits. We will discuss the importance of these benefits to the workplace.

401(k) 105

401(k) Parental Leave Benefits Package PTO 105

Best Money Moves

MARCH 28, 2023

Food, gas and other household staples have increased dramatically throughout 2023. Rather than going into debt or borrowing from one’s 401(k), emergency funds provide a sense of security for when unexpected costs arise. However, the right financial wellness programs can help your team face an uncertain financial future head-on.

401(k) 120

401(k) Retirement Plan Food Medical 120

CorpStrat

JANUARY 17, 2023

The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). 401(k) plans. Transportation fringe benefit plans. DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. Unchanged Limits. LINKS AND RESOURCES.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

Insperity

SEPTEMBER 21, 2023

Look beyond the 401(k) Employees tend to think of a 401(k) retirement plan as a standard, commonplace benefits offering. Furthermore, a 401(k) is focused on the future and long-term goals – a more urgent and timely concern for older employees closer to retirement.

401(k) 105

401(k) IT Benefits Package Finance 105

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2024

Defense counsel frequently lament the difficulties of defending 401(k) investment and recordkeeping fee litigation when different judges render conflicting rulings on motions to dismiss seemingly indistinguishable complaints. 1:20-cv-1236, 2023 WL 9327209 (E.D. 2:20-cv-1079, 2023 WL 9327202 (E.D. 9, 2023); [3] Guyes v.

401(k) 52

401(k) Retirement Plan Utilities Technology 52

Benefits Notes

OCTOBER 24, 2022

On October 21, 2022, the Internal Revenue Service (IRS) released Notice 2022-55 , which sets forth the 2023 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2023 limits for benefit plans. Catch-up Limit (age 50+).

401(k) 52

401(k) Deductions Deductible Health Savings Account 52

Business Management Daily

AUGUST 30, 2023

The law is nothing short of a detailed overhaul of employer retirement savings plans. Sutton of Strategic Retirement Partners (aka “The 401k Lady”) said the new rules came out before employers and the industry were ready. brings to your retirement plans in 2023. since it was signed at the end of 2022.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

Employee Benefits 98

Employee Benefits Flexible Spending Account Employment Health Savings Account 98

Benefits Notes

DECEMBER 28, 2022

Congress made several changes to retirement plans as part of the Consolidated Appropriations Act of 2023 , which recently passed both the House and Senate. The final bill contains several provisions affecting retirement plans under Division T of the bill titled “Secure 2.0 Act of 2022.”

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 31, 2023

As discussed in further detail here , here and here , for almost 15 years, the DOL has been attempting to expand what it means to be providing “investment advice” for purposes of determining whether a provider is a “fiduciary” to an ERISA plan or an individual retirement account (“IRA”) under ERISA and Section 4975 of the Code.

401(k) 80

401(k) Insurance Employment Retirement Plan 80

Vantage Circle

JANUARY 16, 2023

As an HR professional, starting the new year by finding, curating, and planning for the upcoming events in the coming months is a not-so-fun start. The Comprehensive 2023 HR Calendar That Needs To Be Pinned Up. New Year's Day: January 1, 2023, Sunday. World Day of Peace: January 1, 2023, Sunday. National Hobby Month.

Family and Medical Leave Act 86

Family and Medical Leave Act Bonuses Education 401(k) 86

McDermott Will & Emery Employee Benefits

APRIL 4, 2024

In late December 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 (the Notice), providing guidance on key provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). Provisions appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 80

Retirement Plan Employee Benefits 401(k) 80

Benefits Notes

NOVEMBER 21, 2023

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2024 limits for benefit plans.

401(k) 52

401(k) Health Savings Account Retirement Plan Deductions 52