Money Talk

JANUARY 18, 2023

This includes Social Security recipients, retirees with COLA-adjusted pensions, and workers with COLAs stipulated in their job or union contracts. 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 million in 2022).

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401(k) Banking Deductions Deductible 246

Employee Benefits

JANUARY 18, 2023

One effective way in which employers can help drive employee engagement with pensions is by ensuring ease of access, so they can engage more easily and more regularly. In order to minimise jargon surrounding pensions, communication strategies should be easy to understand, inspiring, engaging and informing.

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Pension Finance Technology Consulting 111

Employee Benefits

DECEMBER 1, 2023

Two-thirds (66%) of full-time UK employees regard contributory pensions and savings as important, according to research by Employee Benefits Isle of Man. The post 66% of full-time UK staff think contributory pensions are important appeared first on Employee Benefits.

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Pension Salary Finance Medical 113

Employee Benefits

OCTOBER 16, 2023

A buy-in is a contract between a defined benefit pension scheme and an employer that removes longevity, market, interest and inflation risks. With this in mind, what is a pensions buy-in and how is it conducted? If an investment strategy underperforms, it may not generate sufficient returns to pay pensions in the future.

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Pension Insurance Consulting Government 105

Employee Benefits

FEBRUARY 12, 2024

More employers could introduce gender inclusive paid parental leave to prevent and try to close gender pension gaps. The Pensions (Extension of Automatic-Enrolment) (No. 2) Bill will remove the lower earnings limit, enabling more employees to pay into a pension. The Pensions (Extension of Automatic-Enrolment) (No.

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Pension Parental Leave Employment Education 104

Employee Benefits

MARCH 17, 2023

The top 10 most-read articles on www.employeebenefits.co.uk The top 10 most-read articles on www.employeebenefits.co.uk

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Parental Leave Pension Bonuses Government 98

Employee Benefits

AUGUST 31, 2023

Nathan Mallows, director of finance, people and change at Coastline Housing, will present a session about the living pension on the final day of Employee Benefits Live 2023. Titled Living pensions: are your pension arrangements fair and equitable? the session will take place on Wednesday 4 October at 1.45pm.

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Pension Employee Benefits Finance Education 69

Employee Benefits

APRIL 26, 2023

Need to know: The Department for Work and Pensions announced a delay to the delivery of the pensions dashboard programme in March 2023. Pensions dashboards are coming, and will allow individuals to access all their information online and in one place. Who will oversee the dashboards? What do employers need to do?

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Pension Food Government Employment 90

Employee Benefits

JULY 17, 2023

As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement. Organisations should engage employees in their future finances by introducing schemes to improve financial literacy and provide better pensions information.

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Pension Finance Salary Government 98

Money Talk

SEPTEMBER 30, 2022

Many events can affect IRMA including marriage, divorce, death of a spouse, taxable pensions, leaving the workforce, capital gains on the sale of assets, and the start of RMDs. Example: I increased my 2021 SEP contribution to reduce AGI and avoid triggering a higher level of IRMAA in 2023.

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401(k) Taxes Pension Deductions 245

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”). Although the regulations were “final,” the PBGC invited comments on the phase-in rule in particular.

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Pension Pension Benefit Employment IT 98

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS. ” He added: “The issue goes wider than doctors.

Pension 64

Pension Taxes Government Bonuses 64

Employee Benefits

JANUARY 17, 2023

With increasing costs continually putting pressure on household finances, 2023 is set to be a financially challenging year for many. To help, WEALTH at work, a leading financial wellbeing and retirement specialist, shares its money management tips to help employees budget, save and stay on top of their finances throughout 2023.

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Finance Pension Banking Retail 98

Money Talk

JUNE 16, 2022

Contributions can be made until the tax filing deadline in April 2023. Through Retirement” Planning ¨ Taxable Income Sources- Common types of taxable income in later life include pensions, distributions from workplace retirement accounts, and Social Security. a return of their own money).

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Taxes 401(k) Retirement Plan Pension 188

Employee Benefit News

SEPTEMBER 20, 2023

Lowell and his team see the "plan of the future" as something that provides flexibility and personalization in retirement.

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401(k) Pension 240

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. This will be effective from April 2023. ” He added: “This is a comprehensive plan to remove barriers to work.”

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Pension Taxes Government Employment 59

Employee Benefits

FEBRUARY 6, 2023

EXCLUSIVE: Employers which have offered effective benefits packages to support employees with hybrid working are, for the first time, in with a chance of winning an accolade at the Employee Benefits Awards 2023. This year’s awards comprise 23 categories, including pensions, mental health, motivational benefits and financial wellbeing.

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Employee Benefits Benefits Package Pension Recruitment 105

Employee Benefits

JANUARY 22, 2024

Pensions and Future Planning Contrary to stereotypes, Gen Z actually places significant importance on pension benefits for future planning. In our report, pension needs ranked closely behind work-life balance in terms of importance, with an average score of 7.52. out of 10 in the findings from our exclusive report.

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Pension Benefit Pension Paid Leave Transportation 115

Employee Benefits

AUGUST 18, 2023

between 11 – 17 August were: Tesco Ireland enhances staff health and wellbeing benefits 30% of staff prefer CDC pension for decumulation over an annuity or drawdown ScotRail staff accept improved pay deal Exclusive: A fifth of employees worry about money every day Median monthly pay up 7.8%

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Pension Employee Benefits Employment 98

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+. It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions.

