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In our newest report, ‘Zooming in on Gen Z’, we compiled our findings from ‘ The Benefits Factor ’ to discover what Gen Z expects from employers. Here, we’re sharing the five benefits your organisation must provide to become a Gen Z magnet. H2; Gen Z in the Workplace — What Do They Want? out of 10 in importance for Gen Z.
International Foundation of Employee Benefit Plans
FEBRUARY 28, 2023
For the first time since the Employee Retirement Income Security Act of 1974 (ERISA) introduced the concept of withdrawal liability, the PensionBenefit Guaranty Corporation (PBGC) has announced a proposed.
International Foundation of Employee Benefit Plans
MARCH 14, 2023
A new rule proposed by the PensionBenefit Guaranty Corporation (PBGC) would increase the certainty of withdrawal liability determinations for multiemployer benefit plans and likely help prevent withdrawal liability disputes from going to arbitration and litigation, PBGC officials say.
A gradual transition from full time employment to something that may eventually lead to outright retirement. Companies might feel that providing a generous pension scheme is the most effective way to discharge their obligation to look after employees in later life. appeared first on EmployeeBenefits.
Credt: P Maxwell Photography/Shutterstock The pension pots-for-life plan take the onus off of employees to keep track of their pensions as they move jobs. Clarification is needed on how employers would manage the process of putting employees’ contributions into many different pension pots.
This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the PensionBenefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA). Listen to the podcast. .
13, 2023), the court granted a motion to dismiss a pension plan participant’s claim that the plan was equitably estopped from recouping overpaid plan benefits. Upon termination of his employment, the participant requested and received from the plan a disclosure estimating that his pension would be $6,225.24
The government has confirmed that it will ensure European Union (EU) derived protection under equal pay laws will remain in place for employees and workers. It is important to remember the assurances given previously, that leaving the EU would not have the effect of eroding employment rights. appeared first on EmployeeBenefits.
As previously discussed , the PensionBenefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”). The details of the process are outlined in the update to the final regulations.
HIVE360 provides expert, compliant and reliable PAYE payroll support and comprehensive employment administration that reduces overheads and improves operational efficiencies for businesses, recruiters and recruitment agencies, their workforce and candidates. It champions a new model of employment administration for the UK market.
Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it.
Jonathan Watts-Lay, Director, WEALTH at work, comments; “It’s important for individuals to understand that opting out of their pension will have a huge impact in the long term and will cause damage to their standard of living in retirement. It’s therefore more important than ever to ensure employees are engaged with their pensions.
A hotly debated (and litigated) issue for multiemployer pension plans in recent years has been the appropriate interest rate to determine a multiemployer pension plan’s liabilities when calculating the plan’s underfunding for withdrawal liability purposes. Comments on the proposed regulations are due by November 14, 2022.
Almost half (48%) of HR leaders said they have seen a poor uptake of employeebenefits because employees do not seem interested in what is on offer, according to new research from Nous.co. One-fifth (20%) admitted that there was either a lack of onboarding for employeebenefits initiatives, or onboarding was inadequate.
Many multiemployer plans and their participants, contributing employers and unions certainly hope so, as they eagerly anticipate the issuance of a PensionBenefit Guaranty Corporation (“PBGC”) final rule that may answer the question for them. Fast forwarding to the year 2022, will it be a happy new year?
This is particularly the case where employees are making healthy contributions to their pension scheme and perhaps receiving matching employer contributions. Positive pension fund growth as well as a pay rise may easily push them over the LTA before they know it. appeared first on EmployeeBenefits.
The SCA UK Pension Plan, which is sponsored by global hygiene and health firm Essity Group, has completed a £1.1 billion pensions buy-in. Headquartered in Sweden, Essity employs 1,600 UK employees across six manufacturing sites and three commercial offices. The post SCA UK Pension Plan completes £1.1
As such, it is essential to understand the pros and cons of the process of providing retirement benefits. Here we bring to you precisely that information, with additional info about types of retirement benefits and the goals an employer would like to accomplish by offering retirement benefits. Work Smart.
