Employee Benefits

NOVEMBER 22, 2023

The state pension will increase by 8.5% from April 2024. Jeremy Hunt, Chancellor of the Exchequer, announced the rise in the Autumn Statement, with the increase based on average earnings data published in September and in line with the government’s triple lock policy on pension changes. increase on the horizon for April 2024.

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Best Money Moves

MARCH 11, 2024

The 4 best benefits in 2024, according to employees. Here are the 4 best benefits in 2024, according to employees. Here are the best benefits in 2024 based on input from real workers. Average healthcare premiums for American families increased 7% in 2024, according to research from KFF.

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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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Employee Benefits

DECEMBER 19, 2023

Outgoings can then be divided into fixed costs which have to be paid such as mortgage, rent, council tax, energy and water, and then those which you may be able to cut back on such as supermarket shopping, monthly contracts for TV, subscriptions and other spending. Some banks have apps which enable this to be done automatically.

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Employee Benefits

MARCH 4, 2024

Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it.

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Employee Benefits

DECEMBER 6, 2023

Following its call for evidence on consolidating small pension pots earlier this year, the Department for Work and Pensions (DWP) is launching a further consultation on proposals to introduce a lifetime provider model. Monitoring and enforcement by HMRC and the Pensions Regulator would also become more complex.

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Employee Benefits

MAY 8, 2024

The Chancellor announced powers that would be given to both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) in legislation slated for as early as 2027, enabling them to enforce the value for money regime. The Chancellor also announced two policy intentions for pensions in the future, with specifics to follow.

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Employee Benefits

NOVEMBER 23, 2023

A number of key announcements were made that will affect pay , pensions and benefits. Autumn Statement: Government announces plans to offer pension pot for life Autumn Statement: State pension to increase by 8.5% appeared first on Employee Benefits.

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Employee Benefits

DECEMBER 20, 2023

It is important that those retiring in 2024 understand their options, make informed decisions, and avoid making mistakes with their hard-earned savings. To help, WEALTH at work, has created a list of top tips for employees who are thinking about retiring in 2024. Track down all pensions There are 2.8

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Employee Benefits

FEBRUARY 2, 2024

National Insurance (NI) is reducing from 12% to 10% from January 2024. a year in NI contributions and be able to pay additional 1.06% of their salary into their workplace pension at no additional cost to them. When made into a pension contribution it is worth £212.29 because of the tax and national insurance saving.

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Employee Benefits

MARCH 6, 2024

Chancellor of the Exchequer Jeremy Hunt will deliver his Spring Budget 2024 speech at 12.30pm on Wednesday 6 March 2024. Stay tuned to the Employee Benefits website for all the latest updates on how the Spring Budget could impact pay, pensions and benefits for employers and staff.

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Employee Benefits

JANUARY 24, 2024

Crypto currency is subject to income tax when an employee receives it but could also incur a capital gains tax charge if they hold it for more than 30 days. Glenn Cameron, investment consultant at actuarial and pension specialists Cartwright, believes one of the currencies, Bitcoin, will become mainstream.

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Employee Benefits

JUNE 5, 2024

When the Chancellor Jeremy Hunt announced the overhaul of the LTA in the 2023 budget, pension experts suggested it was unlikely the change could happen in the 2024/25 tax year because of the administrative challenge of removing it so rapidly. As is often the case in pensions, communication is key.

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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. The first case, Moore vs. U.S., Why is that?

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Employee Benefits

NOVEMBER 22, 2023

Class 1 national insurance contributions (NICs) will be cut to 10% from 6 January 2024. According to the government, which announced the move in the Autumn Statement, this means the average worker earning £35,400 will receive a tax cut in 2024-25 of more than £450. From next year, employees will pay 10% and 2% respectively.

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Employee Benefits

APRIL 11, 2024

The Department for Work and Pensions has published new guidance to help employers better support disabled people. In January 2024, the scheme had more than 19,000 members, employing around 11.5 The new Disability Confident guide was produced in conjunction with the Chartered Institute of Personnel and Development (CIPD). million staff.

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Employee Benefits

MARCH 17, 2023

The Budget contained myriad measures impacting the reward and benefits industry, most notably around pensions, childcare, and both mental and occupational health. This had previously been introduced under pensions simplification legislation in 2006.

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Pension Taxes Government Payroll 59

Employee Benefits

JANUARY 31, 2024

Close Brothers Asset Management’s January 2024 report Spotlight on UK financial wellbeing found that only half of UK employers have a financial wellbeing strategy for their employees, despite the continuing cost-of-living crisis. It offers free and impartial help with money, pensions and everyday savings,” he explains.

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Employee Benefits

AUGUST 27, 2024

A payslip contains important information, including someone’s payroll number, gross income (the income before any taxes and deductions have been taken out) and net pay (what’s left after deductions have been taken off), and usually a tax code. check-income-tax-current-year. This can be done by checking www.gov.uk/check-income-tax-current-year.

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Employee Benefits

FEBRUARY 27, 2024

With the end of the tax year fast approaching, there is still time for individuals to take full advantage of their £20,000 ISA allowance. This makes it more important than ever to ensure that any savings that people can make, are as tax efficient as possible. The ISA allowance for 2023/24, which ends on 5th April 2024 is £20,000.

