BerniePortal

NOVEMBER 6, 2024

The IRS has announced key updates for the 2025 tax year, including adjustments to tax brackets, 401(k) contribution limits, and FSA maximums. These changes, influenced by inflation, affect taxpayers' contributions and withholdings. Read on to learn about the updated figures you’ll need to know for the upcoming tax season.

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401(k) Taxes Healthcare 52

McDermott Will & Emery Employee Benefits

JANUARY 25, 2024

Act, employers must provide long-term, part-time employees the opportunity to make elective deferrals under their 401(k) plans and, beginning in 2025, their 403(b) plans. Under the SECURE Act and the SECURE 2.0 This new rule is fraught with complexity and has generated numerous questions about how the requirements apply.

401(k) 105

401(k) Employee Benefits Employment Retirement Plan 105

McDermott Will & Emery Employee Benefits

JANUARY 30, 2024

Act, employers must provide long-term, part-time employees the opportunity to make elective deferrals under their 401(k) plans and, beginning in 2025, their 403(b) plans. Under the SECURE Act and SECURE 2.0

401(k) 105

401(k) Employee Benefits Employment Retirement Plan 105

McDermott Will & Emery Employee Benefits

FEBRUARY 15, 2024

Under the SECURE Act and the SECURE 2.0

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401(k) Employee Benefits Employment Retirement Plan 104

McDermott Will & Emery Employee Benefits

FEBRUARY 8, 2024

Under the SECURE Act and the SECURE 2.0

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401(k) IT Employee Benefits Employment 104

Money Talk

JULY 13, 2023

Starting in 2025, there will be new catch-up contribution limits for workers aged 60, 61, 62, and 63. The limit will be the greater of $10,000 or 150% of the standard catch-up amount for 401(k)s and similar salary reduction plans. The match money goes into a worker’s retirement plan, not to pay off debt.

401(k) 130

401(k) Retirement Plan Taxes Salary 130

McDermott Will & Emery Employee Benefits

FEBRUARY 13, 2024

Act, employers must provide long-term, part-time employees the opportunity to make elective deferrals under their 401(k) plans and, beginning in 2025, their 403(b) plans. Under the SECURE Act and the SECURE 2.0

401(k) 98

401(k) Employee Benefits Employment Retirement Plan 98

Insperity

OCTOBER 10, 2023

.: employer-sponsored 401(k) plans. Act seeks to: Open access to 401(k) retirement plans to more people Provide greater opportunities to save Offer financial incentives to save while removing common barriers and penalties So, what does the law require of employers? The SECURE 2.0 Major highlights of the SECURE 2.0

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

The technical corrections bill includes this omitted language, clarifying that catch-up contributions are permitted in 401(k), 403(b), and 457(b) plans for all catch-up eligible participants. originally placed a 10% cap on the ceiling rate for non-safe harbor plans for plan years ending before January 1, 2025. However, SECURE 2.0

401(k) 98

401(k) Retirement Plan Education Finance 98

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

Money Talk

APRIL 14, 2022

401(k), 403(b), 457, TSP). 2022, 2023, 2024, and 2025). Pay particular attention if your projected income is close to a “breakpoint” for the next highest tax bracket so you can take proactive steps to stay below that number. Sometimes, saving just 1% more of pay can make a big difference on taxes due.

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

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. 401(k) plans established after Dec. 401(k) plans established after Dec.

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401(k) roth 401(k) Taxes Deductible 52

Best Money Moves

DECEMBER 9, 2024

Here are the most important benefits your company needs in 2025. According to Mercers Survey on health & benefit strategies for 2025 , almost 70% of surveyed companies are or are planning to offer financial wellness programs in their benefits package next year. These benefits trends will continue going into 2025.

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

Business Management Daily

SEPTEMBER 1, 2023

The saga of 401(k) catch-up contributions under SECURE 2.0 31, 2025: Catch-up contributions will be treated as satisfying the Roth, after-tax requirement, even if employees’ contributions aren’t designated as Roth contributions. is well known. Specifically, until taxable years beginning after Dec.

