McDermott Will & Emery Employee Benefits

AUGUST 15, 2023

In an acknowledgment of uncommon market conditions and their corresponding effect on defined benefit pension plan funding, the Pension Benefit Guaranty Corporation (the PBGC) provided a welcome one-time waiver for some underfunded pension plans under Section 4010 of the Employee Retirement Income Security Act (ERISA).

Pension 98

Pension Pension Benefit Employee Benefits Retirement Plan 98

Employee Benefits

JULY 24, 2023

Several strike dates due to take place on the London Underground have been suspended following negotiations about potential reforms of Transport for London’s (TFL) pension scheme. A central government-demanded review of TFL’s pension arrangements, which is a condition of the 1 June 2021 £1.1

Pension 52

Pension Pension Benefit Transportation Government 52

Employee Benefits

MAY 9, 2023

Travel business Thomas Cook has completed a £900 million bulk purchase annuity buy-in transaction for its UK pension scheme. Aviva insured the defined benefit (DB) pension liabilities for more than 12,500 scheme members following the liquidation of the business in 2019.

Pension 59

Pension Pension Benefit Insurance Employee Benefits 59

Employee Benefits

NOVEMBER 8, 2022

Prime Minister Rishi Sunak has appointed Laura Trott MBE as minister for pensions, after predecessor Alex Burghart officially held the role for less than one month. Trott was appointed on 27 October, and the Department for Work and Pensions (DWP) made the announcement on 7 November via its official Twitter account.

Pension 59

Pension Pension Benefit Government Taxes 59

Employee Benefits

DECEMBER 16, 2021

Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. Unite general secretary Sharon Graham explained that the union will back members if they decide to take industrial action to defend their pensions.

Pension 59

Pension Pension Benefit Manufacturing Consulting 59

Employee Benefits

JUNE 8, 2023

It is leading the way in innovating employer engagement via its suite of employee benefits that match individual business requirements with a tailored, personal solution, to provide a ‘bridge’ between an employer and its workforce with pioneering technology-based solutions. For more information: www.hive360.com

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Outsourcing Payroll Employee Benefits Payroll Service Pension 52

Proskauer's Employee Benefits & Executive Compensa

AUGUST 20, 2021

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit 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).

Pension 98

Pension Pension Benefit Employment Executive Compensation 98

Employee Benefits

FEBRUARY 16, 2022

At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Because pension forms part of an employee’s finances, tackling the broader topic of finances also increases engagement with pensions.

Pension 52

Pension Pension Benefit Finance Retirement Plan 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 27, 2023

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 App’x 588 (6th Cir.

Pension 111

Pension Pension Benefit Employment 111

Employee Benefits

FEBRUARY 26, 2024

Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis , according to new research by the Pensions Management Institute. The professional body that supports and develops UK pension schemes surveyed 2,030 employees with pensions.

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Retirement Plan Pension Pension Benefit Government 59

Employee Benefits

JANUARY 26, 2022

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. The post Early and multiple interventions will improve pensions engagement! appeared first on Employee Benefits.

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Pension Pension Benefit Retirement Plan Taxes 52

Employee Benefits

JANUARY 17, 2024

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. Opinions differ. “I

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Pension Employment Government Hospitality 105

Employee Benefits

MARCH 4, 2024

The lifetime allowance (LTA) is one of those subjects referenced in lots of pension literature , and yet, it only affects a minority of people. On the face of it, its removal has many benefits, including helping certain cohorts of people to fall back in love with pensions (and work). appeared first on Employee Benefits.

Pension 59

Pension Pension Benefit Taxes Government 59

Proskauer's Employee Benefits & Executive Compensa

AUGUST 3, 2021

This episode of The Proskauer Benefits Brief is the first of our three-part series analyzing the Pension Benefit 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. .

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Pension Pension Benefit Executive Compensation Government 56

Employee Benefits

MARCH 11, 2024

The bank also maintained a 1% increase in non-pensionable benefits , which was implemented last year.” The post Bank of England gives employees 4% pay rise appeared first on Employee Benefits. At the same time, our approach needs to be consistent with our overall objective of price stability.

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Banking Pension Benefit Pension Insurance 102

Employee Benefits

JANUARY 18, 2022

Then, when they’re ready, they want to understand how to turn their pension savings into an income for life. 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 Employee Benefits.

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Pension Pension Benefit Finance Salary 141

Employee Benefits

OCTOBER 4, 2023

There is the potential for a tribunal to award up to six years back pay, plus interest; an award may also result in liabilities for pay-as-you-earn (PAYE) and pension benefits or pension loss. Audrey Williams is an employment partner at Keystone Law The post Audrey Williams: How can EU equal pay regulation benefit UK workers?

Pension 111

Pension Pension Benefit Government Employment 111

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 17, 2022

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. This story starts back in 1980.

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Pension Pension Benefit Employment IT 95

Employee Benefits

APRIL 29, 2024

Almost half (48%) of HR leaders said they have seen a poor uptake of employee benefits 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 employee benefits initiatives, or onboarding was inadequate.

