IRS Announces 2024 Retirement Plan Contribution, Benefit Limits
PayrollOrg
NOVEMBER 2, 2023
The IRS announced the changes to the dollar limits on benefits and contributions under qualified retirement plans for tax year 2024.
IRS Releases Annual Increases to Qualified Retirement Plan Limits for 2024
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.
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4 HR Priorities for 2025 to Supercharge Your Employee Experience
Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape
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My Final Quarterly Webinar Summary of 2024
Money Talk
DECEMBER 27, 2024
As 2024 winds down next week, its time for my final quarterly summary of take-aways from recent personal finance classes, conferences, and webinars that I attended. Below are some nuggets that you might find useful in your personal financial planning: Offense and Defense- Financial offense involves earning money from one or more sources (e.g.,
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Looking Ahead to Your 2024 Tax Return
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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Three DOL Developments for Retirement Plan Sponsors
International Foundation of Employee Benefit Plans
JULY 9, 2024
So far in 2024, the Department of Labor (DOL) has released proposals for plan administrators to populate a missing participant database and automatic portability of retirement plan accruals when employees change jobs.
The 4 Best Benefits in 2024, According to Employees
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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Three Personal Finance Book Anniversaries: Lessons Learned
Money Talk
AUGUST 1, 2024
I’ve solely authored three personal finance trade books so far during my life and 2024 is a milestone year. 2024 is the anniversary of Saving On A Shoestring (my first book published 30 years ago in 1994) and Investing On A Shoestring (published 25 years ago in 1999).
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Notice 2024-02: IRS Offers Guidance on (Some) SECURE 2.0 Questions
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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Things to Learn From a Tax Return
Money Talk
AUGUST 8, 2024
With less than five months remaining in 2024, now is the time to begin serious tax planning for your 2024 income tax return. Beware QCD Reporting Errors - The problem is that 1099-R forms for retirement plan withdrawals only show the gross distribution amount and not the amount that taxpayers age 70.5+
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Year-End Tax Moves to Save Money
Money Talk
DECEMBER 7, 2023
As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. tax-deferred retirement plan contributions and charitable gifting) are already accounted for.
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Top 10 Employee Benefits Certifications for Professionals in 2024
HR Lineup
OCTOBER 21, 2024
Below are the top 10 employee benefits certifications for professionals in 2024. Administered by the International Foundation of Employee Benefit Plans (IFEBP) and Dalhousie University, this program provides a comprehensive education on employee benefits, retirement plans, and health benefits. Strong focus on U.S.
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SECURE 2.0 Act Financial Planning Opportunities in 2023 and Beyond
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. This rule takes effect in 2024 and Roth IRA income limits do not apply. The match money goes into a worker’s retirement plan, not to pay off debt. The SECURE 2.0
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2024 Employee Benefits Trends: Focus on Employee Wellbeing
Best Money Moves
DECEMBER 5, 2023
2024 Employee benefits trends: Focus on employee wellbeing. Here are the top 2024 employee benefits trends. 4 Top 2024 Employee Benefits 1. According to Morgan Stanley, financial stress in employees can lead to declines in productivity, weakened company culture and delayed retirement, among other risks.
Individual Retirement Accounts: What You Need to Know
Money Talk
APRIL 11, 2024
The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). RMD Inevitability - Required minimum distributions (RMDs) are inevitable if you have a traditional IRA (unless you make qualified charitable distributions), SEP-IRA, or qualified employer retirement plan (i.e., There is no way out.
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IRS Announces 2024 Employee Benefit Plan Limits
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.
IRS EXTENDS DEADLINE FOR PLAN SPONSORS TO ADOPT AMENDMENTS REFLECTING RECENT LAW CHANGES
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.
Top 10 Compensation Courses & Certifications in 2024
HR Lineup
OCTOBER 17, 2024
Here are the top 10 compensation courses and certifications you should consider in 2024 to bolster your expertise and career. Key Features: Core curriculum on compensation and benefits planning. Includes topics such as retirement planning, health benefits, and executive compensation.
Top 10 Employee Perks Programs for 2024
HR Lineup
MAY 28, 2024
As we step into 2024, the landscape of employee benefits and perks is continuously evolving. These programs go beyond the traditional healthcare and retirement plans, incorporating elements that cater to employees’ holistic well-being. The post Top 10 Employee Perks Programs for 2024 appeared first on HR Lineup.
IRS Announces 2024 Employee Benefit Plan Limits
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.
How the SECURE 2.0 Act of 2022 benefits your workplace
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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IRS Says Keep Those Class Exclusions Classy Under Long-Term, Part-Time Employee Rules
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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Last-Minute Guidance Leaves Little Time for Long-Term, Part-Time Employee Changes
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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Is Now the Time to Update Your Wellness Benefits?
