Best Money Moves

DECEMBER 4, 2024

About 7 in 10 US employees say they’re stressed about money, per PNC’s 2024 Financial Wellness in the Workplace report. Some employees have resorted to borrowing from their 401(k) to help make ends meet. However, not all employees face the same financial woes. Engaging a multi-generational workforce can be difficult.

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401(k) Finance Education Employment 104

InterWest Insurance Services

NOVEMBER 25, 2022

The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Funds in an HSA can be rolled over indefinitely year after year and invested, much like a 401(k) plan. The catch: These funds must be spent by March 15, 2024.

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401(k) Deductions Deductible Flexible Spending Account 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02 , which addresses SECURE 2.0 Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 401(k) Plan : A spin-off plan from a pre-SECURE 2.0 Merger of Pre-SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 27, 2024

A California district court recently denied a motion to dismiss claims that the fiduciaries of a 401(k) plan breached their ERISA fiduciary duties of prudence and loyalty by selecting underperforming, high-cost investments and causing the plan to pay excessive fees for services. The case is Coppel v. Seaworld , No. 21-cv-1430 (S.D.

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401(k) Retirement Plan IT 110

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k) plan. How did we get here?

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401(k) Retirement Plan Employment IT 94

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 125

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). Baby Boomer Challenges - Baby boomers (born 1946-1964) were the first generation with the ability to save money for retirement in 403(b)s, 401(k)s, and IRAs for decades (their parent’s generation had pensions). There is no way out.

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Money Talk

JULY 13, 2023

This rule takes effect in 2024 and Roth IRA income limits do not apply. The limit will be the greater of $10,000 or 150% of the standard catch-up amount for 401(k)s and similar salary reduction plans. Employer Retirement Plans - A “starter 401(k)” plan for employers with no current retirement plan will take effect in 2024.

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401(k) Retirement Plan Taxes Salary 130

Money Talk

DECEMBER 21, 2023

Workplace Roth Accounts - Effective January 1, 2024, no required minimum distributions (RMDs) are required from workplace Roth accounts (e.g., 401(k), 403(b), 457b, and TSP). With a debt snowball, you list debts by outstanding balance and pay extra on smallest balances first.

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401(k) Finance Taxes Media 194

WEX Inc.

OCTOBER 15, 2024

While HSAs combine several of the best features of 401(k)s and flexible spending accounts (FSAs), they are often overlooked and underutilized. The post WEX celebrates HSA Day 2024 with resources for HR leaders, employees appeared first on WEX Inc. It is not legal, tax, or investment advice.

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401(k) Health Savings Account Flexible Spending Account Taxes 52

Money Talk

FEBRUARY 15, 2024

401(k)s, 403(b)s, and traditional IRAs). For example, if a couple owes $25,000 on a $150,000 taxable joint income, their effective tax rate is $25,000 ÷ $150,000 = 16.7%, even though their 2023 and 2024 marginal tax bracket is 22%. It is calculated by dividing the total amount owed on a tax return by total taxable income.

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Taxes 401(k) Commissions Bonuses 185

Insperity

OCTOBER 10, 2023

employer-sponsored 401(k) plans. Act seeks to: Open access to 401(k) retirement plans to more people Provide greater opportunities to save Offer financial incentives to save while removing common barriers and penalties So, what does the law require of employers? The SECURE 2.0 The SECURE 2.0 The SECURE 2.0 The SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 116

Employee Benefit News

JANUARY 10, 2024

Roughly $1.6 trillion in savings would be preserved in the U.S. retirement system over 40 years if auto portability were adopted nationwide.

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McDermott Will & Emery Employee Benefits

DECEMBER 20, 2023

However, with the new rule effective for 401(k) plans beginning January 1, 2024, the guidance leaves employers and plan sponsors very little time to make changes to […] The post Last-Minute Guidance Leaves Little Time for Long-Term, Part-Time Employee Changes appeared first on EMPLOYEE BENEFITS BLOG.

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401(k) Retirement Plan Employee Benefits Employment 102

HR Digest

MARCH 12, 2025

401(k) matching), stock options, or performance bonuses. A 2024 Deloitte study found companies with robust benefits packages saw 25% lower attrition rates. In an era of rising healthcare costs, these benefits are non-negotiable for many workers. Financial Incentives Beyond salaries, employers might offer retirement plans (e.g.,

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401(k) Health Insurance Taxes Retirement Plan 72

Best Money Moves

DECEMBER 9, 2024

As 2024 comes to a close, HR professionals are rethinking benefits strategy going into next year. In SHRMs 2024 Employee Benefit Survey, menopause benefits, gender-affirming care and lifestyle savings accounts are becoming benefits trends for the first time. All of these factors mean that employee needs are changing.

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roth 401(k) 401(k) Benefits Package Paid Leave 52

Empuls

AUGUST 27, 2024

In this all-encompassing guide, we look at the best available options concerning Employee Benefits Options in 2024, different types, and significance, along with best practices in designing a benefits package to suit the workforce's needs. FAQ’s What are the main types of employee benefits for 2024?

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Family and Medical Leave Act Employee Benefits 401(k) Benefits Package 40

Money Talk

APRIL 14, 2022

401(k), 403(b), 457, TSP). 2022, 2023, 2024, and 2025). Pay particular attention if your projected income is close to a “breakpoint” for the next highest tax bracket so you can take proactive steps to stay below that number. Sometimes, saving just 1% more of pay can make a big difference on taxes due.

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

InterWest Insurance Services

JULY 11, 2024

The Department of Labor’s new fiduciary rule, which mainly applies to 401(k) plans, will also affect employers who offer their staff health savings accounts. The new rule, which takes effect September 2024, bars employers from providing advice to their workers on how they should invest the funds in the HSA they offer.

