Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 13, 2023

In a case of first impression in the Tenth Circuit, the Court recently joined the chorus of circuit courts in holding that a 401(k) plan participant alleging excessive investment management or recordkeeping fees must assert a “meaningful benchmark” in order to survive a motion to dismiss. The case is Matney v. Barrick Gold , No.

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HR Digest

FEBRUARY 13, 2022

To provide financial support, many employers think about 401K retirement plans a nd student loans. The post A Better 401(K) Is the Top Reason Why Workers Switch Jobs appeared first on The HR Digest. Emergency funds are almost empty and employees need some kinds of financial benefits to stay satisfied at work. .

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Employee Benefit News

SEPTEMBER 25, 2024

Most companies that offer to match employees' 401(k) contributions offer a match of between 3.00% and 4.99% of their employee's pay.

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Proskauer's Employee Benefits & Executive Compensa

APRIL 11, 2022

On Friday, the Ninth Circuit became the first circuit court to rule in a 401(k) plan fee and investment litigation following the Supreme Court’s January 2022 decision in Hughes v. Northwestern University , 142 S. 737 (2022). In Davis v. Salesforce.com, Inc., 21-15867 (9th Cir. A discussion of Hughes can be found on our blog here.

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WEX Inc.

JUNE 13, 2024

How is your HSA vs. your 401(k) vs. your IRA shaping up for retirement planning? To help you prepare, here is a breakdown of three common retirement accounts: an HSA vs. a 401(k) vs. an IRA. A 401(k) is … A 401(k) is a retirement savings plan offered by many employers that provides tax advantages.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 27, 2024

A California district court recently denied a motion to dismiss claims that the fiduciaries of a 401(k) plan breached their ERISA fiduciary duties of prudence and loyalty by selecting underperforming, high-cost investments and causing the plan to pay excessive fees for services. The case is Coppel v. Seaworld , No. 21-cv-1430 (S.D.

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Wellable

SEPTEMBER 11, 2023

The post Beyond The 401(k): The Full Potential Of Employee Financial Wellness appeared first on Wellable. 62% of workers see inflation as a barrier to securing their retirement. How can employers help their workforce navigate modern retirement amid market volatility?

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Money Talk

JUNE 5, 2024

This includes understanding characteristics and amounts of different categories of investments including retirement savings plans like IRAs and 401(k)s. Know Your Investing Options - Major investment categories include stocks, bonds, cash equivalent assets (e.g.,

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Money Talk

MARCH 24, 2022

saving for later life in an IRA or 401(k) plan) while older women need “through retirement” goals. 401(k)s), tax-deferred accounts (e.g., About 90% of women will need to manage money alone at some point in their lives. ¨ “Through Retirement” Goals- Working age women often focus on “to retirement” goals (e.g.,

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Money Talk

APRIL 6, 2023

Below are my key take-aways: Reluctance to Spend - Many people who saved regularly for decades in retirement savings plans such as IRAs and 401(k)s- as financial experts told them to do- are now hesitant to spend down their assets. 401(k) plans), they generally don’t save for retirement.

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Employee Benefit News

JUNE 26, 2024

Last year, Americans saved more in their 401(k)s than ever before, according to new research from Vanguard.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k) plan. Who is a long-term part-time employee?

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401(k) Retirement Plan Employment IT 94

HR Digest

NOVEMBER 7, 2024

The Internal Revenue Service is making some changes to how much you can contribute to your 401(k) plans. As per the IRS, 401(k) limits for 2025 have been increased to an annual amount of $23,500, up from $23,000. Will the 401(k) Cap Increase Be Enough to Help Employees Save for Retirement?

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International Foundation of Employee Benefit Plans

DECEMBER 12, 2024

Many 401(k) plans allow participants to take out loans from their individual 401(k) account. According to Employee Benefits Survey: 2024 Results, 81% of corporate employer plans offered a 401(k) loan provision.

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401(k) Employee Benefits Employment 71

Money Talk

FEBRUARY 1, 2024

saving 10% of pay in a 401(k) plan). Payroll deductions for defined contribution plans, like 401(k)s, make adhering to advice to “pay your first” automatic. What matters is that proactive action is taken afterward to increase savings and reduce debt so that a positive net worth steadily grows.

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401(k) Finance Pension Commissions 189

Money Talk

APRIL 11, 2024

Baby Boomer Challenges - Baby boomers (born 1946-1964) were the first generation with the ability to save money for retirement in 403(b)s, 401(k)s, and IRAs for decades (their parent’s generation had pensions). 401(k), 403(b), 457, or Thrift Savings Plan). Many have accumulated significant sums and need tax planning help.

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401(k) Taxes Retirement Plan Pension 186

Money Talk

AUGUST 3, 2022

IRA, 401(k)/403(b) plans), suitable investments include stocks to be held a year or less, funds that generate significant short-term capital gains, and taxable bond funds. traditional IRAs and 401(k)/403(b) plans) where earnings are taxed at a future date, and tax-free investments where taxes are not due on earnings (e.g.,

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Taxes 401(k) Flexible Spending Account Deductions 189

Patriot Software

NOVEMBER 27, 2024

Whether investing in a 401(k), IRA, or another retirement plan, you and your team should understand the rules and limits for 2025. Use our quick-reference chart to learn 401(k) contribution limits 2025, IRA contribution limits, and more. How much can employees contribute to their retirement plans?

