Money Talk

FEBRUARY 23, 2023

salary/wages, interest income, short-term capital gains, and RMDs (withdrawals) from tax-deferred retirement plans) in 2022 and 2023 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These tax rates apply currently through 2025 under the Tax Cuts and Jobs Act. Income taxes are progressive (i.e.,

Taxes 188

Taxes Retirement Plan Finance Commissions 188

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 126

Taxes 401(k) Retirement Plan Health Savings Account 126

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

Employee Benefit News

DECEMBER 20, 2023

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

Retirement Plan 117

Retirement Plan 401(k) 117

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. New Catch-Up Limit - Currently, additional catch-up savings ($7,500 in 2023) in employer retirement plans is available for workers age 50+. The SECURE 2.0

401(k) 130

401(k) Retirement Plan Taxes Salary 130

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?” 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.

Retirement Plan 52

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

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.

Health and Welfare 52

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

McDermott Will & Emery Employee Benefits

AUGUST 15, 2023

Nearly all employers offer eligible participants the opportunity to make additional catch-up contributions to their retirement plans. However, beginning in 2025, the SECURE 2.0 Act makes so-called “super-catch-up contributions” available to certain employees.

Retirement Plan 96

Retirement Plan Employee Benefits Employment 96

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? The SECURE 2.0 Major highlights of the SECURE 2.0 Major highlights of the SECURE 2.0

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

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) Deductions 189

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. Inclusive health benefits are still widely sought after Medical costs continue to be a major concern for employees going into 2025.

roth 401(k) 52

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

WEX Inc.

DECEMBER 18, 2024

This 2025 Benefits Compliance Checklist outlines key topics, dates, and additional areas to keep an eye on, ensuring your company meets regulatory obligations throughout the year. Key dates February 28, 2025: Paper filing deadline for 1095-C forms. March 3, 2025: Provide 1095-C forms to employees.

Family and Medical Leave Act 52

Family and Medical Leave Act Flexible Spending Account Flexible Spending Insurance Carriers 52

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

WEX Inc.

JUNE 11, 2024

News & World Report , a global authority in rankings and consumer advice, has named WEX one of the 2024-2025 Best Companies to Work For. The 2024-2025 list includes companies that received high scores on multiple metrics that make up a positive work environment and everyday employee experience.” For investor relations, go here.

Health and Welfare 59

Health and Welfare Retirement Plan Human Resources Professional Services 59

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

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. The two-year extension continues the relief until January 1, 2025. cut scheduled for 2024.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

Achievers

FEBRUARY 2, 2021

Some states have mandated disability insurance and retirement plan requirements. . They will comprise 75 percent of the global workforce by the year 2025, an important fact to know in a globalized labor market. . Health insurance, and family and medical leave, are not required for all businesses.

Employee Benefits 237

Employee Benefits Family and Medical Leave Act Employee Recognition Voluntary Benefits 237

Empuls

DECEMBER 24, 2024

  These benefits range from health insurance to retirement plans, paid time off (PTO), and wellness programs. Retirement plans : Helps employees save for the future.   Eight key trends in staff benefits programs in 2025 The nature of staff benefits has evolved significantly over the years.

Retirement Plan 40

Retirement Plan Health Insurance Benefits Package Healthcare 40

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

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

WEX Inc.

JULY 9, 2024

Making the maximum contribution each year can be a smart retirement strategy. An HSA allows you to save for future healthcare expenses without having to tap into your retirement fund early for unexpected medical expenses. The IRS set 2025 contribution limits for HSAs. It is not legal or tax advice.

Health Savings Account 98

Health Savings Account Healthcare Medical Taxes 98

Employee Benefit News

AUGUST 14, 2024

The next few weeks will be critical as the COLA is determined on the average inflation rate in the third quarter — July, August and September — versus the average third-quarter inflation a year ago.

Retirement Plan 110

Retirement Plan 110

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

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

401(k) 104

401(k) Employee Benefits Employment Retirement Plan 104

Employee Benefit News

OCTOBER 15, 2024

increase in 2025. With inflation figures falling, retirees can expect a 2.5% Here's how planners are guiding clients through the impact of that slight bump.

Retirement Plan 99

Retirement Plan Management 99

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

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

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

InterWest Insurance Services

DECEMBER 20, 2022

Currently only companies with five or more employees who do not offer a retirement plan are required to enroll their workers in CalSavers. Employers that don’t provide a retirement plan for their workers, and who fail to register, can face a penalty of $250 per employee, as well as additional penalties for sustained noncompliance.

401(k) 80

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 80

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

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. 1126 calls for compliance by December 31, 2025.

401(k) 52

401(k) Retirement Plan Employment Employee Benefits 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

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

401(k) 52

401(k) Retirement Plan Salary Take Home Pay 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