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401(k) Taxes Retirement Plan Pension 185

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.

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Retirement Plan Taxes Pension Utilities 98

Employee Benefits

AUGUST 7, 2023

Helen Tomlinson, head of talent UK and Ireland at The Adecco Group and government menopause employment champion, will delievr a session on women’s health at Employee Benefits Live 2023. Employee Benefits Live 2023 will take place on Tuesday 3 and Wednesday 4 October 2023 at ExCeL London.

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Employee Benefits Pension Government Employment 98

Employee Benefits

APRIL 18, 2024

Public trust in the pensions industry has increased for the fourth consecutive year, according to research by third-party pensions administrator Trafalgar House. The results found that trust in the pensions industry rose to 5.26 out of 10 in 2023, up from 4.95 in 2022, 4.63 in 2021 and 4.46 and ‘a lot’ climbing 0.9%.

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Pension Retirement Plan Employee Benefits IT 69

Employee Benefits

NOVEMBER 23, 2023

Autumn Statement 2023: Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement speech in the House of Commons on Wednesday 22 November. A number of key announcements were made that will affect pay , pensions and benefits. appeared first on Employee Benefits.

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Pension Employee Benefits Government Consulting 59

Proskauer's Employee Benefits & Executive Compensa

AUGUST 20, 2021

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA).

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Pension Pension Benefit Employment Executive Compensation 98

Employee Benefits

MARCH 23, 2023

The question is, what can businesses, in particular HR and Reward teams, do to thrive in 2023? Because there are benefits that need to be core benefits, like pensions, healthcare and financial education. We have something to give across every single one of 2023’s employee benefit trends. ** Find out more about nudge.

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Employee Benefits Salary Healthcare Education 98

Money Talk

AUGUST 31, 2023

pension, Social Security, annuities, dividends/capital gains, full- or part -time employment, self-employment) minus fixed (e.g., 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. insurance premium) expenses.

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401(k) Pension Food Finance 159

Proskauer's Employee Benefits & Executive Compensa

JANUARY 27, 2023

2023 WL 186800 (E.D. 13, 2023), the court granted a motion to dismiss a pension plan participant’s claim that the plan was equitably estopped from recouping overpaid plan benefits. Upon termination of his employment, the participant requested and received from the plan a disclosure estimating that his pension would be $6,225.24

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Pension Pension Benefit Employment 111

Vantage Circle

MARCH 25, 2025

Retirement Plans (401(k) & Pensions) A robust 401(k) match or pension plan is a powerful signal that a company views its employees as long-term partners, not disposable resources. According to a 2023 SHRM report , 89% of employees now consider mental health benefits a “must-have” when choosing an employer.

Employee Benefits 85

Employee Benefits Family and Medical Leave Act 401(k) PTO 85

Employee Benefits

APRIL 10, 2023

Need to know: Increasing education about pensions is key to helping employees make the right decisions about accessing their pension savings early. The ability to access pension funds early could prompt changes to the way that pension providers invest for their members.

Retirement Plan 64

Retirement Plan Pension Taxes Education 64

Employee Benefits

AUGUST 21, 2024

Credit: Dilok Klaisataporn/Shutterstock Need to know: Significant amounts of money are tied up in small pension pots, many of which may have been forgotten. The Pensions Tracing Service can help people reconnect with lost pensions. Employers can help staff with this process and engage with pensions more generally.

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Pension Retirement Plan Education Consulting 64

Employee Benefits

MAY 20, 2024

Health provider Novus Health has received living pension employer accreditation from the Living Wage Foundation. Luke Streeting, chief executive of Novus Health, said: “Our commitment to provide the living pension to our employees is a very important step to ensure all our staff can look forward to a decent standard of living in retirement.

Pension 59

Pension Health and Welfare Employment Salary 59

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. Read more > The post 2023 Employee Benefits Reporting and Disclosure Calendars appeared first on Word on Benefits. Health and Retirement Plans Subject to ERISA (Includes Multiemployer Plans) Health and Welfare.

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Health and Welfare Employee Benefits Retirement Plan 401(k) 104

Employee Benefits

JULY 24, 2024

Alongside this, over the past two years the organisation has embedded a specific focus on encouraging pensions’ awareness , and saving, among new hires. Before a person even joins AWE, they can see the details of the pension scheme and its benefits on its website. “We When they join, employees have a formal 1.5-day

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Pension Recruitment Education Employee Benefits Management 64

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.

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Pension Employee Benefits Management Taxes 59

Employee Benefits

MAY 22, 2024

Scottish energy multinational SSE was one of the first employers to become accredited by the living pension scheme in 2023. The Living Pension savings target is 12% of a full-time living Wage worker’s salary, of which the employer pays at least 7%. One reason behind high contribution levels is SSE’s communications strategy.

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Pension Salary Employment Employee Benefits 59

Employee Benefits

SEPTEMBER 11, 2024

Credit: elina.nova/Shutterstock What are master trust pension schemes? Master trusts are defined contribution pension schemes , set up under trust law, which allow multiple employers that are unconnected with one other to participate. At the end of 2023, there were 35 authorised master trusts in the UK, accounting for 26.1

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Pension Government Taxes Deductions 59