Employee Benefit News

DECEMBER 26, 2023

The year saw both progress and problems, from glitches in the Inflation Reduction Act to a controversial new rule for advisers.

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Retirement Plan 293

Money Talk

JULY 13, 2023

Act of 2022 , passed last December, has financial planning opportunities for both the accumulation and distribution phases of retirement planning. Transfers count toward the annual limit for Roth IRA deposits ($6,500 in 2023). The match money goes into a worker’s retirement plan, not to pay off debt.

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401(k) Retirement Plan Taxes Salary 130

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 101

Proskauer's Employee Benefits & Executive Compensa

JANUARY 3, 2023

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

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Retirement Plan Taxes Utilities Employment 106

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 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%+. million in 2022).

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401(k) Banking Deductions Deductible 246

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.

Software 130

Software Retirement Plan Financial Counseling Education 130

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.

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Retirement Plan 401(k) Health Savings Account Taxes 98

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.

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

HR Digest

MARCH 12, 2025

According to a 2023 SHRM survey, 68% of employees prefer jobs with top-tier benefits over higher pay. Financial Incentives Beyond salaries, employers might offer retirement plans (e.g., 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 72

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.

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Taxes 401(k) Retirement Plan Pension 188

HR Lineup

OCTOBER 30, 2023

As we venture into 2023, businesses are seeking cutting-edge solutions to simplify HR and accounting tasks. In this article, we will explore the top 10 HR accounting software options available in 2023, each offering a unique set of features and capabilities to cater to different business needs.

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Software Payroll Human Resources Finance 130

Vantage Circle

MARCH 25, 2025

A solid benefits package has comprehensive health insurance, paid time off (PTO), retirement plans, and wellness support. 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.

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

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.

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Taxes Retirement Plan Deductions Deductible 158

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.

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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.

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Deductions Deductible Commissions Taxes 245

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.

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

Best Money Moves

JULY 24, 2024

As Deloitte’s 2023 Employer Health Benefits Survey reports, “Today’s workers need a much more customized experience to feel appreciated and valued for what they do.” Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics.

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Retirement Plan Education Finance Employment 105

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

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.”

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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 Deductions 85

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 176

Taxes Deductions Deductible Finance 176

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

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 116

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

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) Deductions 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.

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Employee Benefits Flexible Spending Account Employment Health Savings Account 98

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.

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Family and Medical Leave Act Bonuses Education 401(k) 98

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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401(k) Retirement Plan Employee Benefits 97

Best Money Moves

JULY 30, 2024

A 2023 Transamerica Institute report found that 77% of employees want a financial wellness program, but only 28% of employers provide it. Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. And employees have taken notice.

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Benefits Package Retirement Plan Education Utilities 59

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 125

Taxes 401(k) Retirement Plan Health Savings Account 125

WEX Inc.

NOVEMBER 27, 2024

In 2023, the average employer contribution to employee HSAs was $929. For plan years that started in January 1, 2023, 87% of eligible employees on our benefits administration portal did participate in an HSA. The average 65-year-old couple is expected to need around $395,000 just for medical care in retirement.

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Deductions Deductible Health Savings Account Flexible Spending Account 52

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

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.

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Retirement Plan 401(k) Taxes Utilities 52

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.

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Retirement Plan Education Employment Management 105

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

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Retirement plan maximums.

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401(k) Deductions Deductible Flexible Spending Account 98