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.

Health and Welfare 105

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

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.

Retirement Plan 105

Retirement Plan Employee Benefits Employment 401(k) 105

Insperity

OCTOBER 10, 2023

workers better prepare financially for retirement, at every stage of their employment journey. workers who have not been able to save enough money to retire have delayed their transition into this next stage of life because of current economic conditions and record-high inflation. employer-sponsored 401(k) plans.

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

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.

Health and Welfare 105

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 105

Employee Benefits

FEBRUARY 12, 2024

More employers could introduce gender inclusive paid parental leave to prevent and try to close gender pension gaps. By the time the average woman reaches retirement age, she will have saved a pension pot worth £69,000, which is £136,000 less than the average man, who will have saved £205,000.

Pension 104

Pension Parental Leave Employment Education 104

HR Lineup

NOVEMBER 24, 2023

In this article, we will delve into the ten best HR compliance software tools in 2024, providing an in-depth analysis of their features and capabilities. HR compliance software refers to a specialized set of tools designed to help organizations manage and track their adherence to employment laws and regulations.

Software 90

Software Human Resources Healthcare Retirement Plan 90

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

401(k) 102

401(k) Retirement Plan Employee Benefits Employment 102

HR Lineup

JUNE 9, 2024

Here, we explore the ten best employee database software in 2024, evaluating their features, benefits, and potential drawbacks to help you make an informed decision. This includes personal details such as name, address, and contact information, as well as professional details like job titles, employment history, and qualifications.

Software 96

Software Payroll Human Resources Overtime 96

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). 401(k), 403(b), 457, TSP). Contributions are subtracted from gross income, which reduces adjusted gross income (AGI) and taxable income.

Taxes 189

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

Best Money Moves

AUGUST 6, 2024

Employees often look to their employer as a source of financial wellness support. Yet only 28% of employers report offering such benefits to their teams. According to Bankrate’s 2024 Emergency Fund report, nearly 1 in 3 employees have $0 saved for emergencies — a clear indication of low financial resiliency.

Retirement Plan 105

Retirement Plan Benefits Package Medical Banking 105

Best Money Moves

AUGUST 19, 2024

Employee financial stress has been in the spotlight throughout 2024 amid continued inflation and economic uncertainty. However the way that stress manifests often comes as a surprise to employers. Over 70 percent of employees agree or strongly agree that their employers have a responsibility to ensure employees remain financially well.

Retirement Plan 82

Retirement Plan Finance Education Benefits Package 82

Business Management Daily

AUGUST 30, 2023

Employers have been trying to unpack the provisions of SECURE 2.0 The law is nothing short of a detailed overhaul of employer retirement savings plans. Sutton of Strategic Retirement Partners (aka “The 401k Lady”) said the new rules came out before employers and the industry were ready.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

Hppy

JUNE 7, 2018

Retirement doesn’t feel like a realistic goal for many employees today. Of those over 65, nearly 19 percent were working as of 2017 , and by 2024, that number increases to 36 percent of those between 65 and 69 needing to work. workers, 79 percent expect they will need to supplement retirement income by working.

Retirement Plan 50

Retirement Plan 401(k) Health Savings Account Education 50

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).

Pension 102

Pension Retirement Plan Consulting Employment 102

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. The maximum contribution levels are readjusted every year to account for inflation, along with maximum retirement plan contribution limits. Retirement plan maximums.

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

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

Retirement Plan 52

Retirement Plan Pension Salary Payroll 52

HR Digest

AUGUST 30, 2024

The union workers at Fred Meyer expect the strike to last through Labor Day until September 3, 2024. The union accused the employers of reducing the groups that the proposal was meant to support, backtracking out of negotiating terms for QFC, another Kroger subdivision, until their contract expired.

Food 93

Food Retirement Plan Pension Commissions 93

Best Money Moves

APRIL 15, 2024

Employers should be proactive and create support systems to enhance overall organizational success. Employers play a significant role in shaping the mental well-being of their employees. In light of the swiftly evolving technological landscape, it’s imperative to foster increased communication between employers and employees.