401(k) 97

401(k) Taxes Payroll Software Payroll 97

WEX Inc.

NOVEMBER 14, 2024

The 2025 HSA limits are $4,300 for self-only and $8,550 for family. The 2025 FSA limits are $3,300 for medical, limited, and combination FSAs. This makes HSAs appealing to many members who see them as a complement to their retirement savings , alongside their 401(k). FSA Ownership: You own your HSA.

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401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

Flimp Communications

DECEMBER 19, 2024

Will the global economy enter a recession in 2025, or are we out of the woods? Nearly two-thirds of Americans do not think their personal financial situations will improve in 2025. The post The Importance of Teaching Financial Wellness in 2025 appeared first on Flimp. Is the economy good or bad? Its great for your organization.

401(k) 52

401(k) Financial Counseling Finance Education 52

WEX Inc.

NOVEMBER 21, 2024

When it comes to 2025 employee benefits trends , many companies are seeking innovative solutions to meet the changing needs of their workforce. Beyond the traditional 401(k) match , some employers are introducing student loan repayment matching , helping employees reduce debt while saving for retirement.

Employee Benefits 59

Employee Benefits 401(k) Employment Health Savings Account 59

InterWest Insurance Services

DECEMBER 20, 2022

SB 1126 will require any person or entity with at least one employee to either provide them with access to a retirement program like a 401(k) plan or enroll them in the state-run CalSavers program. 8) CalSavers expanded.

401(k) 98

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 98

McDermott Will & Emery Employee Benefits

DECEMBER 12, 2024

With the 2025 plan year right around the corner, this is the ideal time for plan sponsors to ensure that plan operations comply with evolving legislative and regulatory requirements. This client alert highlights important regulatory changes that will impact retirement plans and health and welfare plans in the coming year. Read more here.

Health and Welfare 52

Health and Welfare Retirement Plan Employee Benefits 401(k) 52

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

Employee Benefit News

DECEMBER 20, 2023

A new rule will allow long-term, part-time employees to contribute to retirement plans by 2025.

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Retirement Plan 401(k) 119

Benefits Notes

DECEMBER 28, 2022

This increase is adjusted for inflation after 2025. The SECURE Act added a requirement that employers needed to allow long-term part-time employees to participate in the 401(k) plan if the long-term part-time employee completes either 1 year of service at 1,000 hours or 3 consecutive years of service at 500 hours.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Snell & Wilmer Benefits

SEPTEMBER 29, 2022

1126, CalSavers will expand to eligible employers with one or more eligible employees by December 31, 2025. 1126 calls for compliance by December 31, 2025. a 401(k) Plan). As amended by S.B. In other words, are you an eligible employer with eligible employees, as defined under the CalSavers rules? As noted above, S.B.

401(k) 52

401(k) Retirement Plan Employment Employee Benefits 52

HR Digest

OCTOBER 24, 2024

Boeing said during its quarterly earnings call on Wednesday that it expects to burn cash in 2025, even as Ortberg warned there was no quick fix for the ailing planemaker. Boeing’s proposal The latest proposal, announced last Saturday, included 35% raises over four years, increased 401(k) contributions, a $7,000 bonus and other improvements.

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401(k) Pension Bonuses Management 52

Vantage Circle

SEPTEMBER 6, 2024

Chinese New Year (January 29, 2025): To create a festive atmosphere, decorate the office with traditional Chinese New Year symbols, such as red lanterns and banners. Employee Appreciation Day (March 7, 2025): Good employees build a strong foundation for your company. Conduct data privacy awareness sessions.

401(k) 105

401(k) Education Media Food 105

HR Professionals Magazine

SEPTEMBER 2, 2021

As pensions have gone by the wayside and 401(k) plans have gained more notoriety, employees have become increasingly more aware of their employer sponsored retirement plans, and the financial benefits they provide. At its most basic level, a 401(k) plan allows employees to save for their personal retirement needs.

