InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Retirement plan maximums.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

McDermott Will & Emery Employee Benefits

JUNE 7, 2022

The US Department of Labor (DOL) recently issued guidance for the first time on the investment of retirement plan assets in cryptocurrencies. The post When Are Cryptocurrencies Appropriate Investments for Retirement Plans and IRAs? appeared first on EMPLOYEE BENEFITS BLOG. Compliance Assistance Release No.

Retirement Plan 96

Retirement Plan 401(k) Employee Benefits Commissions 96

HR Lineup

MARCH 13, 2022

Some of these plans have an advantage when it comes to taxes. For such a program to enjoy any tax benefits , it has to conform to the standards set in the US tax code, section 401a. Types of Qualified Retirement Plans. There are three classes of qualified retirement plans, namely: 1. Defined benefits plan.

Retirement Plan 98

Retirement Plan 401(k) Gross Pay Profit Sharing Plan 98

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.

401(k) 110

401(k) Retirement Plan IT 110

Proskauer's Employee Benefits & Executive Compensa

MARCH 14, 2022

Department of Labor Employee Benefits Security Administration (“DOL”), cryptocurrency might carry similar dangers for otherwise strong and healthy 401(k) plan accounts. Kryptonite is a fictional substance that causes the mighty Superman to lose all his strength. According to a recent release from the U.S.

401(k) 97

401(k) IT Retirement Plan Government 97

WEX Inc.

JULY 24, 2023

Fortunately, there’s an often overlooked way to help employees build wealth and prepare for retirement. Why HSAs for retirement planning? These accounts provide another way for your employees to diversify their efforts to prepare for retirement. Click below to get your free HSA retirement white paper.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Employee Benefit News

APRIL 24, 2024

Treating student loan payments as eligible for a 401(k) match will help young employees save for retirement while staying on top of their debt.

401(k) 111

401(k) Retirement Plan Employee Benefits 111

WEX Inc.

JUNE 13, 2023

And baby boomers are actually the highest percentage of retirement-account holders among any group segmented in a 2021 survey by the U.S. This lack of retirement planning by large segments of employees is leading to more stress for them and less productivity at work. First, offer retirement plans.

Retirement Plan 98

Retirement Plan 401(k) IT Healthcare 98

HR Professionals Magazine

MAY 24, 2022

As a team of 401(k) advisors focused on participant outcomes, we are constantly fielding financial related questions from employees seeking advice. In the DOL’s guidance, they acknowledge the wave of enthusiasm around crypto and the potential for them to become investment options in 401(k) plans.

Retirement Plan 98

Retirement Plan 401(k) Banking Education 98

Employee Benefit News

APRIL 24, 2024

Treating student loan payments as eligible for a 401(k) match will help young employees save for retirement while staying on top of their debt.

401(k) 106

401(k) Retirement Plan Employee Benefits 106

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. Here’s an example.

401(k) 94

401(k) Retirement Plan Employment IT 94

WEX Inc.

NOVEMBER 21, 2024

When it comes to 2025 employee benefits trends , many companies are seeking innovative solutions to meet the changing needs of their workforce. Shaped by changing work environments, economic pressures, and technological advancements, the following trends are emerging as essential components of a competitive benefits package.

Employee Benefits 104

Employee Benefits 401(k) Employment Health Savings Account 104

HR Digest

MAY 13, 2023

Employee Stock Ownership Plans (ESOPs) and 401(k) plans are both popular retirement savings plans, but there are some key differences between the two. This article compares ESOPs and 401(k)s in terms of funding, investment options, risk, tax benefits, and other factors.

401(k) 52

401(k) Retirement Plan Taxes Employment 52

HR Digest

MARCH 28, 2023

Having a retirement plan is an important aspect of financial planning. One popular way to get your retirement plan sorted in the United States is through a 401(k) plan. A 401(k) plan is a type of retirement account offered by employers to their employees.

401(k) 64

401(k) roth 401(k) Retirement Plan IT 64

HR Digest

MAY 21, 2023

A strong employee benefit package can go a long way. Employer benefits package is key to attracting and retaining top talent. Employee benefits have become an essential part of any competitive compensation package. What do you want to achieve with the employee benefit package 2. Payroll taxes 2.

Benefits Package 105

Benefits Package 401(k) Employee Benefits Disability Insurance 105

McDermott Will & Emery Employee Benefits

DECEMBER 20, 2023

The Internal Revenue Service (IRS) recently issued new guidance clarifying key aspects of the broadened retirement plan eligibility rule for long-term, part-time employees under the SECURE 2.0

401(k) 102

401(k) Retirement Plan Employee Benefits Employment 102

Business Management Daily

MARCH 21, 2022

Setting up a 401(k) for employees can be a daunting task for small business owners. It is one of the most highly regulated employee benefits. Small businesses can often feel like a family, as you may spend years or even decades growing your business with your loyal employees. What is a 401(k)?