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Pension Benefit Pension Food Healthcare 64

Employee Benefits

FEBRUARY 17, 2023

Therefore, people’s pension savings will likely start catching up with the frozen Allowance. This could particularly affect those who never check the value of their pension or haven’t done so for some time. Positive pension fund growth as well as a pay rise may easily push them over the LTA before they know it.

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Pension Taxes Pension Benefit Salary 104

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 Pension Benefit Guaranty Corporation (PBGC) has announced a proposed.

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Pension Benefit Pension Employment Employee Benefits 85

Employee Benefits

MAY 13, 2024

Since then, it has amended this by adding a neurodiversity benefit to its private medical scheme, which it runs as a trust, and allowing them to join a gym during any month or select an electric car from car leasing provider Arval. This helps to increase staff engagement with their pension scheme.

Pension 59

Pension Pension Benefit Medical Insurance 59

International Foundation of Employee Benefit Plans

JULY 8, 2022

Changes to the Special Financial Assistance (SFA) Program announced Wednesday by the Pension Benefit Guaranty Corporation (PBGC) will improve the ability of underfunded multiemployer defined benefit (DB) pension plans to.

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Pension Benefit Pension Education Employee Benefits 75

Proskauer's Employee Benefits & Executive Compensa

JULY 11, 2022

On July 8, 2022, the Pension Benefit 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”).

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Pension Pension Benefit Consulting Employment 97

Employee Benefits

MARCH 7, 2024

This will include the impact of the 10% national living wage increase and enhancement of its pension benefits, with staff now able to access up to 6% employer contributions. million bonus among staff appeared first on Employee Benefits. The post Greggs to share £17.6

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Bonuses Pension Benefit Manufacturing Pension 59

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 13, 2021

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 Pension Benefit Guaranty Corporation regarding the program. Listen to the podcast. .

Pension 52

Pension Pension Benefit Executive Compensation Employment 52

International Foundation of Employee Benefit Plans

MARCH 14, 2023

A new rule proposed by the Pension Benefit 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.

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Pension Benefit Pension Employment Employee Benefits 73

International Foundation of Employee Benefit Plans

MAY 9, 2023

The American Rescue Plan Act (ARPA) of 2021 authorized special financial assistance (SFA) through the Pension Benefit Guaranty Corporation (PBGC) to eligible severely underfunded multiemployer plans. ARPA added section 4262 to Title IV of the Employee Retirement Income Security Act (ERISA).

Pension Benefit 56

Pension Benefit Pension Employee Benefits 56

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 21, 2021

Many multiemployer plans and their participants, contributing employers and unions certainly hope so, as they eagerly anticipate the issuance of a Pension Benefit Guaranty Corporation (“PBGC”) final rule that may answer the question for them. However, the PBGC did seek comment on whether it should expand this interpretation.

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Pension Executive Compensation Pension Benefit Employee Benefits 98

Employee Benefits

JANUARY 21, 2022

million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. However despite this, many employees don’t even realise that they are at risk. This could particularly affect those who never check the value of their pension, or haven’t done so for some time.

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Pension Taxes Pension Benefit Education 52

HR Digest

FEBRUARY 20, 2020

Some of the reasons are: Around 75% of the employees expect their employees to provide better retirement benefit pension plans. Employers who stay out of giving retirement benefits misses the real talent and suitable candidates. Understanding the Basics of Retirement Benefits Plan. Work Smart.

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Pension Retirement Plan Taxes Pension Benefit 87

Employee Benefits

JUNE 10, 2024

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.

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Pension Pension Benefit Transportation Benefits Package 69

Empuls

JUNE 21, 2024

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. However, 71% of those working professionals under 40 do not know what happens to their benefits once they change jobs or leave before retirement.

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401(k) Retirement Plan Pension roth 401(k) 40

Employee Benefits

JANUARY 20, 2023

For example, if legislation such as the current Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000 were to be amended or removed, this could result in part-time workers receiving less favourable treatment than their full-time peers when it comes to areas such as pensions , benefits, pay and leave, to name but a few.

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Government Parental Leave Pension Benefit Pension 52

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 22, 2022

As noted below, SRCs need not include any amount for pension benefits.). This calculation excludes the impact of changes to actuarial assumptions ( g. changes in interest or mortality assumptions) and compensation; and there is no adjustment for vesting conditions. (As

Executive Compensation 85

Executive Compensation Pension Pension Benefit Consulting 85

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

One of the many changes is an end to the annual indexing of the PBGC’s variable rate premium for single-employer pension plans, which is the portion of the single-employer plan premium that is based on a plan’s unfunded vested benefits (as determined using the PBGC’s premium funding rules). As previously discussed , the SECURE 2.0

Pension 52

Pension Executive Compensation Retirement Plan Employment 52

International Foundation of Employee Benefit Plans

NOVEMBER 8, 2022

Multiemployer pension plans that intend to apply for SFA from the PBGC should note the schedule for reviewing applications and may want to consider submitting a lock-in application. The post PBGC Special Financial Assistance “Lock-In” Application for Nonpriority Plans appeared first on Word on Benefits.

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Pension Pension Benefit Employee Benefits 73