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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.
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. A discussion of Hughes can be found on our blog here. Northwestern University , 142 S. 737 (2022). In Davis v. Salesforce.com, Inc.,
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.
This makes HSAs appealing to many members who see them as a complement to their retirement savings , alongside their 401(k). Similar to a 401(k), you can make pre-tax contributions to your HSA and enjoy tax-free growth on your investments. The information in this blog post is for educational purposes only.
The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Funds in an HSA can be rolled over indefinitely year after year and invested, much like a 401(k) plan. 7,750 for family coverage (up $450). Retirement plan maximums.
Beyond the traditional 401(k) match , some employers are introducing student loan repayment matching , helping employees reduce debt while saving for retirement. Stay up to date on the latest in benefits by subscribing to our blog! The information in this blog post is for educational purposes only.
Department of Labor Employee Benefits Security Administration (“DOL”), cryptocurrency might carry similar dangers for otherwise strong and healthy 401(k) plan accounts. On March 10, 2022, DOL issued Compliance Assistance Release No. On March 10, 2022, DOL issued Compliance Assistance Release No.
A matching 401(k) or pension. The post 3 Reasons to Boost Your Employee Benefits Offerings in 2020 appeared first on Engage Blog. 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. Childcare support.
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.
In an earlier blog post , I described 12 tax planning topics for 2022. 401(k), 403(b), and traditional IRA). Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. Saving even 1% more of pay can make a difference in later life.
International Foundation of Employee Benefit Plans
SEPTEMBER 11, 2024
Act of 2022 allows employers to make matching contributions toward employees’ qualified student loan payments (QSLPs) to 401(k) plans, 403(b) plans and governmental 457(b) plans (and SIMPLE IRAs plans not summarized in this blog). Section 110 of the SECURE 2.0
If you’ve ever wondered what happens to your 401(K) when you leave a job, you’re not alone. In fact, it’s one of the most common questions employees ask when they intend to leave their jobs and make a 401(K) withdrawal. So what happens to your 401(K) when you quit or are fired?
With nearly a half-million blog post views and tens of thousands of content downloads, here is some of our most popular content for the calendar year. TOP TEN BLOG POSTS OF 2021. 2022 IRS Contribution Limits for HSA, HDHP, FSA, 401(k). Does Healthcare Consumerism Even Have A Chance? Do consumers even have a chance?
A Bitcoin 401(k). recently revealed that they plan to offer investors the option to put bitcoin in their 401(k)s by the end of this year. A 401(k) plan is a company-sponsored retirement account where employee funding might come directly from their paychecks and may be matched by the employer.
However, with the new rule effective for 401(k) plans beginning January 1, 2024, the guidance leaves employers and plan sponsors very little time to make changes to […] The post Last-Minute Guidance Leaves Little Time for Long-Term, Part-Time Employee Changes appeared first on EMPLOYEE BENEFITS BLOG.
The easiest way to “pay yourself first” is to have savings deducted automatically from your paycheck through a 401(k) or other workplace savings plan. Pay Yourself First (PYF)- PYF treats savings with the same high priority as a mortgage, rent, or car loan payment. and the “Ballpark Estimate” calculator on the Web site www.asec.org.
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.
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
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
Act of 2022 enables business leaders to: Deliver additional financial benefits to round out an organization’s compensation strategy Remain competitive in an increasingly dynamic labor market Win the war for talent In this blog, we’ll discuss: What the SECURE 2.0 employer-sponsored 401(k) plans. The SECURE 2.0 The SECURE 2.0
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
According to this Law360 article, seven former Schneider Electric employees accused the company and its investment manager of running afoul of the Employee Retirement Income Security Act of 1974 when they replaced well-performing funds […] The post ERISA 401(k) Fee Case Victory for Schneider appeared first on EMPLOYEE BENEFITS BLOG.
Methods include webinars, podcasts, blogs, television and radio shows, print media, websites, and more. Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.
In this webinar replay, McDermott’s Employee Benefits team discusses the many changes to retirement plans and individual retirement accounts, including the key changes for 401(k), 403(b) and defined benefit plans as well as other changes impacting […] The post Webinar Replay: What to Know About SECURE 2.0
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. IRS Confirms Long-Term, Part-Time Employees Excludible From Certain Nondiscrimination Testing appeared first on EMPLOYEE BENEFITS BLOG.
