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.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

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.

Retirement Plan 109

Retirement Plan 401(k) Employee Benefits 109

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.

Retirement Plan 110

Retirement Plan Finance Education Employment 110

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.

Retirement Plan 104

Retirement Plan Finance Education Benefits Package 104

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.

Retirement Plan 103

Retirement Plan Healthcare Benefits Recruitment Healthcare 103

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).

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

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.

Retirement Plan 105

Retirement Plan Benefits Package Medical Banking 105

Employee Benefit News

JANUARY 3, 2024

Social Security is getting a 3.2% boost this month — but retirees' expenses have risen by more than triple that rate since last year.

Retirement Plan 287

Retirement Plan 287

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.

Food 93

Food Retirement Plan Pension Commissions 93

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.

Retirement Plan 105

Retirement Plan Healthcare Healthcare Benefits Parental Leave 105

HR Digest

MARCH 12, 2025

Financial Incentives Beyond salaries, employers might offer retirement plans (e.g., Nontaxable Fringe Benefits: Health insurance premiums, contributions to retirement plans (up to limits), and de minimis benefits (think occasional coffee or holiday gifts) typically escape taxation. For employers, the upside is clear.

401(k) 72

401(k) Health Insurance Taxes Retirement Plan 72

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,

401(k) 111

401(k) Taxes Retirement Plan Employment 111

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).

Finance 191

Finance Retirement Plan Media Management 191

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+

Taxes 176

Taxes Deductible Deductions Finance 176

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.

Taxes 158

Taxes Retirement Plan Deductible Deductions 158

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

401(k) 130

401(k) Retirement Plan Taxes Salary 130

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. Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics.

Retirement Plan 105

Retirement Plan Education Finance Employment 105

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. In a 2024 SoFi survey, 1 in 4 employees claimed that this financial stress was detrimental to their workplace performance. According to CNBC, nearly 60% of Americans live paycheck-to-paycheck.

Benefits Package 59

Benefits Package Retirement Plan Education Utilities 59

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.

Employee Benefits 98

Employee Benefits PTO Financial Counseling Work From Home 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.

Family and Medical Leave Act 40

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

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.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

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

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.

Retirement Plan 97

Retirement Plan Pension Employee Benefits IT 97

COMPackage

NOVEMBER 3, 2024

Benefits: A detailed breakdown of employer-sponsored benefits like health insurance, paid time off (PTO), retirement plans, and wellness programs. Salaried Workers: Focus on annual salary, bonus potential, retirement plan options, and detailed benefit summaries.

401(k) 52

401(k) Retirement Plan Benefits Package Health Insurance 52

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

401(k) 116

401(k) Retirement Plan Taxes Benefits Package 116

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

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

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

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

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

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.

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

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. Below are five ways employers are helping their employees improve their financial wellness in 2024 and into 2025. But these are macro trends. Many employers offer matching contributions.

Education 52

Education Finance Retirement Plan Banking 52

WEX Inc.

NOVEMBER 27, 2024

Retirement planning Healthcare costs are the biggest reason that household expenses increase during the first six years of retirement. The average 65-year-old couple is expected to need around $395,000 just for medical care in retirement. Traditional Health Plan Calculator today! It is not legal or tax advice.

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

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.

Retirement Plan 88

Retirement Plan Health Savings Account Health Insurance Employment 88

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.

Retirement Plan 80

Retirement Plan Employee Benefits 401(k) 80

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 111

Pension Retirement Plan Consulting Employment 111