McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

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Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 105

Employee Benefits

APRIL 10, 2023

When the government introduced the pension freedoms in 2015, it gave employees more choices about how and when they could access their pension savings, with people able to draw income directly from the fund or take the whole lot as a cash lump sum. Retirement planning Freedom of access to pension savings has impacted retirement strategies.

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Retirement Plan Pension Taxes Education 64

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. Annual Maximum Benefit.

Retirement Plan 52

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

International Foundation of Employee Benefit Plans

JANUARY 17, 2024

On October 31, 2023, the U.S. Department of […] The post How the DOL’s Proposed Fiduciary Rule Would Affect Retirement Plans appeared first on Word on Benefits. The definition of a fiduciary under ERISA, a rule originally written in 1975, has fluctuated in the past decade.

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Retirement Plan Employee Benefits 71

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.

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Retirement Plan 401(k) Utilities Employment 74

Best Money Moves

DECEMBER 5, 2023

2024 Employee benefits trends: Focus on employee wellbeing. The right benefits strategy is key to employee satisfaction. Here are the top 2024 employee benefits trends. Employee benefits are a driving force keeping your workforce satisfied. 4 Top 2024 Employee Benefits 1.

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Employee Benefits PTO Financial Counseling Work From Home 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. FSA Employer Contribution Limits for 2023.

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401(k) Retirement Plan Health Savings Account Deductions 85

HR Lineup

OCTOBER 18, 2023

With the advancement of technology, benefits administration software has become an essential tool for businesses of all sizes to streamline their HR processes. In 2023, there are numerous benefits administration software options available, each with its unique features and advantages. What is Benefits Administration Software?

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Software Retirement Plan Health Insurance Payroll 81

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.

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CorpStrat

JANUARY 17, 2023

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). 401(k) plans. Increased Limits.

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

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. SECURE Act.

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Retirement Plan Pension Employee Benefits IT 97

Best Money Moves

MARCH 11, 2024

In fact, according to Forbes Advisor , 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits. Well-tailored, helpful employee benefits go a long way toward keeping your existing team members satisfied while also attracting new talent.

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Retirement Plan Healthcare Healthcare Benefits Parental Leave 105

Insperity

OCTOBER 10, 2023

To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” The SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 113

HR Digest

APRIL 22, 2023

The job market is constantly evolving, and as a result, the employee benefits regulations that are expected from employers are also changing. Today, employers are under increasing pressure to stay ahead of employee benefits trends and offer a comprehensive range of workplace benefits that cater to the diverse needs of their employees.

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401(k) Parental Leave Benefits Package PTO 105

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 Provisions appeared first on EMPLOYEE BENEFITS BLOG. Provisions appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022 (SECURE 2.0).

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Retirement Plan Employee Benefits 401(k) 80

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 appeared first on EMPLOYEE BENEFITS BLOG. appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022?

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401(k) Retirement Plan Employee Benefits 97

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 27, 2023

Department of Labor (the “DOL”) issued final regulations (the “Final Rules”) which address the extent to which ERISA plan fiduciaries may consider environmental, social and governance (“ESG”) factors when making investment decisions and exercising shareholder rights, such as voting proxies, on behalf of ERISA-covered plans.

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Government Management Retirement Plan IT 116

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. Not only do the CAA 2023’s “SECURE 2.0” Beginning in 2023, Medicare anticipated cutting its provider reimbursement rates by about 4.5%.

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Best Money Moves

AUGUST 23, 2023

3 ways to maximize your financial wellness benefits. Financial wellness is a must-have employee benefit — learn how to maximize your financial wellness program. Today, almost 35% of companies have financial wellness offerings for their employees, up from 25% in 2020, according to the Employee Benefit Research Institute (EBRI).

Retirement Plan 98

Retirement Plan Finance Taxes Employment 98

Vantage Circle

SEPTEMBER 11, 2023

Imagine a world where managing employee benefits is no longer a daunting task but an empowering experience for HR teams and employees. With an innovative employee benefits platform, that world becomes a reality. Importance of Having an Employee Benefits Platform in Place 1. Let's delve in.

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Employee Benefits Payroll Retirement Plan Software 52

HR Digest

AUGUST 28, 2023

With the ability to make both employee and employer contributions, the Solo 401k allows you to save and invest more compared to traditional retirement plans. So, let’s get started and see if a solo 401k is the golden ticket to a secure retirement. The early withdrawal penalty for both types of plans is 10%.

