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

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. The act also delayed the Statutory-Pay-As-You-Go Act of 2010 4% provider reimbursement cut until 2025.

Deductible 98

Deductible Deductions Health Savings Account Retirement Plan 98

Employee Benefits

FEBRUARY 5, 2024

As well as tax savings, EVs can be cheaper to run and maintain, with used cars also a cost-effective option. Employees need to understand how benefit-in-kind (BIK) rates differ for both EV and internal combustion engine (Ice) cars. Here are some top tips on how employers can help employees better manage their company car costs.

Management 91

Management Taxes Salary Engineering 91

Employee Benefits

FEBRUARY 22, 2023

Car salary sacrifice arrangements remain a popular employee benefit; in its January 2023 Leasing Outlook , the British Vehicle Rental and Leasing Association (BVRLA) found a 20.5% A car salary sacrifice scheme allows an employee to give up an amount from their gross salary in exchange for the use of a car for a period of time.

Salary 98

Salary Taxes Government Insurance 98

Insperity

OCTOBER 10, 2023

Act are: Starting in 2025, long-term, part-time employees – those workers with at least two years’ tenure and who have worked a minimum of 500 hours – must be able to participate in their company’s retirement plan. 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

Employee Benefits

MAY 30, 2023

More than one in three (37%) don’t feel supported in their workplace when it comes to getting help to understand their finances, but separate research from Reward and Employee Benefits Association suggests that more employers are now starting to offer this support**. 2025 UK adults aged 22+ in full time employment were surveyed.

Pension 98

Pension Finance Taxes Education 98

Employee Benefits

AUGUST 7, 2024

Employers need to communicate with their employees that pay-as-you-earn (PAYE) income tax will be collected on benefits once payrolling is mandated. Currently, if benefits are reported via a P11D, the employee will pay the tax due on that benefit in kind, the tax year after they received the benefit.

Employment 59

Employment Payroll Software Payroll Taxes 59

Employee Benefits

FEBRUARY 26, 2024

Data-driven decisions are the way forward, especially when your employees are the data source. Discover what matters most… job satisfaction, a clear career path, a positive employee experience, flexible work, employee benefits and more. There’s no one-size-fits-all when it comes to employee benefits.

Employee Retention 111

Employee Retention Bonuses Recruitment Taxes 111

Employee Benefits

MAY 10, 2024

Many companies in the UK operate a Save As You Earn (SAYE) share plan, which offers employees a tax efficient way to invest in their company’s shares. However, without expert guidance, many participants may not understand their options once their share plan matures and could be at risk of paying unnecessary tax.

Taxes 52

Taxes Education Employee Benefits IT 52

Employee Benefits

JANUARY 10, 2022

Then there is the issue of tax relief for low earners. John Adams is senior policy analyst at the Pensions Policy Institute The post John Adams: Pensions landscape will be changing in 2022 appeared first on Employee Benefits. Like almost every year 2022, is shaping up to be an interesting year in workplace pensions.

Pension 72

Pension Net Pay Government Taxes 72

Employee Benefits

MARCH 11, 2024

It will then be extended to 30 hours for those with a child aged under five in September 2025. Operated via a salary sacrifice arrangement, employees can save money as a result of reduced tax and national insurance contributions (NICs). appeared first on Employee Benefits.

Employment 112

Employment Parental Leave Education Recruitment 112

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

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

Taxes 84

Taxes Employment Retirement Plan Pension 84

Employee Benefits

MARCH 15, 2023

It will be extended to working parents with children aged nine months and above in September 2024, and to every working parent with a child aged under five in September 2025, allowing parents 30 hours of free childcare so they can return to work as soon as maternity or paternity leave ends.

Government 105

Government Employee Benefits Employment Taxes 105

Snell & Wilmer Benefits

MAY 31, 2024

The new limits take effect for tax years beginning after December 31, 2024. For information about the Roth catch-up contribution rule, see our Employee Benefits Blog, “ IRS Delays Roth Catch-Up Contribution Requirement.” When do the changes take effect? Which participants are eligible for the increased limit?

