International Foundation of Employee Benefit Plans

SEPTEMBER 4, 2024

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

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401(k) Employee Benefits Employment 104

WEX Inc.

NOVEMBER 21, 2024

Employers leveraging data-driven platforms to offer customized options will stand out regarding employee recruitment and retention. Employers that empower employees to access and use benefits on their terms will likely see higher engagement and loyalty.

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Employee Benefits 401(k) Employment Health Savings Account 104

HR Digest

AUGUST 28, 2023

This mini-guide explores whether a solo 401k is a good idea for individuals like you. But how does a solo 401k work? And who qualifies for a solo 401k? And who qualifies for a solo 401k? What happens to solo 401k when you’re no longer self-employer? How Does a Solo 401k Work? No employees allowed!

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401(k) Retirement Plan Taxes Consulting 98

HR Lineup

MARCH 10, 2022

Nonqualified deferred compensation (NQDC) plans are among the benefits employers use to retain top talent , and if you are wondering what they are, this article clarifies everything. A non-qualified deferred compensation (NQDC) plan is whereby an employer reaches an agreement with an employee to pay them sometime in the future.

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401(k) Retirement Plan Deductible Deductions 246

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. Employers can also contribute to their employees’ HSAs. Will you retire in Florida, or at a cabin in the woods?

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401(k) Retirement Plan Health Savings Account Deductible 96

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. Three tips were provided: understand your retirement savings plan, automate your contributions, and learn about the tax benefits of IRAs and employer plan contributions.

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401(k) Finance Taxes Utilities 313

Best Money Moves

DECEMBER 4, 2024

By learning the common financial challenges for each generation, employers can adopt impact-driven benefits designed to help alleviate all employees’ financial stress. Over 1 in 3 US employees wish their employer offered student loan financing and repayment assistance benefits, according to PNC’s report.

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401(k) Finance Education Employment 104

WEX Inc.

NOVEMBER 14, 2024

Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. Flexible spending account An FSA is an employer-owned account that you use to set aside funds for qualified expenses. Your employer owns your FSA.

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401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

Employee Benefit News

JANUARY 22, 2024

A new provision enables employers to contribute to a workplace 401(k) plan when an employee pays their student loan debt.

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401(k) Employment 222

HR Lineup

MARCH 13, 2022

In a defined benefit plan, an employer pays a predetermined amount at either termination of employment or retirement. The employer breaks the sum into annual payments, which they deposit as savings to provide the benefits prescribed by the program’s terms. Nonetheless, some common examples include: 401(k).

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Retirement Plan 401(k) Gross Pay Profit Sharing Plan 246

Wellable

SEPTEMBER 11, 2023

How can employers help their workforce navigate modern retirement amid market volatility? 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.

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401(k) Employment 105

Money Talk

MARCH 24, 2022

This post describes ten things that older women need to consider about personal finance during the second half of their financial life: ¨ Unique Financial Characteristics - Women are more likely than men to have gaps in their employment history and to be more negatively impacted by divorce than men. 401(k)s), tax-deferred accounts (e.g.,

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401(k) Finance Entertainment Taxes 278

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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401(k) Retirement Plan Finance Government 245

HR Digest

NOVEMBER 1, 2024

Most employees work with multiple employers over the course of their career but even moderate instances of job hopping can have a lasting impact on their retirement fund. workers typically work with nine different employers over their careers. According to Vanguard , U.S.

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401(k) IT Salary Employment 97

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

Achievers

APRIL 4, 2022

Your organization’s employer brand should always be top of mind. Let’s take a closer look at what employer branding is and what your company can do to organically build an employer brand that sets it up for success. What is employer branding? Your company’s employer brand is then how these individuals perceive it.

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Employment 401(k) Employee Recognition Bonuses 239

HR Digest

OCTOBER 4, 2024

These roles are often treated as temporary sources of employment and largely insufficient to sustain a family. Along with Hobby Lobby’s current wage hike, the shopping chain also provides other fiscal and medical benefits like a medical and dental plan, 401(k) with generous company match, a flexible spending plan, life insurance, etc.

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401(k) Retail Flexible Spending Life Insurance 96

Money Talk

APRIL 20, 2023

One of my Money Talk clients is my long-time employer, Rutgers Cooperative Extension. Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., 401(k), 403(b), 457 plan, and thrift savings plan), and other employer benefits (e.g., health insurance).

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401(k) Pension Retirement Plan Taxes 246

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. At this point, RMDs are added to taxable ordinary income. RMDs are reported to taxpayers and the IRS on form 1099-R.

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Taxes 401(k) Deductible Deductions 245

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 185

Money Talk

AUGUST 31, 2023

pension, Social Security, annuities, dividends/capital gains, full- or part -time employment, self-employment) minus fixed (e.g., 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.