Best Money Moves
JANUARY 7, 2025
According to MetLifes Employee Benefit Trends Study 2024 , 92% of employees want more consistent care from their employers. Additionally, retirement plan coverage for smaller businesses (under 100 employees) may reach parity with larger companies. This translates to higher absenteeism and reduced workplace performance.
5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions)
Best Money Moves
AUGUST 19, 2024
Employee financial stress has been in the spotlight throughout 2024 amid continued inflation and economic uncertainty. The Qualified Plan Advisors’ 2024 Financial Wellness Survey found that 68 percent of the American workforce experiences financial stress, with respondents reporting a surprising range of negative symptoms.
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10 Best Employee Database Software in 2024
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 handling health insurance, retirement plans, paid time off, and other employee perks.
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Twelve Tax Planning Topics for 2022
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.
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A Q&A and More Delay: IRS Begins to Issue Clarifying Guidance on SECURE 2.0 Provisions
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 Act of 2022 (SECURE 2.0). Provisions appeared first on EMPLOYEE BENEFITS BLOG.
4 changes that SECURE 2.0 already made to your retirement plans
Business Management Daily
AUGUST 30, 2023
brings to your retirement plans in 2023. It used to be that all employees eligible for the company’s retirement plan would have to receive notices; now that requirement is reduced to only enrolled employees. already made to your retirement plans appeared first on Business Management Daily.
10 Best HR Compliance Software 2024
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. Top 10 HR Compliance Software in 2024 1. The post 10 Best HR Compliance Software 2024 appeared first on HR Lineup. What is HR Compliance Software?
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77 Aiding Employees With Retirement Planning Boosts Retention
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.
Only 28% of employees feel employers are supporting their financial wellbeing
Employee Benefits
JUNE 28, 2024
The technology firm surveyed 250 full-time employees and HR leaders between the ages of 18 and 65 for its 2024 State of employee financial wellness report. While many employers (41%) plan to spend more on financial education and planning offerings next year than they are now, only 18% of employees are interested in what they are investing in.
49% of workers aged 50 and older are phasing into retirement
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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Annual Limits on Qualified Plans for 2024
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.
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10 Best HR Outsourcing Services & Companies in 2024
HR Lineup
OCTOBER 20, 2024
In 2024, the HR outsourcing landscape offers a variety of providers with comprehensive solutions tailored to meet the needs of businesses of all sizes. Below are the ten best HR outsourcing services and companies to consider in 2024. Top 10 HR Outsourcing Companies in 2024 1. What is HR Outsourcing?
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The top 10 most-read articles between 23 – 29 February 2024
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
Financial Resiliency: The Skill You Didn’t Know Your Team Needed
Best Money Moves
AUGUST 6, 2024
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. Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics.
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IRS Guidance Extends Deadline for SECURE & CARES Act Amendments
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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WEX named in U.S. News & World Report’s 2024-2025 Best Companies to Work For
WEX Inc.
JUNE 11, 2024
News & World Report , a global authority in rankings and consumer advice, has named WEX one of the 2024-2025 Best Companies to Work For. The 2024-2025 list includes companies that received high scores on multiple metrics that make up a positive work environment and everyday employee experience.” For investor relations, go here.
IRS Releases Annual Increases to Health FSA and Transportation Fringe Benefit Limits for 2024
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.
New HSA, FSA, 401(k) Contribution Levels Set
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.
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A New Normal? Omnibus Bill Extends High Deductible Health Plan Telehealth Safe Harbor
Proskauer's Employee Benefits & Executive Compensa
JANUARY 31, 2023
provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. cut scheduled for 2024. Not only do the CAA 2023’s “SECURE 2.0” Mental Health Parity Enforcement.
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Compliance Areas for 2024 You Might Not Have Thought Of
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.
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Fred Meyer Employees Strike Against Unfair Labor Practices
HR Digest
AUGUST 30, 2024
The union workers at Fred Meyer expect the strike to last through Labor Day until September 3, 2024. These negotiations appear to have gone more smoothly than those with Fred Meyer, and while some progress was made, there are still ongoing discussions on wages, retirement plans, and healthcare.
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Employee Stress in 2025: 4 Unexpected Takeaways, Direct from Workers
Best Money Moves
JANUARY 14, 2025
EBRIs 2024 Workplace Wellness Survey interviewed over 1,500 American employees and uncovered surprising trends that could shape workplace wellness strategies in 2025 and beyond. While a comfortable retirement is the goal, unforeseen expenses can put a wrench in those plans.
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