Best Money Moves

JANUARY 7, 2025

Moreover, employees view their employers as responsible for financial wellness efforts. According to MetLifes Employee Benefit Trends Study 2024 , 92% of employees want more consistent care from their employers. Wellness benefits must support both immediate financial challenges and long-term goals.

Retirement Plan 103

Retirement Plan Healthcare Benefits Recruitment Healthcare 103

Insperity

OCTOBER 10, 2023

To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” The SECURE 2.0

401(k) 124

401(k) Retirement Plan Taxes Benefits Package 124

McDermott Will & Emery Employee Benefits

AUGUST 28, 2023

Act until at least 2026. Specifically, the announcement provides that, until 2026, catch-up contributions will satisfy the requirements under SECURE […] The post There’s a Party Going on Right Here! appeared first on EMPLOYEE BENEFITS BLOG. Roth Catch-Up Change Delayed Two Extra Years!

Employee Benefits 96

Employee Benefits Retirement Plan 96

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 ). Starter 401(k) Plans. Recouping Overpayments.

401(k) 98

401(k) Retirement Plan Education Finance 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Employers must report matching and nonelective Roth contributions as if such contributions were directly rolled over to a designated Roth account in a Roth in-plan conversion. Distributions to Terminally Ill Individuals Early distributions from retirement plans are subject to a 10% additional tax, unless they qualify for an exception.

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Snell & Wilmer Benefits

AUGUST 28, 2023

On August 25, 2023, the IRS issued Notice 2023-62 , which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. More specifically, SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52