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401(k) Pension Food Finance 159

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 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. When inflation rises, workers can save more money.

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401(k) Banking Deductible Deductions 246

Achievers

DECEMBER 16, 2019

Then, with a twinge of foreboding, “That’s as long as their current employer offered a better benefits package.”. A matching 401(k) or pension. Often, the line between how people think of you as a provider of products or services and how they think of you as an employer is blurred. Health insurance. Use of a company car.

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Employee Benefits 401(k) PTO Benefits Package 309

Money Talk

FEBRUARY 1, 2024

saving 10% of pay in a 401(k) plan). Automation is Key- One of the best “one and done” financial decisions that someone can make to build wealth over time is to set aside money automatically from each paycheck (or net income from self-employment) for retirement or other financial goals.

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401(k) Finance Pension Commissions 188

Money Talk

JUNE 16, 2022

Examples include a 401(k) or 403(b) plan and traditional IRA. Does your employer offer matching retirement contributions? Required Minimum Distributions (RMDs)- RMDs must begin at age 72 for traditional IRAs, employer retirement accounts, and SEPs (for self-employed workers). How many years do you have before retirement?

Taxes 188

Taxes 401(k) Retirement Plan Pension 188

Money Talk

JUNE 22, 2023

Beneficiary Use- Beneficiary designations are required for life insurance policies, individual retirement accounts (IRAs), employer retirement savings plans (e.g., TSP, 401(k)s, and 403(b)s), and annuities so that proceeds can be transferred to beneficiaries free of probate. spouse, children, charitable organizations).

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401(k) Life Insurance Retirement Plan Finance 235

Employee Benefit News

JULY 10, 2024

Providing truly equitable benefits can be measured by discovering that two similarly situated employees classified differently have equitable outcomes.

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Employment 401(k) 312

Money Talk

MAY 18, 2022

Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g., 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.)

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Taxes 401(k) Deductible Deductions 263

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. Merger of Pre-SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111

HR Lineup

FEBRUARY 8, 2022

As an employer or business owner, there are various taxes that the federal and state government requires you to pay. With the W-2, employers will also contribute a share of those taxes. Keep in mind that earnings exceeding $7,000 are not taxed, and it is the employer who pays this tax and not employees. . of the SUTA tax rate.

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Taxes 401(k) Government Insurance 243

Business Management Daily

MAY 5, 2022

The plan sponsor, most likely the employer, bears all the investment risk and pays you a fixed amount every month until you die. Defined contribution plans such as 401(k) plans were never meant to function as retirement plans—they are profit-sharing plans. And when times get tough, employers often suspend their contributions.

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401(k) Retirement Plan Deductible Deductions 133

InterWest Insurance Services

JULY 11, 2024

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.

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401(k) Health Savings Account Employment Commissions 98

Money Talk

SEPTEMBER 22, 2022

The costs of opioid addiction affect individuals and families, employers (e.g., The largest cost, however, is $92 billion in lost productivity and earnings, which includes losses due to premature death of a worker due to an overdose, lost productive hours, and opioid-related incarceration.

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Finance 401(k) Hospitality Taxes 245

Insperity

OCTOBER 1, 2024

And employment has an effect on nearly aspect of a person’s wellness, including: Basic financial benefits of a paycheck and benefits. Emphasize wellness in benefits offerings Most standard benefits packages include things like health insurance, a 401(k) retirement plan and PTO. At higher risk for leaving the company.

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Employee Wellness 401(k) PTO Retirement Plan 80

Money Talk

OCTOBER 19, 2023

401(k) and 403(b) plans) because contributions are deducted automatically from workers’ paychecks and employers may match them, in which case, it is smart to save enough to earn the maximum employer match. Save at Work- One of the best places to save for retirement is a workplace plan (e.g.,

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401(k) Finance Medical Deductible 213

Money Talk

SEPTEMBER 30, 2022

2022) can file an appeal to show that they had a reduction in income due to eight specific life events: marriage, divorce/annulment, death of spouse, work stoppage, work reduction, loss of income-producing property, loss of pension income, and an employer settlement payment. 2020) to the year that they are paying IRMAA (e.g.,

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401(k) Taxes Pension Deductible 245

Money Talk

JULY 13, 2023

New Catch-Up Limit - Currently, additional catch-up savings ($7,500 in 2023) in employer retirement plans is available for workers age 50+. The limit will be the greater of $10,000 or 150% of the standard catch-up amount for 401(k)s and similar salary reduction plans. Auto Enrollment and Escalation - Before SECURE 2.0,

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401(k) Retirement Plan Taxes Salary 130