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Employee Benefits

MARCH 15, 2023

Please see our summary below: Pension allowances The Government will remove the Lifetime Allowance charge, before completely abolishing it in a future Finance Bill, and raise the Annual Allowance to £60,000 from April 2023. From April 2024, working parents of 2 year-olds will be able to access 15 hours of free childcare per week.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). On October 21 st , the IRS announced changes to its qualified plan determination letter program. The determination letter program provides important protection against this untenable result.

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Employee Benefits

AUGUST 12, 2024

In its June 2024 State of employee financial wellness report , Payroll Integrations found that 49% of employers believe they are supporting their workforce’s financial wellbeing , whereas just 28% of employees agree. Encouraging conversations about financial needs and experiences can help foster a culture of openness in a workplace.

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Employee Benefits

APRIL 22, 2024

The frozen tax thresholds could see some employees ‘dragged’ into paying more tax and have less disposable income as a result. In his Autumn Statement last November, Chancellor Jeremy Hunt extended the freeze on national insurance (NI) and income tax rate thresholds until April 2028. This could add further strain to employees.

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Employee Benefits

DECEMBER 14, 2022

Events impacting pay, financial wellbeing and pensions. In terms of pensions, employers will be looking at how to position them to staff without a disposable income and how they can use their budget to support staff with retirement benefits if they cannot put it towards pay.”. The cost-of-living payments that we’ve seen will continue.

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Employee Benefits

AUGUST 21, 2024

In April 2024, the previous Conservative government increased the national minimum wage (NMW) for people over the age of 23 from £10.42 This is the effect of deductions from wages which reduce pay for NMW purposes and includes salary sacrifice arrangements, such as for pension contributions. per hour to £11.44, a rise of 9.8%.

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Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 25, 2024

1301(b)(1), all trades or businesses under common control with an employer that has withdrawn from a multiemployer pension plan are jointly and severally liable for the employers withdrawal liability. of Shopmens Pension Plan v. 2024), the Sixth Circuit joined in part the Second, Seventh, and D.C. Under 29 U.S.C. In Local No.

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Business Management Daily

MARCH 23, 2023

Constructive receipt is a tax timing rule requiring you to withhold taxes when employees’ pay is set aside for them to access without restriction, regardless of when they are actually paid. Included for the second time in the administration’s budget are new payroll tax rules governing on-demand pay. SECURE 2.0,

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Employee Benefits

JULY 30, 2024

Civil servants will receive a pay rise of around 5% this year, according to the latest 2024-25 pay remit guidance issued by the Cabinet Office yesterday. Reeves added that she would need to make “difficult decisions” on tax at the next budget, which will take place on 30 October.

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Employee Benefits

MARCH 6, 2024

Neonatal rights are being extended in 2024, so we will undoubtedly see a move towards retention packages, including support for baby loss. This should all be done with medical input from an employee’s GP or occupational health. Employment law is moving in a more family-focused direction. The best employers are one step ahead of the law.

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Empuls

JUNE 21, 2024

The plans are protected by federal insurance provided through the Pension Benefit Guaranty Corporation or PBGC.    - The PBGC ensures traditional pension plans to ensure that some benefits are paid even if employers go bankrupt.  However, the contributions are invested on the employee's behalf on their account.

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HR Digest

APRIL 1, 2024

In his 2024 Annual Chairman Letter to Investors, BlackRock CEO Larry Fink brought attention to a retirement crisis letter that renewed interest in the conversation, discussing strategies on how to address the matter. This money will be tied to taxes so those numbers will move up as well. Fink referenced a U.S.

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Proskauer's Employee Benefits & Executive Compensa

MARCH 16, 2023

Avoiding Section 409A Issues If pay is delayed beyond March 15, 2024, employers can be exposed to adverse tax consequences under Section 409A of the Internal Revenue Code. If any employees’ benefit elections are missed, employers should discuss with counsel the available options to correct the error.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

s enactment, with limited exceptions for small businesses and new employers ( effective for plans established after enactment, with automatic enrollment provisions required for plan years beginning after December 31, 2024 ). Appearing to recognize the operational burdens often placed on retirement plan sponsors, SECURE 2.0

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Florida Workers' Comp

JANUARY 21, 2025

The new law eliminates what was labeled the "Windfall Elimination Provision and the Government Pension Offset." They earned pensions on their public jobs, and the Social Security they paid was generally in those concurrent "private-sector jobs." The equity and fairness are seemingly patent. The problem is scarcity.

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HR Digest

MARCH 3, 2025

For decades, teachers, firefighters, postal workers, and millions of public servants worked with non-covered pensions, leaving many to scrape by on less than they earned. With it, the repeal of WEP and GPO took effect from January 2024. Subscribe to The HR Digest for HR news, pension updates, and more. Heres what to expect.

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HR Digest

MARCH 3, 2025

Arcane rules like the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) slashed their Social Security checks. Now, those workers will get what theyre owned; Social Security retroactive payments dating back to January 2024, along with a Social Security payment increase for April 2025. Theres plenty of risks too.

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