Employee Benefit News

SEPTEMBER 18, 2023

Mindy Zatto, founding principal of Strategic Benefits Advisors, is on a mission to simplify and demystify retirement plans.

Retirement Plan 101

Retirement Plan Employment 101

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 189

Taxes 401(k) Retirement Plan Pension 189

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. tax-deferred retirement plan contributions and charitable gifting) are already accounted for.

Taxes 159

Taxes Retirement Plan Deductible Deductions 159

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

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

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. History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income.

Deductible 246

Deductible Deductions Commissions Taxes 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%.

401(k) 186

401(k) Taxes Retirement Plan Pension 186

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.

Retirement Plan 71

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.

Retirement Plan 74

Retirement Plan 401(k) Utilities Employment 74

Employee Benefits

APRIL 10, 2023

Retirement planning Freedom of access to pension savings has impacted retirement strategies. That will shape the behaviours of employers and employees, both of whom will have to adapt their working practices, balancing the desire for greater flexibility in work with responsible retirement planning.”

Retirement Plan 64

Retirement Plan Pension Taxes Education 64

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 Deductible 85

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

Money Talk

AUGUST 8, 2024

Not only does this provide an opportunity to catch possible errors and omissions, but it also provides valuable insights about household finances and a source of questions about tax calculations and future tax planning for my second visit. Simply look at your 2023 tax return and divide your total tax owed by taxable income.

Taxes 177

Taxes Deductible Deductions Finance 177

HR Lineup

OCTOBER 18, 2023

In 2023, there are numerous benefits administration software options available, each with its unique features and advantages. In this article, we will explore the 10 best benefits administration software options for 2023. Top 10 Benefits Administration Software of 2023 1. What is Benefits Administration Software?

Software 81

Software Retirement Plan Health Insurance Payroll 81

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

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.

Retirement Plan 97

Retirement Plan Pension Employee Benefits IT 97

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

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

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., 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.

Taxes 189

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

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

Best Money Moves

APRIL 2, 2024

According to a Forbes Advisor survey , 68% of Americans say financial regrets from 2023 caused them stress in the following year. The average debt for Millennials alone rose more than 8% in 2023. Retirement plans are core to building a solid foundation, but many Americans are still not saving enough. According to the St.

Retirement Plan 106

Retirement Plan Education Employment Management 106

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

HR Lineup

MARCH 9, 2023

Here are ten recruiting hacks to help you find the best job candidates in 2023. Top 10 Recruitment Hacks to Hire the Best Talent in 2023 1. This includes not only salary but also benefits such as health insurance, retirement plans, and vacation time.

Recruitment 91

Recruitment Media Salary Retirement Plan 91

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

Best Money Moves

MARCH 11, 2024

Mercer’s 2023 Health and Benefits Strategies report shows that many employees are looking for benefits packages that include parental leave, adoption leave and elder caregiver leave. A retirement plan allows employees to build a financial safety net as they work, saving money over their careers.

Retirement Plan 105

Retirement Plan Healthcare Healthcare Benefits Parental Leave 105

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.

Government 116

Government Management Retirement Plan IT 116

Business Management Daily

AUGUST 30, 2023

brings to your retirement plans in 2023. It used to be that all employees eligible for the company’s retirement plan would have to receive notices; now that requirement is reduced to only enrolled employees. already made to your retirement plans appeared first on Business Management Daily.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

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

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%.

401(k) 98

401(k) Retirement Plan Taxes Consulting 98

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

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. 10 Best 401(k) companies of 2023 1. What is a 401(k)?

401(k) 52

401(k) Retirement Plan Taxes Education 52

Best Money Moves

AUGUST 23, 2023

It’s also a good idea to contract financial advisors outside of your employees’ retirement plan. Of the employers that offer financial advising, 65% of them offer this benefit through their retirement representative, according to EBRI’s report. Shift toward a holistic financial wellness benefits.

Retirement Plan 98

Retirement Plan Finance Taxes Employment 98

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%. cut scheduled for 2024.

Deductible 98

Deductible Deductions Health Savings Account Retirement Plan 98

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

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) Deductible Deductions Health Savings Account 52

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. IRS Notice 2022-55: 2023 limits for retirement plans.

401(k) 52

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

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