HR Professionals Magazine

SEPTEMBER 2, 2021

As an HR professional, you might read that title and think, “Duh – aren’t all retirement plans focused on employees?” Over the last 30 years, Defined Contribution Plans, or 401(k), plans have become a popular employer benefit option for saving for retirement. Well, yes and no. ELIGIBILITY.

Retirement Plan 52

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

McDermott Will & Emery Employee Benefits

NOVEMBER 5, 2024

The Internal Revenue Service (IRS) has announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2025. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2025. See the amounts here.

Government 52

Government Employee Benefits Employment Health and Welfare 52

Insperity

OCTOBER 10, 2023

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? And, every year, that percentage automatically increases unless the employee intervenes to make changes.

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

Best Money Moves

DECEMBER 9, 2024

Compared to years prior, employees are more interested in retirement benefits and paid leave opportunities. Here are the most important benefits your company needs in 2025. Financial wellness remains atop the benefits trends The common thread that connects most employee concerns is a high level of financial stress.

roth 401(k) 52

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

McDermott Will & Emery Employee Benefits

FEBRUARY 6, 2024

Act, employers must now offer employees who work at least 500 hours within three (reduced to two beginning January 1, 2025) consecutive 12-month periods an opportunity to make elective deferrals to their 401(k) plans and, beginning in 2025, their 403(b) plans. Following the SECURE Act and the SECURE 2.0

401(k) 105

401(k) Employee Benefits Employment Retirement Plan 105

McDermott Will & Emery Employee Benefits

FEBRUARY 2, 2024

Act require employers to offer employees who work at least 500 hours within three (reduced to two beginning January 1, 2025) consecutive 12-month periods an opportunity to make elective deferrals to their 401(k) and, beginning in 2025, their 403(b) plans. Together, the SECURE Act and the SECURE 2.0

401(k) 104

401(k) Employee Benefits Employment Retirement Plan 104

McDermott Will & Emery Employee Benefits

FEBRUARY 15, 2024

Under the SECURE Act and the SECURE 2.0

401(k) 104

401(k) Employee Benefits Employment Retirement Plan 104

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. The two-year extension continues the relief until January 1, 2025. Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services.

Deductible 98

Deductible Deductions Health Savings Account Retirement Plan 98

McDermott Will & Emery Employee Benefits

FEBRUARY 8, 2024

Under the SECURE Act and the SECURE 2.0

401(k) 104

401(k) IT Employee Benefits Employment 104

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). Automatic Enrollment Provision Applied to Multiemployer Plans.

401(k) 98

401(k) Retirement Plan Education Finance 98

Proskauer's Employee Benefits & Executive Compensa

AUGUST 3, 2022

Specifically, non-governmental qualified plans (including non-collectively bargained plans) will have until December 31, 2025 to adopt any of the optional or required changes under the SECURE Act, Miners Act, and CARES Act.

Retirement Plan 105

Retirement Plan Government IT 105

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. IRS Confirms Long-Term, Part-Time Employees Excludible From Certain Nondiscrimination Testing appeared first on EMPLOYEE BENEFITS BLOG.

401(k) 98

401(k) Employee Benefits Employment Retirement Plan 98

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

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. This article will explore the essentials of an effective staff benefits program, including various types of employee benefits and modern approaches such as rewards programs.

Retirement Plan 40

Retirement Plan Health Insurance Benefits Package Healthcare 40

Employee Benefits

FEBRUARY 12, 2024

An example might be engagement activity aimed at part-time workers, explaining the benefit of joining the pension scheme and the employer’s contribution,” Employers should consider their available tools and use targeted employee communications strategies on pension management and retirement planning.

Pension 104

Pension Parental Leave Employment Education 104

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 29, 2022

Notice 2022-45 rectifies this inconsistency, deferring the deadline to adopt changes covered by Section 2202 of the CARES Act— i.e. , penalty-free coronavirus-related distributions, increasing the permissible loan amount, and delaying repayment of loan amounts—from December 31, 2022 to December 31, 2025.

Taxes 114

Taxes Retirement Plan IT 114

Snell & Wilmer Benefits

SEPTEMBER 29, 2022

1126”) into law, amending California’s CalSavers Retirement Savings Program (“CalSavers”). In general terms, CalSavers automatically enrolls eligible California employees in ROTH Individual Retirement Accounts if their employer does not provide a qualified retirement plan. a 401(k) Plan). a 401(k) Plan).

401(k) 52

401(k) Retirement Plan Employment Employee Benefits 52

Best Money Moves

MAY 14, 2024

Hybrid work options have become one of the most in-demand employee benefits. Here are five ways to improve your company culture for hybrid employees. Employees in hybrid positions benefit from increased flexibility, improved work-life balance and significant savings on commute costs.

Retirement Plan 86

Retirement Plan Workplace Flexibility Employment Employee Benefits 86

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

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). This $145,000 limit will be adjusted for inflation beginning in 2025.

Retirement Plan 52

Retirement Plan Taxes Payroll Employment 52

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

Employees who are part-time but who become eligible to participate by meeting the plan’s generally applicable service requirement ( e.g. , 1,000 hours of service in a 12-month period) would be excluded from the definition of long-term part-time employee. What is the deadline for adopting plan amendments?

