Employee Benefits

APRIL 10, 2023

Need to know: Increasing education about pensions is key to helping employees make the right decisions about accessing their pension savings early. The ability to access pension funds early could prompt changes to the way that pension providers invest for their members.

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Empuls

AUGUST 28, 2024

This not only highlights the importance of employee benefits in fostering loyalty and satisfaction but also underscores the potential risks for companies that fail to prioritize this aspect of their compensation strategy. What are employee benefits providers? This reduces the administrative burden on HR departments.

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Employee Benefits

FEBRUARY 12, 2024

More employers could introduce gender inclusive paid parental leave to prevent and try to close gender pension gaps. The Pensions (Extension of Automatic-Enrolment) (No. 2) Bill will remove the lower earnings limit, enabling more employees to pay into a pension. The Pensions (Extension of Automatic-Enrolment) (No.

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McDermott Will & Emery Employee Benefits

DECEMBER 12, 2024

With the 2025 plan year right around the corner, this is the ideal time for plan sponsors to ensure that plan operations comply with evolving legislative and regulatory requirements. This client alert highlights important regulatory changes that will impact retirement plans and health and welfare plans in the coming year.

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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.

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Employee Benefits

JUNE 3, 2024

Following a review of its pension scheme and a consultation in 2020, kitchen furniture manufacturer Howdens chose to close its defined benefit (DB) scheme in 2021. The organisation runs regular sessions with employees, both in-person or online. Employees can access a retirement income tool within Standard Life’s app, she adds.

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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.

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International Foundation of Employee Benefit Plans

JANUARY 13, 2023

Plan sponsors and administrators are encouraged to reference these comprehensive calendars to stay on track in 2023. Health and Retirement Plans Subject to ERISA (Includes Multiemployer Plans) Health and Welfare.

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Employee Benefits

APRIL 10, 2023

Pensions are not usually at the forefront of the minds of young employees, yet early engagement with the subject could make accruing sufficient retirement funds much more likely. Digital marketing firm Flaunt Digital provides pensions education and information for its 30-strong workforce whose average age is 30.

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Empuls

AUGUST 27, 2024

Now more than ever, employee benefit packages are considered important for the unwieldy terrain of today's job market. Only those organizations that understand how to use this most powerful approach to their advantage by including comprehensive benefits in kind do well in the market for acquiring and retaining key brainpower.

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Employee Benefits

SEPTEMBER 20, 2024

More than half (55%) of employees said a retirement plan is more important than ever as 49% of workers aged 50 and older have already started phasing into retirement, according to research by global advisory and broking firm Willis Towers Watson (WTW).

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HR Digest

FEBRUARY 13, 2022

To provide financial support, many employers think about 401K retirement plans a nd student loans. These employee benefits would increase the happiness at work and it would produce a better performance of the current employees. . The Great Resignation is a difficult situation nowadays.

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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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Employee Benefits

APRIL 18, 2024

Public trust in the pensions industry has increased for the fourth consecutive year, according to research by third-party pensions administrator Trafalgar House. The results found that trust in the pensions industry rose to 5.26 Only 22% said they do not have any or much trust in the pensions industry. in 2022, 4.63

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McDermott Will & Emery Employee Benefits

DECEMBER 9, 2021

As a background, a defined benefit plan may make distributions to a retiree only in the case of a “bona fide retirement,” which […]. The post New IRS Guidance for Tax-Qualified Pension Plans with Rehired Retirees Due to COVID-19 appeared first on EMPLOYEE BENEFITS BLOG.

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Employee Benefits

AUGUST 21, 2024

Credit: Dilok Klaisataporn/Shutterstock Need to know: Significant amounts of money are tied up in small pension pots, many of which may have been forgotten. The Pensions Tracing Service can help people reconnect with lost pensions. Employers can help staff with this process and engage with pensions more generally.

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Benefits Notes

AUGUST 9, 2022

On August 3, 2022, the IRS published Notice 2022-33, which extends the deadlines for amending retirement plans and IRAs to reflect certain changes to the law made by the SECURE Act; the Bipartisan American Miners Act; and section 2203 (allowing waiver of 2020 required minimum distributions) of the CARES Act. December 31, 2025.