401(k) 52

401(k) Payroll Taxes Employee Benefits 52

Sodexo Engage

NOVEMBER 19, 2024

With a salary sacrifice scheme, employers take the monthly repayment amount from an employee’s salary at the Gross level. That’s before Payroll processes the tax and NIC calculations. Reducing the Gross pay amount lowers the tax and NIC contributions the employee and employer must make.

Salary 52

Salary Retail Gross Pay Hospitality 52

Employee Benefits

FEBRUARY 9, 2022

In April 2021, law firm TLT launched an electric vehicle (EV) scheme as part of its employee benefits package via a salary sacrifice arrangement. While the agreement is between scheme provider Tusker and the employee, effectively the vehicle is leased by TLT and the employee listed as the user.

Benefits Package 59

Benefits Package Salary Taxes Employee Benefits 59

Employee Benefits

AUGUST 6, 2024

The employees, who construct 108-metre-long wind turbine blades by hand, are members of trade union Unite. billion, with pre-tax profits to hit £100 million. pay deal appeared first on Employee Benefits. A total of 93% voted to accept the two-year pay deal of 4.5% for 2024 and 3.9%

Construction 59

Construction Bonuses Taxes Employee Benefits 59

Employee Benefits

MARCH 17, 2023

The Budget contained myriad measures impacting the reward and benefits industry, most notably around pensions, childcare, and both mental and occupational health. The abolition of the lifetime allowance was intended to encourage employees who had reached this limit to remain in, or return to, work.

Pension 59

Pension Taxes Government Payroll 59

Snell & Wilmer Benefits

MARCH 23, 2023

Congress created a temporary employee benefit under the CARES Act that allows employers to contribute up to $5,250 per year against employee student loan repayments. These payments can be excluded from taxable income and are not subject to payroll tax. Contact the trusted employee benefits counsel of your choice!

Education 52

Education Employment Government Taxes 52

InterWest Insurance Services

AUGUST 29, 2024

November 12, 2024 12:00 PM – 1:00 PM JOIN US: InterWest is a proud sponsor of Summit Employee Benefits Online education. SESSION DETAILS: The IRS provides several options for tax-favored reimbursement of different expenses, but the rules vary significantly between benefit options. Click to Register

Taxes 52

Taxes Education Employee Benefits Insurance 52

Employee Benefits

MARCH 4, 2024

Employers will need to review policies for employees who previously opted out of the pension scheme because they may have been close to the lifetime allowance. Two new limits will be introduced in April to control tax relief on pension lump sums. Some employers offered a cash benefit instead of a pension contribution.

Pension 59

Pension Pension Benefit Employment Taxes 59

Employee Benefits

AUGUST 7, 2024

Credit: Hyejin Kang/Shutterstock Need to know: Employers should start planning now for the P11D changes to the reporting and paying of tax and Class 1A national insurance contributions (NICs) on benefits in kind, to ensure a smooth transition to the new system in April 2026.

Payroll System 59

Payroll System Taxes Payroll Take Home Pay 59

Employee Benefits

SEPTEMBER 14, 2023

The examples are based on a basic rate tax payer earning either £20,000, £30,000 or £40,000 per year. Example 1: Sam[1] – Basic rate tax payer, earning £20,000 per year The employee increases pension contributions by 1% of salary which is matched by the employer. They are all 25 years old and plan to retire at age 68.

Pension 64

Pension Take Home Pay Salary Taxes 64

Employee Benefits

OCTOBER 13, 2023

The deal will see the implementation of the real living wage backdated to April 2023, a £250 one-off payment, and a commitment for living wage increases for 2024 and 2025 as part of a three-year deal. an hour, employees participated in industrial action on 28 and 31 August, and 7 and 14 September.

Manufacturing 59

Manufacturing Food Overtime Taxes 59

Employee Benefits

SEPTEMBER 20, 2023

Employees pay 5% so this equates to an extra £312 a year, but after-tax relief, this is just over £20 a month. We believe this should be carried out over two to three years starting no later than April 2025 on a phased basis so that employers and employees can get used to the increased contributions.”

