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).

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Taxes 401(k) Retirement Plan Health Savings Account 125

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.

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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

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401(k) Retirement Plan Taxes Salary 130

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.

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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.

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

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.

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

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Retirement Plan Employee Benefits Employment 96

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.

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

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

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401(k) Retirement Plan Taxes Benefits Package 113

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.

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Health and Welfare Retirement Plan Human Resources Professional Services 59

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.

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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.

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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.

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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.

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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.

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Retirement Plan 111

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.

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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

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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

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401(k) Employee Benefits Employment Retirement Plan 104

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.

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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.

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Health Savings Account Healthcare Medical Taxes 98

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.

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

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.

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Taxes Retirement Plan IT 114

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.

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Retirement Plan Management 104

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.

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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

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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

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

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401(k) Employee Benefits Employment Retirement Plan 98

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.

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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.

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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.

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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?

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401(k) Retirement Plan Employment IT 94

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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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.

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401(k) Retirement Plan Taxes Salary 52

Best Money Moves

MAY 14, 2024

Data from Upwork also suggests that around one-third of the total American workforce will be hybrid or remote by 2025. Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics.

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Retirement Plan Workplace Flexibility Employment Employee Benefits 86

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. 1126 calls for compliance by December 31, 2025.

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.

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