401(k) 52

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

Genesis HR Solutions

SEPTEMBER 22, 2020

At the end of this article, we’ll explain how a professional employer organization (PEO) can help you select, negotiate, and administer best possible benefits for your company. 16+ types of employee benefits you should consider. Retirement. 401(k) & 403(b) Retirement Plans.

401(k) 98

401(k) Employee Benefits roth 401(k) Disability Insurance 98

Insperity

OCTOBER 10, 2023

At its most basic level, the law encourages people to not only save money for retirement , but to save more and also become financially stable in the present. To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. The SECURE 2.0

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

McDermott Will & Emery Employee Benefits

FEBRUARY 1, 2023

What do retirement plan professionals and participants need to know about the recently passed SECURE 2.0 appeared first on EMPLOYEE BENEFITS BLOG. appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022?

401(k) 97

401(k) Retirement Plan Employee Benefits 97

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service (IRS) recently opened a new determination letter approval program for 403(b) retirement plans—commonly used by nonprofit organizations—which allows sponsors of certain individually designed plans to apply for a favorable determination letter.

401(k) 101

401(k) Retirement Plan Employee Benefits 101

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. Plan sponsors had questioned how the “establishment date” would apply in the context of plan mergers and spin-offs. Merger of Pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

McDermott Will & Emery Employee Benefits

JANUARY 24, 2023

Join partners from McDermott’s Employee Benefits team on Wednesday, January 25, 2023, as they discuss the impact of the recently passed SECURE 2.0 Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG. Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG.

401(k) 97

401(k) Retirement Plan Employee Benefits 97

Insperity

JANUARY 2, 2020

It’s no secret that current and prospective employees want their employer to offer a retirement plan. Whether your company is looking for a new retirement plan provider or reviewing your current retirement benefits, the first thing you need to understand is one size does not fit all.

Retirement Plan 65

Retirement Plan 401(k) Payroll Employment 65

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. 2023 Retirement Plan Limits Increase.

401(k) 85

401(k) Retirement Plan Health Savings Account Deductions 85

International Foundation of Employee Benefit Plans

JULY 9, 2024

So far in 2024, the Department of Labor (DOL) has released proposals for plan administrators to populate a missing participant database and automatic portability of retirement plan accruals when employees change jobs.

Retirement Plan 90

Retirement Plan 401(k) Employee Benefits 90

Best Money Moves

APRIL 17, 2019

Retirement concerns: is financial literacy the solution? Those workers that do have a 401k aren’t saving enough to cover expenses in retirement, even when employers match contributions. Americans Are Not Saving Enough for Retirement. Can Financial Literacy Solve Retirement Concerns? Nearly half of U.S.

401(k) 97

401(k) Retirement Plan Finance Insurance 97

HR Digest

FEBRUARY 8, 2023

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?

401(k) 52

401(k) Retirement Plan Taxes Employment 52

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 3, 2023

On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant increases.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

HR Digest

APRIL 30, 2022

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. Retirement plans are essential for financial security in old age, and need sound investments to take care of living expenses, medical bills, and other necessities.

401(k) 52

401(k) Retirement Plan Banking Government 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 24, 2023

A district court in New York recently dismissed a putative class action challenging retirement plan recordkeeping and investment management fees. Plaintiffs, former Deloitte LLP employees, sued the firm in the U.S. The case is Singh v. Deloitte LLP , No. 21-cv-8458, 2023 WL 186679 (S.D.N.Y.

401(k) 109

401(k) Profit Sharing Plan Retirement Plan Management 109

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

Business Management Daily

SEPTEMBER 16, 2022

Technically, 401(k) plans are profit-sharing plans, not retirement plans. But they morphed into retirement plans long ago, so they’re pretty important to employees. Who has 401(k) accounts? of employees participate in defined-contributions plans such as 401(k) plans.

401(k) 52

401(k) Profit Sharing Plan Retirement Plan Employee Benefits 52

Best Money Moves

MAY 10, 2022

According to a survey by ArmadaCare, 78% of employees are more willing to stay with their employer due to their employee benefits. . Here are the 5 best benefits to help retain and attract top talent. Offer competitive, matched retirement planning options. Allow flexible time-off policies.

401(k) 111

401(k) Employment Retirement Plan Financial Counseling 111

Business Management Daily

FEBRUARY 18, 2022

The Employee Benefits Security Administration has had an on-again, off-again approach to whether employers can allow 401(k) investment choices to promote social, environmental, or other public policy causes—called economically targeted investments or sometimes environmental, social, or governance investing.

401(k) 59

401(k) Pension Retirement Plan Commissions 59

Best Money Moves

OCTOBER 7, 2020

Why financial wellness is a must-have employee benefit. Financial wellness programs have emerged as a key employee benefit in the last few years and COVID-19 has only strengthened demand for resources that can help employees deal with their finances. Why Financial Wellness Is a Must-Have Employee Benefit.

Employee Benefits 105

Employee Benefits 401(k) Banking Retirement Plan 105

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

IRS regulations have established standards for plans to approve financial hardships and a safe harbor for six types of hardships automatically considered to create an immediate and heavy need. Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal.

401(k) 111

401(k) Taxes Retirement Plan Commissions 111