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).

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Taxes 401(k) Retirement Plan Health Savings Account 126

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

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

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401(k) Taxes Retirement Plan Pension 186

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. IRAs are not an investment, per se, but, rather, a special classification for tax purposes.

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Deductible Deductions Commissions Taxes 246

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

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

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

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

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

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.

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401(k) Retirement Plan Health Savings Account Deductions 85

Employee Benefits

APRIL 10, 2023

As a result, we see evidence of people making poor decisions, for example, accessing their pension pot earlier than they really need to or should do, incurring unnecessary tax charges, and transferring to more expensively managed investments.” Retirement planning Freedom of access to pension savings has impacted retirement strategies.

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Retirement Plan Pension Taxes Education 64

Money Talk

NOVEMBER 10, 2022

A Roth IRA is a personal retirement account that lets people benefit from tax-free interest growth, providing they meet certain conditions. Contributions (deposits) are made with after-tax income (i.e., money that has already been taxed). Traditional IRAs are made with before-tax dollars (i.e.,

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Taxes Banking Finance Bonuses 188

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). hardship withdrawals from a 403(b) plan could only be funded from the employee’s elective deferrals exclusive of earnings.

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401(k) Taxes Retirement Plan Commissions 111

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 tax treatment for both types of plans is the same.

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401(k) Retirement Plan Taxes Consulting 98

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

Business Management Daily

AUGUST 30, 2023

brings to your retirement plans in 2023. Unlike traditional 401ks, Roths are not tax-deferred. With Roth accounts, employees pay taxes on their retirement contributions in their regular paycheck. Sutton’s reasoning … tax math. If you pay the tax today, your taxable retirement is zero,” she said.

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Retirement Plan 401(k) Taxes Utilities 52

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.

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Deductions Deductible Health Savings Account Retirement Plan 98

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

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 87

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.

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Retirement Plan Finance Taxes Employment 98

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)?

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401(k) Retirement Plan Taxes Education 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. Health FSA pre-tax contribution limit.

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

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.

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Retirement Plan Pension Finance Engineering 52

Best Money Moves

MARCH 30, 2023

Best Money Moves Sneak Peek: 2023 Financial Webinar Series. Get an inside look into Best Money Moves and catch a free preview of our 2023 Financial Webinar series. Luckily, carrying debt doesn’t mean you have to give up on your other financial goals — so long as you’re able to plan ahead.

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Retirement Plan Finance Taxes Education 59

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. Increase from 2022 to 2023. Health FSAs. . 300/month. $20/month.

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Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

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. How does 401(k) work?

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

CorpStrat

NOVEMBER 25, 2022

Here are our top tips for building a strong Benefits strategy going into 2023: 1. Employees are now expecting Dental, Vision, AFLAC, pre-tax plans, virtual care, as well as Cafeteria Plans for payment of medical expenses and dependent care. The post 2023 is Around the Corner: What’s your Benefits Strategy?

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PTO Retirement Plan Benefits Package Medical 52

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.” Increase in Cash-out Limit.

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401(k) Retirement Plan Taxes Salary 52

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 52

Money Talk

AUGUST 24, 2023

Tax Concerns - Some retirees, especially those who were diligent savers during their working years, wind up in a higher tax bracket in retirement than they were in during their primary careers. Taxes are exacerbated when one spouse in a couple dies, and the survivor must file taxes as an individual.

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401(k) Taxes Life Insurance Insurance 100

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

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401(k) Retirement Plan Executive Compensation Taxes 52

Snell & Wilmer Benefits

AUGUST 28, 2023

On August 25, 2023, the IRS issued Notice 2023-62 , which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. This SECURE 2.0

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401(k) Retirement Plan Taxes Employee Benefits 52

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

On October 21 st , the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). This announcement is a significant and welcome development for 403(b) plan sponsors. In announcing Rev.

Taxes 84

Taxes Employment Retirement Plan Pension 84

Snell & Wilmer Benefits

JUNE 23, 2023

Currently, employers can (but are not required to) permit retirement plan participants who are age 50 or older to make catch-up contributions that exceed the otherwise applicable Section 402(g) limit (which is $22,500 for 2023). The 2023 catch-up contribution limit is $7,500. As of January 1, 2024, SECURE 2.0

Retirement Plan 52

Retirement Plan Payroll Taxes Employment 52

Proskauer's Employee Benefits & Executive Compensa

JUNE 15, 2023

The IRS recently issued Notice 2023-43 providing new interim guidance for self-correction of plan errors. This guidance applies to corrections made prior to the anticipated issuance of revisions to the Employee Plans Compliance Resolution System (“ EPCRS ”). The SECURE 2.0 update to the EPCRS. of the SECURE 2.0 of the SECURE 2.0

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401(k) Taxes Retirement Plan Employment 84

Vantage Circle

SEPTEMBER 11, 2023

Benefits platforms also allow companies to centralize and automate the administration of employee benefits, such as health insurance, retirement plans, paid time off, and more. For example, some platforms allow for integrating different benefits, such as health insurance, retirement plans, and wellness programs.

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Employee Benefits Payroll Retirement Plan Software 52

WEX Inc.

NOVEMBER 27, 2024

Traditional Health Plan Calculator , which lets you input your annual doctor visit and prescription expenses to see the plan that’s right for you. Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. In 2023, the average employer contribution to employee HSAs was $929.

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Deductible Deductions Health Savings Account Flexible Spending Account 52