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401(k) Retirement Plan Taxes Consulting 98

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. Here’s the rundown of the changes going into 2023: HSAs and HDHPs.

401(k) 87

401(k) Deductions Deductible Flexible Spending Account 87

HR Professionals Magazine

JANUARY 25, 2023

Vaughn, FSA, MAAA, EA McGriff Retirement Practice Leader The post Borrowing Considerations to Fund Retirement Plan Liabilities appeared first on HRProfessionalsMagazine. It can lead to lower cash flow commitments for the near future, a balance-sheet-neutral transaction, and improved earnings.

Retirement Plan 52

Retirement Plan Pension Finance Engineering 52

Insperity

MARCH 12, 2024

Launching a successful benefits program in your workplace calls for a savvy employee benefits strategy. Here, we’ll cover everything you need to know about employee benefits. Common employee benefits Here’s a list of the employee benefits that should be on your radar.

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Family and Medical Leave Act Employee Benefits PTO 401(k) 59

Employee Benefits

JANUARY 4, 2024

Introduction: Intuit’s goal is simple, to improve wellbeing for the diverse Intuit employee population and to deliver an integrated financial wellbeing communication strategy that draws on different themes each month, and always ties back to financial education. Each theme is integrated with a financial wellbeing benefit eg.

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Finance Health Retirement Plan Education 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

hardship withdrawals from a 403(b) plan could only be funded from the employee’s elective deferrals exclusive of earnings. 403(b) plan sponsors looking to implement this change should consider amending their plans to permit hardship distributions from all available sources. 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

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 ). Starter 401(k) Plans. technical corrections bill.

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401(k) Retirement Plan Education Finance 98

Proskauer's Employee Benefits & Executive Compensa

AUGUST 3, 2022

This extension is welcome for many plan administrators and sponsors who are still waiting for final IRS guidance on many of the SECURE Act’s provisions, including required post-death distribution rules, rules governing the inclusion of long-term part-time employees, and more.

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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. The case is Singh v. Deloitte LLP , No.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Notice 2024-02 provides the following guidance: Adoption Date Controls : A 401(k) plan is considered to have been established before December 29, 2022—and not subject to the automatic enrollment requirement—if the terms of the plan were initially adopted before December 29, 2022. Merger of Pre-SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 13, 2023

22-4045, 2023 WL 5731996 (10th Cir. With respect to the second allegation, the participants alleged that the plan fiduciaries failed to regularly issue requests for proposal and relied on the “401k Averages Book,” which purported to show that other retirement plans paid substantially less for recordkeeping services.

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401(k) Retirement Plan Government Management 109

CorpStrat

NOVEMBER 25, 2022

This change in the labor market means t he old ways of delivering Employee Benefits are no longer enough to increase retention. Employees now expect fresh healthcare plans that provide value and offer perks. So, what is your Benefits strategy? The post 2023 is Around the Corner: What’s your Benefits Strategy?

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PTO Retirement Plan Benefits Package Medical 52

HR Lineup

SEPTEMBER 29, 2023

In 2023, the demand for such software has surged, prompting innovation and improvements in existing solutions. Here, we’ll delve into the top 10 financial wellness software options for 2023, examining two of the most notable features of each. Top 10 Employee Financial Wellness Platforms of 2023 1.

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Software Retirement Plan Financial Counseling Education 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Increase from 2022 to 2023. Qualified Transportation Fringe Benefits. .

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Employee Benefits

FEBRUARY 12, 2024

2) Bill, which received Royal Assent in September 2023, will remove the lower earnings limit that currently stands at £192 a week or £833 a month, and will assist those who currently do not earn enough to pass the automatic-enrolment threshold. appeared first on Employee Benefits.

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Pension Parental Leave Employment Education 104

Employee Benefits

JANUARY 25, 2023

Life insurance for all employees with a death-in-service benefit of four-times salary. Financial education Financial education programme including topics on managing money, pre-retirement planning, pensions and new topics for 2023 that may include a guide to mortgages, a mid-life MOT and early career financial awareness.

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Pension Bonuses Voluntary Benefits Retail 105

Employee Benefits

JANUARY 15, 2024

found in its November 2023 research that work-life balance is important to 36% of older workers, while 55% said it has become more so as they aged. But what benefits can employers offer to support the ageing workforce? This will also help to boost employee attraction and retention. Job and community site Workingwise.co.uk

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