Retirement Plan 52

Retirement Plan roth 401(k) 401(k) Taxes 52

Griffin Benefits

JUNE 29, 2023

contains dozens of changes to retirement plans, but perhaps none bigger than these two: New 401(k) and 403(b) plans will be required to automatically enroll participants in the respective plans, and employee salary deferral rates will automatically escalate each year. The SECURE Act 2.0

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401(k) Retirement Plan Salary Take Home Pay 52

HR Digest

MAY 19, 2021

Bank of America on Tuesday announced it was increasing its minimum wage to $26 an hour by 2025, according to chief executive Brian Moynihan. In the last few weeks, America’s biggest financial institutions and corporations announced a minimum wage increase in a bid to attract workers. In 2017, BoA raised its minimum wage to $15 an hour.

401(k) 52

401(k) Banking Employment Parental Leave 52

Snell & Wilmer Benefits

SEPTEMBER 30, 2022

1126, CalSavers will expand to eligible employers with one or more eligible employees by December 31, 2025. 1126 calls for compliance by December 31, 2025. a 401(k) Plan). As amended by S.B. In other words, are you an eligible employer with eligible employees, as defined under the CalSavers rules? As noted above, S.B.

401(k) 40

401(k) Retirement Plan Employment Employee Benefits 40

Business Management Daily

SEPTEMBER 17, 2021

Take a look at your 401(k) plan for a template. Bye, bye corporate FMLA leave tax credit. The corporate tax credit for providing paid FMLA leave to certain employees—IRC § 45S—would expire for tax years beginning after Dec. 31, 2023, instead of Dec. Not coincidentally, employees would become eligible for paid FMLA leave in 2023.

Payroll 52

Payroll 401(k) Taxes Employment 52

Genesis HR Solutions

JULY 16, 2018

Consider the following information according to the Federal Reserve & New York Federal Reserve in 2018: By 2025, millennials will make up 75 percent of the workforce. When contemplating job offers, prospective employees will always consider the job’s health insurance offering and a 401(k) program.

401(k) 40

401(k) Health Insurance Education Insurance 40

Business Management Daily

AUGUST 30, 2023

Sutton of Strategic Retirement Partners (aka “The 401k Lady”) said the new rules came out before employers and the industry were ready. provisions that are rolling out in 2024, 2025, and beyond, as well as how the industry expects technical improvements to catch up with the legislation, making implementation easier in future years.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

Qandle

AUGUST 26, 2022

percent between 2017 and 2025, according to market research. All aspects of a new employee’s employment, including payroll, health insurance, 401(k), gadgets, and business applications, may be set up in less than a minute with this program. To accomplish this lofty goal, businesses have turned to human resources software.

Software 86

Software 401(k) Human Resources Payroll 86

Empuls

JUNE 21, 2024

mostly provided traditional 401(k), while 68% also offered Roth 401(k) plans.  Also known as the 401(k) bill, this makes it mandatory for businesses with 10 or more employees to offer a retirement solution to their employees.   - The same study also revealed that 94% of the employers in the U.S.

401(k) 40

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

Higginbotham

SEPTEMBER 9, 2024

Under current law, this option is set to expire on December 31, 2025, although it may be extended past then. Instead of using matching contributions to fund a retirement plan , such as a 401(k), employees can use matching contributions to repay student loans. This option has been available since December 31, 2023.

Employment 52

Employment 401(k) Taxes Education 52

Abel HR

NOVEMBER 24, 2021

They would prefer it over stock offerings or increased 401K contributions because the loans are the financial burden that they are experiencing in real-time (and for many new grads, it’s their first experience being in debt, and it’s not a pleasant one!). Indeed, this perk is much revered by the college grad set.

401(k) 52

401(k) Taxes Education Payroll 52

Higginbotham

NOVEMBER 2, 2023

A 401(k) plan is a popular example of a defined contribution plan. This is a new option that went into effect on March 27, 2020, and is set to end on December 31, 2025, assuming it’s not extended. Defined benefit plans promise a specified monthly benefit at retirement.

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401(k) Disability Insurance Benefits Package Insurance 52