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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International Foundation of Employee Benefit Plans

JULY 15, 2024

Here is a quick overview of legislative and regulatory updates including Income Tax Act, Office of the Superintendent of Financial Institutions (OSFI) and province-specific updates presented at the 2024 Canadian Legal and Legislative Update in Halifax, Nova Scotia.

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Employee Benefits

MARCH 16, 2023

It included a number of key announcements that could impact employees’ pay , pensions and benefits. appeared first on Employee Benefits.

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Employee Benefits

OCTOBER 23, 2023

lost pension pots in the UK, worth around £26.6 billion WEALTH at work explains how employees can track down lost pensions and provides guidance on whether to consolidate The total value of lost pension pots has grown from £19.4 find-pension-contact-details). find-pension-contact-details). billion in 2022.

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Pension Electronics Finance Government 105

Employee Benefits

SEPTEMBER 6, 2023

Given cost of living worries and the notion this may be impacting pension savings, WEALTH at work conducted research* with employees to find out their thoughts into what’s happening in reality. It’s therefore more important than ever to ensure employees are engaged with their pensions.

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Employee Benefits

JULY 25, 2023

Transitioning to a superior provider is no longer a hassle: If you’re contemplating changing your current workplace pension scheme, the process isn’t as challenging as you might think. Many pension companies (we’re one of them!) What is a workplace pension? are prepared to assist you with the heavy lifting.

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Employee Benefits

JULY 22, 2024

Rachel Reeves, chancellor of the exchequer, has announced a pensions review as part of the government’s aim to boost growth and productive investment into the UK economy. How pension pots for savers in DC schemes could be boosted by more than £11,000, will also be explored. There is no time to waste.

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Employee Benefits

MARCH 6, 2024

WEALTH at work, a leading financial wellbeing and retirement specialist has run financial education workshops for staff in hundreds of organisations and is encouraging people to consider using this saving in National Insurance if they can, to increase their monthly pension contributions. When made into a pension contribution it is worth £206.39

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Employee Benefits

JUNE 26, 2023

With interest rates on the rise, we often get asked at our financial education sessions, is it best to pay off your mortgage or pay into your pension? The post Paying off a mortgage or paying into a pension? appeared first on Employee Benefits.

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Employee Benefits

JULY 11, 2023

Implementing flexible work practices offers several benefits, from boosting productivity to giving you a competitive edge in hiring. Workplace Pension A substantial pension plan with generous employer contributions represents one of the most valuable employee perks, ensuring a secure future in an employee’s retirement years.

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McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

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Employee Benefits

MARCH 15, 2023

Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS. No one should be pushed out of the workforce for tax reasons.”

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Kollath CPA

MARCH 9, 2022

Are your employees really employees, or are they actually independent contractors? You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. Just make sure not to misclassify an employee as an independent contractor to avoid federal fines and penalties.

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Employee Benefits

MAY 29, 2023

Employee benefits are an important aspect of any job, but can be overlooked when thinking about changing roles. Depending on those on offer, benefits can be just as valuable as a pay rise , and in some cases, even more valuable. So what constitutes a good employee benefits package?

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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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Employee Benefits

SEPTEMBER 6, 2023

BBC v Christina Burns concerns the ability of employers to amend their old-fashioned and prohibitively expensive defined benefit pension schemes to make cost-saving changes. Often this is done by closing a scheme to future accrual, so members no longer earn any further benefits in it. The court said the BBC could not do this.

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Employee Benefits

NOVEMBER 15, 2022

In its blog published 4 November, AE has come a long way, but we all have further to go, the Pensions Regulator (TPR) recognises the successes of automatic-enrolment in encouraging retirement saving. While guidance from MoneyHelper is useful, the process of reconnecting lost pensions remains administratively cumbersome for individuals.

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Employee Benefits

JULY 31, 2023

billion pension to cut future benefits for plan members but can make other changes without employees’ consent. The case explored the treatment of future service benefits under the BBC pension scheme, which provides retirement benefits on a defined benefit (DB) basis for BBC employees who joined before 1 December 2010.