With over 90 changes to retirement plans and individual retirement accounts (IRAs), this webinar will highlight the key changes for 401(k) and 403(b) plans and defined benefit plans, as […] The post JOIN US: SECURE 2.0 Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG.
2022-01 cautions 401(k) plan fiduciaries to “exercise extreme care” before allowing participants to invest plan assets in cryptocurrencies because cryptocurrencies “present significant risks and challenges to participants’ retirement accounts, […]. appeared first on EMPLOYEE BENEFITS BLOG.
A recent US Court of Appeals for the Seventh Circuit case supplies answers to many questions left open in 401(k) fee litigation cases after the US Supreme Court’s ruling earlier this year in Hughes v. Northwestern University. Specifically, to survive a motion to dismiss in the Seventh Circuit, the recent ruling in Albert v.
We have previously blogged on the flurry of class action lawsuits challenging 401(k) plan investments in the BlackRock LifePath Index Target Date Funds. The alleged underperformance of three and one-half years was long enough to raise an inference that the BlackRock Funds were imprudently retained.
An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections. That’s essentially what you’re doing when your employer offers to contribute or match your contributions to a benefits plan or 401(k) and you’re not taking advantage.
The statute also includes numerous required and optional changes that impact both 403(b) plans and 401(a) plans, which are addressed in our prior blog post. Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal. Before SECURE 2.0,
Long available to 401(k) retirement plan sponsors, determination letters can provide sponsors with advance assurance from the IRS that plans […] The post Opportunity Knocks: At Long Last, IRS Determination Letter Program Is Open for 403(b) Plans appeared first on EMPLOYEE BENEFITS BLOG.
Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team. 401(k) or 403(b) plan). It’s that time again…time for a mid-year financial check-up! Savings Increase - Some people get mid-year raises or earn promotions on July 1 (e.g., college faculty promoted to a higher rank).
We cover some of the survey findings in this blog post and infographic. HSAs have comparable — or better — perks than a 401(k) or IRA with respect to healthcare costs, including: HSA contributions reduce taxable income. The information in this blog post is for educational purposes only.
In April, we wrote here about the discouraging trend of opinions allowing commonly asserted breach of fiduciary duty claims in 401(k) and 403(b) plan investment litigation to survive motions to dismiss. We previously blogged here on the Eastern District of Kentucky’s September 2021 opinion dismissing the complaint. In Smith v.
The post Total Compensation Report Statements: Unveiling the Value Beyond the Paycheck – Sample Included first appeared on Total Compensation Reports Blog | COMPackage. By implementing these strategies, HR professionals can effectively leverage TCRSs to enhance employee satisfaction, drive engagement, and create a positive work environment.
employees, sued the company and its investment committee under Section 502(a)(2) of ERISA on behalf of its 401(k) plan, alleging that defendants breached their fiduciary duties of prudence and loyalty with respect to the management of the plan. Cintas Corp. , 21-2156, __ F.4th 4th __, 2022 WL 1236954 (6th Cir.
Because an HSA is a savings account, youll want to designate a beneficiary (or beneficiaries), just as you would with a 401(k) or other retirement-planning accounts. Stay updated on the latest trends and insight by subscribing to our blog ! The information in this blog post is for educational purposes only.
The Department of Labor’s new fiduciary rule, which mainly applies to 401(k) plans, will also affect employers who offer their staff health savings accounts. The new rule, which takes effect September 2024, bars employers from providing advice to their workers on how they should invest the funds in the HSA they offer.
However, many employees aren’t taking advantage of those benefits from employer 401k matching to health and wellness to time off. To learn more about the evolution of HR technology, check out Achievers’ blog post A Brief History and Future of HR Technology. . . About the Author Taylor Burke is a contributor for TechnologyAdvice.com.
Dollar-Cost Average Investment Purchases - Make regular investment deposits at regular time intervals, such as $100 per month in a mutual fund or 5% of pay every payday in an employer 401(k) or403(b) plan. 401 (k), 403(b), and TSP), and SEPs (for self-employed workers). 20%) you could withstand without losing sleep.
For more information on Total Compensation Statements and how to create them, please visit the following resources: COMPackage Salaried Workers Hourly Workers The post Building Trust Through Transparency: The Total Compensation Statement Sample Explained first appeared on Total Compensation Reports Blog | COMPackage.
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