WEX Inc.

JUNE 13, 2024

How is your HSA vs. your 401(k) vs. your IRA shaping up for retirement planning? Retirement planning is a lot easier when you imagine what you want it to be like. Will you retire in Florida, or at a cabin in the woods? Employers can also contribute to their employees’ HSAs.

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401(k) Retirement Plan Health Savings Account Deductible 96

Genesis HR Solutions

JANUARY 30, 2023

Should you auto-enroll your employees into your company’s 401(k) program? Automatic enrollment is exactly what it sounds like—you, the employer, automatically enroll your employees into your organization’s 401(k) plan. The 401(k) is pre-tax. What is automatic enrollment?

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401(k) Taxes Deductible Deductions 97

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

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

InterWest Insurance Services

NOVEMBER 25, 2022

The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. The maximum contribution levels are readjusted every year to account for inflation, along with maximum retirement plan contribution limits. Retirement plan maximums.

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Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

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Taxes 401(k) Retirement Plan Pension 188

Money Talk

APRIL 20, 2023

One of my Money Talk clients is my long-time employer, Rutgers Cooperative Extension. My segment of their six-week class series was called Can Farmers Ever Afford to Retire? 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.

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401(k) Pension Retirement Plan Taxes 246

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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Money Talk

APRIL 11, 2024

Tax planning involves looking ahead and projecting future income and tax write-offs. 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). There is no way out.

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401(k) Taxes Retirement Plan Pension 185

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.

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401(k) Life Insurance Retirement Plan Finance 235

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.

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Retirement Plan 401(k) Health Savings Account Taxes 98

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. Independence to make your own decisions in your retirement.

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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. By Jim Trujillo.

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Retirement Plan 401(k) Banking Education 98

Business Management Daily

MAY 5, 2022

Fewer employees are covered by traditionally defined benefit plans. DB plans are retirement plans. The plan sponsor, most likely the employer, bears all the investment risk and pays you a fixed amount every month until you die. And when times get tough, employers often suspend their contributions.

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401(k) Retirement Plan Deductible Deductions 133

HR Digest

OCTOBER 14, 2021

An increasing number of employees now have access to cryptocurrencies like Bitcoin in their 401(k) plans. The digital currency revolution has been happening for years now, but many people still don’t know what Bitcoin is or how it should be handled in their 401k plan. Advantages of 401(K) crypto investments.

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401(k) Taxes Retirement Plan Employment 59

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.

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401(k) Retirement Plan Employment IT 94

Money Talk

SEPTEMBER 14, 2023

Traditional IRAs and employer plans). Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g., 401(k), 403(b), 457, thrift savings plan), Traditional IRAs funded with pre-tax dollars, simplified employee pensions (SEPs) for self-employed workers, and annuities.

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Money Talk

JULY 13, 2023

Act of 2022 , passed last December, has financial planning opportunities for both the accumulation and distribution phases of retirement planning. New Catch-Up Limit - Currently, additional catch-up savings ($7,500 in 2023) in employer retirement plans is available for workers age 50+. The SECURE 2.0

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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.

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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.

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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.

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401(k) Retirement Plan Taxes Employment 52

BerniePortal

JANUARY 25, 2021

1, 2021, pooled employer plans (PEPs) are now available options for employers. Established by the SECURE Act, PEPs operate as a new type of open multiple employer plan (MEP), changing the typical 401(k) and retirement plan landscape. As of Jan.

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401(k) Retirement Plan Employment 105

Insperity

OCTOBER 10, 2023

workers better prepare financially for retirement, at every stage of their employment journey. workers who have not been able to save enough money to retire have delayed their transition into this next stage of life because of current economic conditions and record-high inflation. employer-sponsored 401(k) plans.

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Business Management Daily

MARCH 21, 2022

Setting up a 401(k) for employees can be a daunting task for small business owners. It’s important to take care of the people that work to keep your business alive, and helping them plan for their retirement is a great way to do that. What is a 401(k)? Do employers have to offer a 401(k) to employees?

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Empuls

AUGUST 28, 2024

Furthermore, research shows that 73% of employees are significantly more likely to remain with an employer that provides a comprehensive benefits package. Employee benefits providers are organizations that specialize in designing, administering, and managing employee benefits packages on behalf of employers. 

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Benefit Providers Employee Benefits 401(k) Retirement Plan 40

Best Money Moves

MAY 10, 2022

5 benefits for employers to retain and attract top talent. High turnover creates an expensive problem for employers and stressful environment for employees. According to a survey by ArmadaCare, 78% of employees are more willing to stay with their employer due to their employee benefits. . According to SHRM, about ?

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401(k) Employment Retirement Plan Financial Counseling 111

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.

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401(k) Taxes Retirement Plan Employment 111

HR Digest

MARCH 12, 2025

In 2025, salaries alone no longer define an attractive employment offer. Employers are increasingly turning to fringe benefits. Unlike base pay, which is contractually guaranteed, these extras offer employers flexibility to tailor rewards to workforce needs , while signaling a commitment to employee well-being.

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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

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401(k) Retirement Plan Employee Benefits Employment 102

HR Digest

JULY 9, 2022

You probably have come across the occasional Roth IRA vs 401(k) comparisons to pick your retirement account. Maybe your company offers matching funds or doesn’t offer any retirement plan at all. Nevertheless, it’s an arduous task to choose the best retirement account. What is a 401(k) plan?

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Money Talk

FEBRUARY 10, 2022

Invest Automatically at Work - Participate in a tax-deferred employer retirement plan (e.g. 401(k), 403(b), 457, or TSP). Below are 13 time-saving financial management strategies: Automate Everything You Can - Consider automated bill-paying for insurance premiums and utility service (e.g.,

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401(k) Finance Taxes Retirement Plan 189

Money Talk

JANUARY 26, 2022

RMD Definition - RMDs are t he amount of money that investors age 72 and older are required by the IRS to withdraw from tax-deferred retirement savings plans (e.g., 401(k)/403(b)/457, TSP, SEP, and Traditional IRA accounts). The amount of money that is withdrawn is taxable as ordinary income.

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401(k) Taxes Retirement Plan Finance 189

Griffin Benefits

JUNE 16, 2024

Used effectively, the vesting schedules in your retirement plans (401k, 403b, deferred compensation, and 457, to name a few) can be an excellent tool employers can use to improve employee retention. WHAT IS A RETIREMENT PLAN VESTING SCHEDULE AND HOW DOES IT IMPROVE EMPLOYEE RETENTION?

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Money Talk

DECEMBER 22, 2021

Tax-Deferred Retirement Plan Limits - Like IRAs, maximum plan contributions are indexed for inflation. In 2022, retirement savers in 401(k)/403(b)/457 plans and the federal Thrift Savings Plan (TSP) who are under age 50 can contribute up to $20,500, a $1,000 increase from $19,500 in 2021.

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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.

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Retirement Plan 401(k) Payroll Employment 65

COMPackage

NOVEMBER 3, 2024

Benefits: A detailed breakdown of employer-sponsored benefits like health insurance, paid time off (PTO), retirement plans, and wellness programs. Informed Financial Decisions: Clear information on benefits allows employees to make informed financial choices about budgeting, saving, and planning for retirement.

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401(k) Retirement Plan Benefits Package Health Insurance 52

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. FSA Employer Contribution Limits for 2023. 2023 Retirement Plan Limits Increase.

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