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. Look for big changes in income and expenses that will affect taxes owed.

Taxes 158

Taxes Retirement Plan Deductible Deductions 158

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Changed Income- A change in household income this year- up or down- will affect income taxes. Specific rules for claiming dependents apply.

Taxes 189

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

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

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

HR Digest

MARCH 12, 2025

This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide. Financial Incentives Beyond salaries, employers might offer retirement plans (e.g.,

401(k) 52

401(k) Health Insurance Taxes Retirement Plan 52

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

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

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

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) 113

401(k) Retirement Plan Taxes Benefits Package 113

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

a long-awaited (and debated) package of retirement plan reforms. Given the breadth of the changes and the anticipated regulatory efforts to implement the new law, virtually all qualified retirement plans will need to be reviewed in conjunction with SECURE 2.0’s The wait is over for SECURE 2.0, may be viewed here.

401(k) 108

401(k) Retirement Plan Taxes Finance 108

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. Are you comparing an HDHP versus a traditional PPO or other type of traditional health plan?

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 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

InterWest Insurance Services

NOVEMBER 25, 2022

The maximum contribution levels are readjusted every year to account for inflation, along with maximum retirement plan contribution limits. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Retirement plan maximums.

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

Business Management Daily

AUGUST 30, 2023

brings to your retirement plans in 2023. Unlike traditional 401ks, Roths are not tax-deferred. With Roth accounts, employees pay taxes on their retirement contributions in their regular paycheck. Sutton’s reasoning … tax math. If you pay the tax today, your taxable retirement is zero,” she said.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

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. How often do employees draw from their retirement accounts? But these are macro trends.

Education 52

Education Finance Retirement Plan Banking 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). These changes are effective for plan years beginning after December 31, 2024. Eligibility of Long-Term Part-Timers SECURE 1.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

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

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.

Deductible 98

Deductible Deductions Health Savings Account Retirement Plan 98

Empuls

DECEMBER 24, 2024

According to WTW’s 2024 Global Benefits Attitudes Survey , 75% of employees are likelier to stay with an employer offering a strong benefits program. Retirement plans : Helps employees save for the future. Allocate funds across various categories like health insurance, retirement plans, and wellness programs.

Retirement Plan 40

Retirement Plan Health Insurance Benefits Package Healthcare 40

PeopleStrategy

DECEMBER 12, 2023

HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans. People like HSAs in part because of their triple tax advantage. That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024.

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

Payroll 52

Payroll 401(k) Taxes Retirement Plan 52

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. Current outgoings are a good place to start when working this out.

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

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

Snell & Wilmer Benefits

JULY 31, 2023

brought significant changes to retirement planning and distributions, including updating the Required Minimum Distribution (RMD) requirements. As background, RMDs are the minimum amounts that individuals who attain their “required beginning date” must withdraw from their retirement accounts each year.

401(k) 52

401(k) Retirement Plan Taxes Management 52

Snell & Wilmer Benefits

AUGUST 28, 2023

On August 25, 2023, the IRS issued Notice 2023-62 , which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. More specifically, SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

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

Taxes 84

Taxes Employment Retirement Plan Pension 84

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). Participants can elect whether to make catch-up contributions on a pre-tax and/or a Roth basis.

Retirement Plan 52

Retirement Plan Payroll Taxes Employment 52

Higginbotham

NOVEMBER 15, 2023

IRS Announces 2024 FSA, Retirement Plan Limits Earlier this month, the Internal Revenue Service (IRS) released cost-of-living adjustments and inflation-adjusted limits for 2024 that affect amounts employees can contribute to health flexible spending accounts (FSAs), 401(k) plans and individual retirement accounts (IRAs).

401(k) 52

401(k) Retirement Plan Flexible Spending Account Insurance 52

The Teacher's Advocate

APRIL 10, 2020

In addition, there are no mandatory withholdings for defined contribution plans and the withdrawal can be paid back for up to three years with taxes being spread over three years. The key to this strategy is that he distribution can be paid back to any “eligible retirement plan”, not just the account it came from.

401(k) 52

401(k) Retirement Plan Taxes Insurance 52

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. 55 percent of these respondents expressed worry about achieving financial security after retirement.

401(k) 52

401(k) Retirement Plan Government Pension 52

Business Management Daily

JANUARY 5, 2023

Act of 2022 —90+ provisions focused on 401(k) and other retirement plans. Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. Tax credit for start-up costs. After-tax Roth emergency savings accounts.

401(k) 52

401(k) roth 401(k) Taxes Deductible 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

Snell & Wilmer Benefits

MAY 31, 2024

s increased catch-up contribution limits set to take effect next year, it’s time for 401(k) plan sponsors to brush up on the rules and consider how to administer the changes. Under the current rules, 401(k) plans may allow participants to make catch-up contributions when they are age 50 or older. With SECURE 2.0’s

401(k) 52

401(k) Payroll Taxes Employee Benefits 52

Empuls

JUNE 21, 2024

  A thoughtfully crafted retirement plan can positively impact employee morale.      Increase the productivity of employees nearing retirement.    A handsomely distributed retirement plan increases job satisfaction. Let's quantify the significance of retirement rewards. 

401(k) 40

401(k) Retirement Plan Pension roth 401(k) 40

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 25, 2024

of Shopmens Pension Plan v. 2024), the Sixth Circuit joined in part the Second, Seventh, and D.C. The district court agreed, holding that the couple admitted in their tax returns that these activities constituted the operation of sole proprietorships. In Local No. Art Iron, Inc. , 4th 923 (6th Cir. 1301(b)(1).

Pension 40

Pension Pension Benefit Consulting Deductible 40

Vantage Circle

JUNE 5, 2024

They include health insurance, paid time off, retirement plans, etc. Stock options offer the potential for wealth accumulation, tax advantages, and long-term commitment, as they often come with vesting periods. Benefits mainly cover the basics of a standard employee package. Clients do not come first. Employees come first.

Employee Stock Option 59

Employee Stock Option Utilities Work From Home Parental Leave 59