Retirement Plan 97

Retirement Plan Technology Workplace Flexibility Construction 97

Best Money Moves

JULY 24, 2024

Nearly half of all respondents (47%) in a recent MarketWatch survey claim that 2024 has been the most stressful year of their financial lives. For employers, the right financial benefits help attract talent and keep their workforce satisfied. We have robust benefits options for employers, regardless of their benefits budget.

Retirement Plan 105

Retirement Plan Education Finance Employment 105

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.

Employee Benefits 105

Employee Benefits 401(k) Employment Management 105

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

provisions that specifically impact 403(b) plans include changes to: (1) amounts available for hardship distributions, (2) eligibility to participate in pooled and multiple employer plans, (3) treatment of long-term, part-time employees, and (4) potentially , investments in collective investment trusts. However, SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

PeopleStrategy

DECEMBER 12, 2023

Let’s get into these areas that deserve another look before the new year starts: health savings accounts, overtime, retirement, remote employment, and the Affordable Care Act. HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 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).

Payroll 52

Payroll 401(k) Taxes Retirement Plan 52

Best Money Moves

JULY 30, 2024

In fact, according to MetLife’s 2024 Employee Benefit Trends Study, 93 percent of employees consider workplace wellbeing as important as salary. However, despite this importance, employers still fall short when it comes to selection — and these benefits mistakes can lead to serious consequences for your team.

Benefits Package 59

Benefits Package Retirement Plan Education Utilities 59

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. However, there are ways to locate lost pensions.

Pension 52

Pension Taxes Retirement Plan Education 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.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

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.

roth 401(k) 52

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

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.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

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. The SECURE 2.0

Payroll 98

Payroll Deductible Deductions Employee Benefits 98

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. The impact of benefit options for employees on employee satisfaction and HR best practices 1.

Family and Medical Leave Act 40

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

Empuls

JANUARY 29, 2024

This article will highlight the importance of and discuss some employee retention trends to watch out for in 2024. Meanwhile, there’s a Gallagher report predicting the state of employee retention in 2024. What are the employee retention trends in 2024? What is employee retention and why does it matter?

Employee Retention 52

Employee Retention Retirement Plan Salary Technology 52

COMPackage

NOVEMBER 3, 2024

Benefits: A detailed breakdown of employer-sponsored benefits like health insurance, paid time off (PTO), retirement plans, and wellness programs. Informed Financial Decisions: Clear information on benefits allows employees to make informed financial choices about budgeting, saving, and planning for retirement.

401(k) 52

401(k) Retirement Plan Benefits Package Health Insurance 52

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). As of January 1, 2024, SECURE 2.0 The 2023 catch-up contribution limit is $7,500.

Retirement Plan 52

Retirement Plan Taxes Payroll Employment 52

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

These proposed regulations arrive just one month before the statutory requirements are set to take effect in 2024—meaning that plan sponsors need to quickly get familiar with the proposed rules. Assume a part-time employee starts on December 1, 2023, and his employer sponsors a calendar-year 401(k) plan. Not really.

401(k) 94

401(k) Retirement Plan Employment IT 94

WEX Inc.

NOVEMBER 27, 2024

Your health plan drives many of your decisions during open enrollment. One emerging trend is employers offering their employees health plan options. Does your employer offer options? If so, let’s start by breaking down the two plans. Employer contributions Who isn’t interested in free money?

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. Hybrid working models will be on the rise The remote work revolution that gained momentum in the previous years shows no signs of slowing down in 2024.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Benefits Package 40

Employee Benefits

AUGUST 21, 2024

Alan Sanderson, who leads the building society’s financial coaching and wellbeing programme, both internally and externally, says: “We looked at the pension scheme but also retirement planning in general, and the different ways [employees] can save.”

Pension 59

Pension Retirement Plan Insurance Recruitment 59