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Employee Benefits

NOVEMBER 30, 2022

Pension scheme members may get a similar feeling if their scheme has a mandatory forfeiture rule and the trustees inform them their pension is less than it should have been. It is clear from recent cases that these rules will be effective to deprive members of benefits. Requesting your full pension when you retire is not enough.

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Employee Benefits

JANUARY 28, 2022

Addressing climate change and rolling out the pensions dashboard are the biggest priorities for workplace pension scheme advisers this year, research has revealed. Approximately 32% want the current tax system to be amended to support long-term saving over the next three-to-five years.

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Employee Benefits

JANUARY 10, 2022

In what may bring a sigh of relief, 2022 is not a year with new legal requirements incumbent on employers regarding pensions. But there are many ongoing requirements to be mindful of, and changes within the pensions environment that could lead to future impacts. Then there is the issue of tax relief for low earners.

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McNees

JANUARY 13, 2023

Employers may now offer de minimis financial incentives to employees to participate in 401(k) and 403(b) plans. The early distribution 10% percent tax will not apply to distributions for participants with a terminal illness. Employers joining a multiple employer plan are eligible for a startup tax credit for 3 years.

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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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Employee Benefits

APRIL 17, 2024

Pension salary sacrifice schemes are not a new concept, but one that all employers should consider, especially at a time where the tax burden on both employers and employees is high. For every £100 the employee agrees to sacrifice, the employer will see a £13.80 reduction in its national insurance (NIC) bill.

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Employee Benefits

SEPTEMBER 11, 2024

Credit: elina.nova/Shutterstock What are master trust pension schemes? Master trusts are defined contribution pension schemes , set up under trust law, which allow multiple employers that are unconnected with one other to participate. Are there any tax or legal issues?

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Employee Benefits

JULY 17, 2024

The new Labour government will introduce a Pension Schemes Bill to improve outcomes for savers in private sector pension schemes. In the State Opening of Parliament, His Majesty King Charles introduced plans for the Pension Schemes Bill to strengthen pension investment.

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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

NOVEMBER 23, 2023

A number of key announcements were made that will affect pay , pensions and benefits. Autumn Statement: Government announces plans to offer pension pot for life Autumn Statement: State pension to increase by 8.5% appeared first on Employee Benefits.

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Pension Employee Benefits Government Consulting 59

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt announced in his Budget statement today (15 March 2023) that government will abolish the lifetime allowance for pensions. Jeremy Hunt’s decision to raise the tax free pension allowance will help retain older staff who want work to pay.”

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Pension Taxes Government Employment 59

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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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.

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Pension Pension Benefit Government Taxes 59

Employee Benefits

APRIL 19, 2023

Employees who are unfairly dismissed might miss out on opportunities to retain their jobs or access training and development programmes that could help them find new roles. The loss of these benefits can create additional stress and financial strain for unfairly dismissed employees.

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Employee Benefits

APRIL 23, 2024

The FCA announced that more over 55s are accessing their pensions, and over half are cashing out their pension pots completely. Jonathan Watts-Lay, Director, WEALTH at work – a leading financial wellbeing and retirement specialist comments; “It’s concerning that so many pensions are being cashed out in full.

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Pension Taxes Finance Education 59

Employee Benefits

MAY 15, 2023

Jonathan Watts-Lay, Director, WEALTH at work, comments, “One way to save money is by paying for things through your company payroll using your pre-tax salary, so you pay less income tax and National Insurance. This is known as salary sacrifice and can offer employees significant savings. appeared first on Employee Benefits.

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Employee Benefits

JULY 10, 2024

Employer-funded healthcare trusts are an established, tax-efficient way to deliver the benefit of medical treatment to employees without having to buy employer-paid health insurance. The trust needs an administrator to arrange the provision of treatment benefits. appeared first on Employee Benefits.

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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. Philip Smith, DC director at TPT Retirement Solutions, said: “DC pensions put responsibility for a member’s financial future firmly in their own hands.

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Employee Benefits

NOVEMBER 25, 2022

Huddersfield-based children’s Hospice charity Forget Me Not has launched a salary sacrifice pension arrangement in order to look after the financial wellbeing of its 140 employees. This is then paid into their pension account before national insurance and tax is taken from their salary.

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