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Employee Benefits

AUGUST 21, 2023

Almost half (46%) of defined contribution (DC) savers revealed that they do not understand one of the key benefits the scheme brings, according to new research from TPT Retirement Solutions. Helping people understand how workplace pensions work is therefore essential.

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Employee Benefits

JUNE 6, 2024

Almost half (49%) of employees aged between 50 and 59 do not know how they will access their pension savings , according to research by workplace pensions provider TPT Retirement Solutions. However, 30% of respondents overall do not know how to make retirement decisions and worry about how to access their pension savings.

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Employee Benefits

MAY 23, 2024

Nearly one-quarter (23%) of UK employees are unsure of the size of pension pot they require to achieve their desired retirement income, according to research by online pension provider PensionBee. When asked if they felt on track to achieve their desired retirement income, almost half (43%) did not think they were.

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Employee Benefits

MARCH 2, 2023

The Department for Work and Pensions (DWP) has issued a ministerial statement confirming that the Pensions Dashboards Programme (PDP) will not be able to meet the delivery deadlines originally set out in its legislation. DWP and the Money and Pensions Service [MAPS] remain committed to dashboards.

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Employee Benefits

AUGUST 21, 2024

Central to this was its pension scheme. “We We offered a competitive pension that was above the market median but a majority of colleagues weren’t taking advantage of it,” Thomas says. When national insurance was reduced, we sent out communications suggesting that the extra increase in pay could be put into a pension,” says Thomas. “We

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Employee Benefits

SEPTEMBER 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.

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Employee Benefits

JANUARY 12, 2024

More than a third (36%) of British employees will continue working past state pension age because they do not think their pension will cover their day-to-day expenses , according to research by Canada Life. million employees. Meanwhile, 34% have been swayed to take a job because of a competitive benefits package.

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Employee Benefits

NOVEMBER 22, 2023

Chancellor of the Exchequer Jeremy Hunt has announced plans to offer a pension pot for life in the Autumn Statement 2023. This will give employees a legal right to require a new employer to pay pension contributions into their existing pot, avoiding the accumulation of multiple pension pots throughout their working life.

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Employee Benefits

MAY 22, 2024

It is generally acknowledged that, despite the success of pensions auto-enrolment , saving the minimum contribution levels will not lead to a comfortable standard of living in retirement. Pensions can also seem too abstract to think about. The complexity of pensions and lack of financial education is another factor, Blake adds.

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Employee Benefits

JUNE 26, 2023

Need to know: Collective defined contribution (CDC) pensions potentially offer a more sustainable way of funding pensions and reducing pension liabilities for some employers. They are being seen as potentially offering a more sustainable way of funding pensions and helping some employers reduce their pension liabilities.

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HR Professionals Magazine

JANUARY 25, 2023

Vaughn Pension sponsors often deal with fluctuating annual contributions and a funded status that never seems to improve. A troubling reality since a well-funded plan and predictable plan contributions would obviously be ideal. By Eddie L.

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Employee Benefits

JUNE 28, 2024

Half (54%) would prefer employers invest more in health insurance, while 43% would like more on retirement plans. Following retirement (73%) and healthcare (72%), employees vary in what benefits they believe to be most key to financial wellbeing.

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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).

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Best Money Moves

MARCH 11, 2024

In fact, according to Forbes Advisor , 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits. Well-tailored, helpful employee benefits go a long way toward keeping your existing team members satisfied while also attracting new talent.

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Employee Benefits

JANUARY 15, 2024

Aimed at employees aged 45-65 years old, it offers a health, wealth and career progression check ahead of their retirement. Employers can offer this tool to employees through benefits providers, while the Department for Work and Pensions has a dedicated website.

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Employee Benefits

FEBRUARY 12, 2024

Passionate about financial wellbeing , global recruitment firm Hays provides employees with back-to-basics roadshows and webinars to explain pensions terminology in a more straightforward way in order to combat the gender pensions gap. It has offices in 33 countries and 13,000 employees across the world.

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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.

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HR Digest

FEBRUARY 20, 2020

Retirement plans for a person are valuable benefits that impact both the present as well as future lives of the employees. However, offering retirement benefits to an employee can be a complicated process. 60% of people would instead opt for a job with lower pay but excellent retirement benefits.

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Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. Qualified Defined Benefit Plans.

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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. For example, we find that about 80% of attendees request a call-back for further guidance or advice following a retirement financial education session.”.

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