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401(k) Health Savings Account Employment Commissions 98

Best Money Moves

NOVEMBER 6, 2024

However, many employees feel their current benefits don’t meet their day-to-day needs, according to a 2024 Wellbeing and Voluntary Benefits Survey from HR consulting Firm Buck. It aims to create a healthier, more engaged workforce by addressing employees’ evolving needs in a way that reflects company values and mission.

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401(k) Voluntary Benefits Life Insurance Banking 59

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal. These changes are effective for plan years beginning after December 31, 2024. Before SECURE 2.0, Eligibility of Long-Term Part-Timers SECURE 1.0 However, SECURE 2.0

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401(k) Taxes Retirement Plan Commissions 111

Business Management Daily

SEPTEMBER 1, 2023

The saga of 401(k) catch-up contributions under SECURE 2.0 For employees who contribute to more than one 401(k) plan during a year—an old employer’s plan and a new employer’s plan, for example—contributions into each plan would be treated separately for purposes of determining whether the $145,000 threshold has been reached.

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401(k) Taxes Payroll Software Payroll 97

McDermott Will & Emery Employee Benefits

OCTOBER 15, 2024

On August 19, 2024, the Internal Revenue Service issued Notice 2024-63 (the Notice), providing guidance regarding the implementation of Section 110 of the SECURE 2.0 Act of 2022, which permits employers with a 401(k) plan or 403(b) plan to provide matching contributions to employees based on employee student loan payments.

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401(k) Employment Retirement Plan Employee Benefits 52

COMPackage

NOVEMBER 3, 2024

Sample Total Compensation Report Statement Employee Name: John Smith Date: October 10, 2024 Compensation Summary Base Salary: $60,000 annually Benefits: Health Insurance (Employer Contribution): $7,200 annually Dental and Vision Insurance: $1,200 annually Paid Time Off: 20 days vacation, 5 sick days, 10 federal holidays (estimated value: $10,000 annually) (..)

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401(k) Retirement Plan Benefits Package Health Insurance 52

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

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Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 105

Flimp Communications

DECEMBER 19, 2024

Read it here Financial Stress in 2024: Its Real You dont have to look far to find a financial guru counseling calm about the 2024 economy. For example, you might share short explanatory videos designed to unravel the complexities around your companys savings benefits, such as your 401(k) plan or HSA offering.

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401(k) Financial Counseling Finance Education 52

BerniePortal

NOVEMBER 2, 2023

But with inflation at or near 40-year highs, those changes are especially relevant for 2024. The Internal Revenue Service, or IRS, regularly makes changes to adjust its regulations in response to inflation.

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401(k) Taxes IT Healthcare 52

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. As expected, this year’s adjustments are more modest than last year’s significant increases. The table below provides an overview of the key adjustments for qualified retirement plans.

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Retirement Plan Employee Compensation Taxes 401(k) 101

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

Employers, many of whom are in the midst of or have already completed open enrollment for […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

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Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 105

COMPackage

OCTOBER 14, 2024

A Sample Total Compensation Statement Here is a sample TCS that illustrates how this information can be presented: Employee Name: John Doe Job Title: Software Engineer Date: January 1, 2024 Direct Pay Base Salary: $85,000 per year Indirect Pay Health Insurance: $7,000 annual premium (employer-paid) Retirement Plan: 401(k) match of 3% of salary Paid (..)

401(k) 40

401(k) Retirement Plan Incentive Compensation Life Insurance 40

InterWest Insurance Services

MARCH 7, 2024

For 2024, the limits are $4,150 for single coverage and $8,300 for family coverage.) One of the key features of these plans is that the funds in them can be carried over from year to year and can be invested like a 401(k) plan. Withdrawals to reimburse for these expenses are also not taxed.

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401(k) Health Savings Account Pharmaceutical Deductions 98

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2024

Defense counsel frequently lament the difficulties of defending 401(k) investment and recordkeeping fee litigation when different judges render conflicting rulings on motions to dismiss seemingly indistinguishable complaints. 22, 2024). [2] 2] Report and recommendation adopted , 2024 WL 233373 (E.D. 22, 2024). [3]

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401(k) Retirement Plan Utilities Technology 52

Business Management Daily

MAY 9, 2024

In it, she breaks down all the new payroll compliance changes affecting payroll administration in 2024, including post-pandemic trends that don’t appear to be going anywhere anytime soon. Without further ado, here’s step-by-step guidance for achieving payroll compliance in 2024. not signing up for your 401(k) plan).

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Payroll 401(k) Taxes Retirement Plan 52

Benefits Notes

NOVEMBER 21, 2023

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2024 limits for benefit plans. The 2023 limits are provided for reference.

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401(k) Health Savings Account Retirement Plan Deductions 52

PeopleStrategy

DECEMBER 12, 2023

That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024. For plan years beginning in 2024, the minimum annual deductible is $1,600 for self-only coverage and $3,200 for family coverage. It’s a lot and you need to make sure other departments are in the know.

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401(k) Overtime Health Savings Account Retirement Plan 52

WEX Inc.

MAY 2, 2024

HSA funds can be invested in mutual funds as you would with a 401(k), which lets employees grow their dollars. In an HSA, in 2024, a single has a limit of $4,150 and family $8,300. Employees must be enrolled in an HSA-eligible health plan (or high-deductible health plan ) to be eligible for an HSA. Investment potential.

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Health Savings Account 401(k) Flexible Spending Account Taxes 98

McDermott Will & Emery Employee Benefits

OCTOBER 1, 2024

Last month, the Internal Revenue Service (IRS) released long-awaited guidance on matching contributions for qualified student loan payments under § 401(k) of the Internal Revenue Code and other similar retirement plans.

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401(k) Retirement Plan Employee Benefits 52