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401(k) Retirement Plan Deductions Deductible 58

Money Talk

MARCH 4, 2022

Required Minimum Distributions (RMDs) - Taxpayers with traditional IRAs, SEPs (self-employed), and employer retirement savings plans (401(k), 403(b), 457, and TSP) must begin annual RMDs upon reaching age 72. This post describes thirteen tax-related topics (in no particular order) that people should be familiar with in later life.

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Money Talk

AUGUST 31, 2023

America’s 401(k) Experiment - 2023 is the 45 th anniversary of tax-deferred 401(k) retirement savings plans that workers fund with voluntary contributions from their pay. Baby Boomers were “guinea pigs” for the use of 401(k)s, often as a substitute for defined benefit pensions.

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InterWest Insurance Services

JANUARY 17, 2023

Besides health insurance and a 401(k) plan, other benefits that employees value highly are generous paid time off and flexible or remote work, according to a new survey. “A multi-generational workforce is a huge benefit for companies,” said Liz Ahmed, executive vice president of People and Communications at Unum.

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Money Talk

APRIL 20, 2023

401(k), 403(b), 457 plan, and thrift savings plan), and other employer benefits (e.g., Benefits are based on a worker’s 35 highest earning years and delayed retirement credits between full retirement age and age 70 increase benefit amounts. health insurance). barn, silo, riding arena), farm equipment (e.g.,

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401(k) Pension Retirement Plan Taxes 246

Money Talk

JANUARY 18, 2023

401(k)s) and IRAs are pegged to inflation. This pay increase may or may not cover all of their increased expenses, but it is better than no increase. Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., When inflation rises, workers can save more money.

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401(k) Banking Deductions Deductible 246

Money Talk

MARCH 15, 2023

What Not to Do - Annuities are generally not appropriate for qualified retirement plans such as 401(k)s or IRAs. Deferred annuities make payments at a future date and allow annuitants time to make deposits. Either type provides a guaranteed income stream subject to contract terms.

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Money Talk

JUNE 16, 2022

Examples include a 401(k) or 403(b) plan and traditional IRA. Some older adults have a higher tax bracket when they were working which can trigger IRMAA Medicare premium surcharges and/or the net investment income tax (NIIT). “To Tax-exempt income is income that is free from federal income tax.

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Taxes 401(k) Retirement Plan Pension 189

Money Talk

JUNE 22, 2023

TSP, 401(k)s, and 403(b)s), and annuities so that proceeds can be transferred to beneficiaries free of probate. Typically, they are people or organizations that people care deeply about (e.g., spouse, children, charitable organizations).

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401(k) Life Insurance Retirement Plan Finance 236

Employee Benefit News

SEPTEMBER 23, 2022

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Employee Benefit News

JANUARY 11, 2023

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. 401(k) Plans : If two or more 401(k) plans established before December 29, 2022, merge into a single ongoing plan, the ongoing plan is not subject to the SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111

Money Talk

APRIL 4, 2024

All other tax-deferred plans, like 401(k)s and the thrift savings plan (TSP), must have RMDs calculated separately. Required Minimum Distributions (RMDs) - Only IRAs and 403(b) plans (for school and non-profit sector employees) can be aggregated to calculate RMDs.

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401(k) Taxes Finance Education 198

Business Management Daily

MAY 5, 2022

Defined contribution plans such as 401(k) plans were never meant to function as retirement plans—they are profit-sharing plans. The undisputed fact is, however, 401(k) plans have morphed into retirement plans. As with W-4s, the trick with 401(k) plans is not giving advice. Here’s what you can do to help.

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Achievers

DECEMBER 16, 2019

A matching 401(k) or pension. Some paid parental leave. Use of a company car. And if you’re really shooting for the moon, you may even provide a few of these: Unlimited vacation time. Free healthcare coverage. Paid time off to volunteer. Childcare support. Student loan reimbursement. Adoption or fertility assistance.

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Money Talk

SEPTEMBER 22, 2022

401(k)s, IRAs) • Out-of-pocket health care expenses • Poor credit history due to delayed bill-paying • Lost lifetime earnings due to unemployment and premature death • Grandparents raising grandchildren (impact on retirees) Financial Action Steps - The objective here is to prevent an opioid user’s access to cash with which to buy drugs.

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Money Talk

MAY 18, 2022

401(k), 403(b), and traditional IRA). . ¨ Set Up Spreadsheets - Taxpayers with recurring income and/or expenses (freelancers, landlords, Airbnb and VRBO hosts, employees with side hustles, etc.) Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g.,

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Employee Benefit News

JANUARY 15, 2025

Cash flow, tax bracket and timing of distributions will determine whether pretax or post-tax treatment of retirement savings makes more sense.

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 5, 2022

Dudenhoeffer , courts around the country have overwhelmingly rejected ERISA fiduciary-breach claims by 401(k) plan participants seeking relief related to investments in company stock funds. Among the menu of investment options in the Boeing 401(k) plan was a Boeing stock fund in which plan participants could invest in Boeing stock.

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Money Talk

SEPTEMBER 30, 2022

This is especially true when you “did everything right” and saved money in IRAs, 401(k)s and the like, as financial experts recommended. When taxpayers get caught off-guard by IRMAA , as many do, it is easy to get angry at the government. IRMAA seems very punitive. I am one of those financial educators and “walked my talk.”

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