Discrimination occurs when age is used as a factor in employment decisions such as hiring, promotions, and terminations. Under the Age Discrimination in Employment Act of 1967 (ADEA), employers with 20 or more workers cannot engage in personnel practices that discriminate against employees or applicants that are 40 years of age or older.
The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pensionbenefits for past or future service benefits.
Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. “This is in addition to supporting the defined benefitpension scheme to meet the cost of pensionbenefits already earned.”
This will include the impact of the 10% national living wage increase and enhancement of its pensionbenefits, with staff now able to access up to 6% employer contributions. million bonus among staff appeared first on EmployeeBenefits. The post Greggs to share £17.6
This episode of The Proskauer Benefits Brief is the first of our three-part series analyzing the PensionBenefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA). Listen to the podcast. .
Credit: Gerard Uferas/ La Company BNP PARIBAS London BNP Paribas UK tries to promote true flexibility through its flexible benefits scheme and regularly tweaks its provision to operate at its best for its workforce. The post BNP Paribas UK maximises choice for employees within flex scheme appeared first on EmployeeBenefits.
Employees often take strike action over issues such as pay , health and safety, pensions, benefits, changes to terms and conditions, and union recognition. Employers should consider employees’ financial wellbeing while on strike, because they are not entitled to pay and may face difficulties.
Finn Brennan, Aslef’s Underground organiser, said: “After a week of intense negotiations, we have made real progress in making sure our members’ working conditions and pensions are protected from the impact of the Tory government cuts to TFL funding. There will be no changes to pensionbenefits before the next general election.
Over the past few weeks, there have been an increasing number of social media posts and press articles about a bill currently passing through Parliament, with which the UK government has the potential to fundamentally change employment rights. appeared first on EmployeeBenefits.
The Work and Pensions Committee is calling for trials of automatic appointments with the Pension Wise service as part of its new ‘Stronger Nudge’ interventions. This can be delivered face-to-face or online and utilises digital nudge technology to encourage employee engagement and participation.
This episode is the final installment of our three-part series on a new special financial assistance program created by the American Rescue Plan Act of 2021 for troubled multiemployer plans and the interim guidance issued by the PensionBenefit Guaranty Corporation regarding the program. Listen to the podcast. . JUSTIN ALEX: Sure.
ERISA Section 4010 requires a contributing sponsor of certain single-employerpension plans, as well as the sponsor’s controlled group members, to provide controlled group, financial, and actuarial information to the PBGC each year.
On July 8, 2022, the PensionBenefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”). The PBGC is seeking public comments on this aspect of the final rule.
Positive pension fund growth as well as a pay rise may easily push them over the LTA before they know it. For example*, if someone aged 45 has a pension fund of £400,000 and a salary of £50,000, saves 5% of their salary into their pension which rises by 3% p.a For more information, visit www.wealthatwork.co.uk.
Employer-sponsored retirement plans are divided into two major categories: defined-benefit plans and defined- contribution plans. As the names imply, a defined-benefit plan—also commonly known as a pension plan—promises a specified benefit amount at retirement. By Eddie Vaughn. on investments.
1301(b)(1), all trades or businesses under common control with an employer that has withdrawn from a multiemployer pension plan are jointly and severally liable for the employers withdrawal liability. Under 29 U.S.C. Findlay Indus., 3d 597 (6th Cir. 2018), to have rejected that standard.
The research also revealed that up to 77% of workers with access to employer-sponsored benefits, chose to participate in the program, increasing the take-up rate. The retirement rewards come with a well-managed and planned retirement to provide financial security and stability among the employees during their post-employment phase.
Act of 2022 (“ SECURE 2.0 ”) that was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act includes a slew of changes for retirement plan sponsors and employers. also does not change PBGC’s indexed flat-rate premiums for both single-employerpension plans and multiemployer pension plans.
Better Employee-Employer Relations. When your employees are happy with you, they will be more enthusiastic and driven to work for you. Also read: Importance Of EmployerEmployee Relationship In Companies. Employee working on a tedious project for the most-awaited promotion. • Reduces Intrinsic Motivation.
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