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. Certain health and welfare plan limits have not yet been released.

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Best Money Moves

AUGUST 6, 2024

Many employees cannot afford a $1000 emergency Having enough money for a rainy day is a key pillar of financial resiliency. In case of an emergency like car maintenance or an unexpected bill, a rainy day fund can help employees avoid debt from unexpected expenses.

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Empuls

AUGUST 27, 2024

Now more than ever, employee benefit packages are considered important for the unwieldy terrain of today's job market. Only those organizations that understand how to use this most powerful approach to their advantage by including comprehensive benefits in kind do well in the market for acquiring and retaining key brainpower.

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Best Money Moves

DECEMBER 5, 2023

2024 Employee benefits trends: Focus on employee wellbeing. The right benefits strategy is key to employee satisfaction. Here are the top 2024 employee benefits trends. Employee benefits are a driving force keeping your workforce satisfied. 4 Top 2024 Employee Benefits 1.

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McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

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HR Digest

MARCH 12, 2025

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., These examples tie employee success to company growth, fostering loyalty. Well-designed benefits package boost morale, productivity, and retention.

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Best Money Moves

MARCH 11, 2024

The 4 best benefits in 2024, according to employees. Your benefits choices go a long way toward attracting the right employees. Here are the 4 best benefits in 2024, according to employees. To evolve your benefits strategy, you need to understand what will help your employees the most.

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Best Money Moves

JULY 30, 2024

In a recent PeopleKeep survey, 81 percent of respondents felt that an employer’s benefits package was a deciding factor when accepting a new job. In fact, according to MetLife’s 2024 Employee Benefit Trends Study, 93 percent of employees consider workplace wellbeing as important as salary.

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McDermott Will & Emery Employee Benefits

APRIL 9, 2024

If you employ part-time workers and/or engage independent contractors, sit up and take note: 2024 brings significant changes to how you must manage your workforce.

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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 implementation issues and extends the plan amendment deadline. Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 Before SECURE 2.0,

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McDermott Will & Emery Employee Benefits

JANUARY 3, 2024

Beginning in 2024, employers and plan sponsors will need to implement new minimum eligibility rules, enacted by the SECURE and SECURE 2.0 Acts, that significantly expand eligibility for long-term, part-time employees to participate in employer-sponsored retirement plans.

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Retirement Plan Employee Benefits Employment 401(k) 105

McDermott Will & Emery Employee Benefits

DECEMBER 20, 2023

The Internal Revenue Service (IRS) recently issued new guidance clarifying key aspects of the broadened retirement plan eligibility rule for long-term, part-time employees under the SECURE 2.0

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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. December 31, 2025.

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Best Money Moves

DECEMBER 9, 2024

As 2024 comes to a close, HR professionals are rethinking benefits strategy going into next year. This past year has been shaped by major financial uncertainty and advancements, influencing the benefits trends going into next year. All of these factors mean that employee needs are changing.

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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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Flimp Communications

NOVEMBER 8, 2024

As of fall 2024, there are a few signs the country is slowly but surely emerging from a harrowing economic ordeal. Over half of employers (54%) now offer financial wellness tools ; an additional 30% plan to offer financial wellness tools. But these are macro trends. And so far, financial wellness seems to be paying off.

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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 Provisions appeared first on EMPLOYEE BENEFITS BLOG. Provisions appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022 (SECURE 2.0).

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Employee Benefits

SEPTEMBER 20, 2024

More than half (55%) of employees said a retirement plan is more important than ever as 49% of workers aged 50 and older have already started phasing into retirement, according to research by global advisory and broking firm Willis Towers Watson (WTW).

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Employee Benefits

JUNE 28, 2024

Nearly half (49%) of employers said they believe they are supporting their workforce’s financial wellbeing , while only 28% of employees agree, according to new research by Payroll Integrations. Half (54%) would prefer employers invest more in health insurance, while 43% would like more on retirement plans.

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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. Traditional Health Plan Calculator today! It is not legal or tax advice.

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Empuls

DECEMBER 24, 2024

While salary is important, employees increasingly value benefits that improve their work-life balance and financial security. According to WTW’s 2024 Global Benefits Attitudes Survey , 75% of employees are likelier to stay with an employer offering a strong benefits program.

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Retirement Plan Health Insurance Benefits Package Healthcare 40

InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. The catch: These funds must be spent by March 15, 2024.

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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. cut scheduled for 2024. Not only do the CAA 2023’s “SECURE 2.0” Beginning in 2023, Medicare anticipated cutting its provider reimbursement rates by about 4.5%.

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Employee Benefits

MARCH 1, 2024

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

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 3, 2022

For calendar year plans that meant amendments had to be made by December 31, 2022. Collectively-bargained and governmental plans had until the last day of the plan year beginning on or after January 1, 2024.

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Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 20, 2023

On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below.

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Employee Benefits

FEBRUARY 12, 2024

Women need to work and save for an extra 19 years on average to retire with the same amount of money in their pension savings as a man, according to Now: Pensions and Pensions Policy Institute ‘s January 2024 gender pension gap report. appeared first on Employee Benefits.

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McDermott Will & Emery Employee Benefits

JANUARY 9, 2025

Many countries finalized new regulations and released new guidance in 2024 that will impact global equity plans. This client alert highlights key updates from Canada, the European Union, the United Kingdom, Brazil, and other jurisdictions, and recommends steps companies should take to address them. Access the article.

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McDermott Will & Emery Employee Benefits

JULY 5, 2023

Act requires participants who earned more than $145,000 in FICA wages in the prior year from their current employer to make all catch-up contributions on a Roth basis beginning in 2024. Payroll Challenges Plague Roth Catch-Up Contribution Implementation appeared first on EMPLOYEE BENEFITS BLOG. The SECURE 2.0

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Employee Benefits

DECEMBER 20, 2023

The current economic environment is causing disruption to the retirement plans of many. It is important that those retiring in 2024 understand their options, make informed decisions, and avoid making mistakes with their hard-earned savings. Pension Wise offer free appointments to talk about someone’s pension options.

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McDermott Will & Emery Employee Benefits

JULY 7, 2023

Act requires catch-up contributions made by certain high-wage earners to be made on a Roth basis beginning in 2024. Congress Clarifies Catch-Up Contributions Are Here to Stay appeared first on EMPLOYEE BENEFITS BLOG. Section 603 of the SECURE 2.0 Not surprisingly, that isn’t quite […] The post Just Catching Up?

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

modifies this long-term part-timer rule by (1) reducing the eligibility period for elective deferrals to two consecutive twelve-month periods, (2) providing that, for vesting purposes, service in 12-month periods beginning before January 1, 2023 shall not be taken into account, and (3) extending the rule to ERISA-covered 403(b) plans.

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Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. From well-being to flexibility, continuous learning to personalized perks, let's understand the game-changing employee benefits trends that will take lead in the near future.

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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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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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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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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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