401(k) 94

401(k) Retirement Plan Employment IT 94

Employee Benefits

SEPTEMBER 14, 2023

However, it’s important that employees recognise that whilst finances may be tight now, stopping or reducing their pension savings could have a dramatic impact on future retirement plans.” 2025 UK adults aged 22+ in full time employment were surveyed.

Pension 64

Pension Take Home Pay Salary Taxes 64

Snell & Wilmer Benefits

SEPTEMBER 30, 2022

1126”) into law, amending California’s CalSavers Retirement Savings Program (“CalSavers”). In general terms, CalSavers automatically enrolls eligible California employees in ROTH Individual Retirement Accounts if their employer does not provide a qualified retirement plan. a 401(k) Plan). a 401(k) Plan).

401(k) 40

401(k) Retirement Plan Employment Employee Benefits 40

Snell & Wilmer Benefits

AUGUST 12, 2022

The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans). Governmental plans, but not collectively bargained plans, have a further extension beyond 2025.

Retirement Plan 40

Retirement Plan Employee Benefits 40

Snell & Wilmer Benefits

MAY 31, 2024

For information about the Roth catch-up contribution rule, see our Employee Benefits Blog, “ IRS Delays Roth Catch-Up Contribution Requirement.” Finally, keep in mind that the increased catch-up contribution limits are separate from the SECURE 2.0

401(k) 52

401(k) Payroll Taxes Employee Benefits 52

Flimp Communications

NOVEMBER 8, 2024

Over half of employers (54%) now offer financial wellness tools ; an additional 30% plan to offer financial wellness tools. According to the Employee Benefit Research Institute, 85% of companies said financial wellness programs “had either a large impact or a small impact on employees’ mental, emotional and social wellbeing.”

Education 52

Education Finance Retirement Plan Banking 52

Best Money Moves

APRIL 30, 2024

However, most employers offer outdated benefits as a substitute for financial literacy. Around 98% of employers provide health coverage and 94% provide retirement planning support. A recent Upwork study suggested that 22% of workers in America will be remote by 2025. Another 80% are living paycheck to paycheck.

Retirement Plan 52

Retirement Plan Benefit Providers Technology Finance 52

Employee Benefits

NOVEMBER 2, 2023

2025 UK adults aged 22+ in full time employment were surveyed. corporate/2023/05/30/are-rising-costs-impacting-pension-savings-and-retirement-plans-survey-results/ The post How BT supports employees to build financial resilience and prepare for retirement appeared first on Employee Benefits.

Pension 52

Pension Education Retirement Plan Salary 52

McDermott Will & Emery Employee Benefits

AUGUST 29, 2024

The Internal Revenue Service (IRS) recently released a new revenue procedure that outlines how sponsors of defined benefit pension plans should request approval to use plan-specific substitute mortality tables for plan years beginning on or after January 1, 2025.

Pension 52

Pension Employment Retirement Plan Taxes 52

Empuls

JUNE 21, 2024

The research also revealed that up to 77% of workers with access to employer-sponsored benefits, chose to participate in the program, increasing the take-up rate.   A thoughtfully crafted retirement plan can positively impact employee morale.   Let's quantify the significance of retirement rewards. 

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. Tax-free student loan reimbursement benefits can be used to pay the principal loan balance and interest on qualified education loans that the employee has. This option has been available since December 31, 2023.

Employment 52

Employment 401(k) Taxes Education 52

Higginbotham

NOVEMBER 2, 2023

Retirement Savings Programs According to Bankrate, 56 percent of U.S. workers say they are behind on retirement savings and 37 percent say they are significantly behind. Retirement savings programs are a staple of employee benefits – many employees and job seekers want robust offerings to help them catch up.

401(k) 52

401(k) Disability Insurance Benefits Package Insurance 52

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

Plan sponsors may also seek a determination letter following a plan merger. The Revenue Procedure does specify a deadline for applying.

Taxes 84

Taxes Employment Retirement Plan Pension 84

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 12, 2024

Departments of Labor and Treasury issued a Joint Notice requiring the extension of certain benefit plan deadlines for individuals affected by Hurricanes Helene and Milton and Tropical Storm Helene. [1] Is There Any Relief for Plan Sponsors and Administrators? What is the Duration of the Relief Period?

Health and Welfare 40

Health and Welfare Electronics Pension Health Insurance 40

Employee Benefits

DECEMBER 11, 2023

44% of employers plan to offer targeted support for over 55s, and 68% already offer or plan to offer pre-retirement planning. This approach should ensure an improved retirement process, leading to better outcomes for all.” [1] 2025 UK adults aged 22+ in full time employment were surveyed.

Pension 52

Pension Taxes Banking Retirement Plan 52

Vantage Circle

SEPTEMBER 26, 2021

A phantom stock, also known as “shadow stock” or “ghost shares”, gives employees the opportunity to share in the wealth and success of the company. Companies do this by providing employees with a stake in the company's stock as well as a retirement plan to ensure they have enough money later on in life.

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Employee Stock Option 401(k) Taxes Bonuses 52