Pension 59

Pension Government Consulting Taxes 59

Employee Benefits

MAY 17, 2023

The current government has announced reforms to flexible working legislation, and a 32-hour working week formed part of Labour’s 2019 election manifesto, so we may see this area receiving greater focus as we move closer to a general election by January 2025. appeared first on Employee Benefits.

Overtime 85

Overtime Retail Recruitment Government 85

Higginbotham

SEPTEMBER 9, 2024

Under Section 127 of the Internal Revenue Code , employers can offer education assistance programs with tax advantages. Employers can offer up to $5,250 per employee per year, and this amount will be excluded from the employee’s gross income and therefore not subject to taxes. The Secure Act 2.0.

Employment 52

Employment 401(k) Taxes Education 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

Snell & Wilmer Benefits

JUNE 25, 2024

Educational assistance programs can provide up to $5,250 in tax free benefits per calendar year. Employers can provide employees up to $5,250 in tax free “educational assistance” benefits through an educational assistance program. Employers can choose which of these benefits to offer through their programs.

Education 52

Education Taxes Employment Employee Benefits 52

Higginbotham

NOVEMBER 2, 2023

Retirement savings programs are a staple of employee benefits – many employees and job seekers want robust offerings to help them catch up. Offering retirement benefits also makes financial sense because they often come with tax incentives.

401(k) 52

401(k) Disability Insurance Benefits Package Insurance 52

Benefits Notes

DECEMBER 28, 2022

This increase is adjusted for inflation after 2025. Catch-up contributions will now be subject to Roth after-tax treatment for those earning more than $145,000 in the prior year. Effective for distributions made after December 31, 2023, the 10% tax on early distributions does not apply for distributions for domestic abuse survivors.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Employee Benefits

DECEMBER 12, 2022

The fund’s theme for 2022 to 2025 is women’s reproductive wellbeing in the workplace, with the financial award intended to help women to remain in or return to the workplace through and following pregnancy, fertility problems, pregnancy loss, menopause, menstrual health and gynaecological conditions. The post Government awards £1.97

Government 59

Government Education Employee Benefits Employment 59

Flimp Communications

NOVEMBER 8, 2024

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.” Below are five ways employers are helping their employees improve their financial wellness in 2024 and into 2025.

Education 52

Education Finance Retirement Plan Banking 52

Snell & Wilmer Benefits

JUNE 23, 2023

Participants can elect whether to make catch-up contributions on a pre-tax and/or a Roth basis. This $145,000 limit will be adjusted for inflation beginning in 2025. The 2023 catch-up contribution limit is $7,500. As of January 1, 2024, SECURE 2.0 refers to “wages” as defined in Section 3121(a) of the Internal Revenue Code.

Retirement Plan 52

Retirement Plan Taxes Payroll Employment 52

Employee Benefits

DECEMBER 11, 2023

They will also lose out on the valuable tax benefits available in the pension scheme. It’s usually better to leave the money invested in a pension fund where it keeps its tax-free status, and only withdrawing when it is actually needed.

Pension 52

Pension Taxes Banking Retirement Plan 52

Employee Benefits

NOVEMBER 22, 2023

According to the government, implementation is likely to occur from 2025. The post Autumn Statement: Government to reform work capability assessments appeared first on Employee Benefits. Its Back to Work plan, supported by more than £2.5 Only in this way will employers be able truly to carry out their duty of care.”

Government 59

Government Work From Home Employee Benefits Employment 59

HR Digest

AUGUST 1, 2024

Exempt employees are paid above a certain level—the marker or threshold for which changes regularly—and this prevents them from being included under FLSA’s guidelines for non-exempt employees. As of July 1, 2024, employees have to earn more than $844 USD per week or $43,888 per year to be classified as exempt employees.

Overtime 52

Overtime Salary Commissions Taxes 52