McDermott Will & Emery Employee Benefits

AUGUST 22, 2023

The US Department of the Treasury and the Internal Revenue Service recently issued proposed regulations on the use of forfeitures by tax-qualified retirement plans. The proposed changes provide welcome clarity for plan sponsors but may require revisions to plan administration and legal plan documents.

Retirement Plan 98

Retirement Plan Taxes Employee Benefits 98

Proskauer's Employee Benefits & Executive Compensa

JUNE 6, 2022

Or at the very least, predict the timing of a retirement plan audit? Last Friday, the IRS Employee Plans division announced a new pilot program whereby it will notify retirement plan sponsors 90 days in advance that their plan has been selected for upcoming examination.

Retirement Plan 110

Retirement Plan Taxes IT 110

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. First, offer retirement plans.

Retirement Plan 98

Retirement Plan 401(k) IT Healthcare 98

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.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

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.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 3, 2023

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

Retirement Plan 106

Retirement Plan Taxes Utilities Employment 106

HR Lineup

DECEMBER 22, 2021

The compensation tools in HRM below have proven beneficial to all types of businesses since most of them help in calculating employee benefits and compensation, making the entire process seamless. This resource focuses on making retirement planning as easy as possible. Merces Consulting Group.

Retirement Plan 246

Retirement Plan Employee Compensation Human Resources Consulting 246

HR Digest

MARCH 12, 2025

But what exactly is the meaning of fringe benefits, and why do they matter? This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide.

401(k) 52

401(k) Health Insurance Taxes Retirement Plan 52

HR Lineup

JULY 6, 2023

Payroll Outsourcing: Payroll is a critical HR function that involves the calculation of employee salaries, tax deductions, and compliance with local labor laws. Recruitment and Onboarding: HR outsourcing providers can assist with sourcing, screening, and hiring new employees , ensuring a smooth onboarding process.

Human Resources 246

Human Resources Outsourcing Payroll Retirement Plan Payroll 246

HR Lineup

MARCH 31, 2023

They both offer a range of services, including payroll, taxes, benefits, compliance, and risk management. They both take on the responsibility of being the employer of record for employees, which can help reduce the employer’s liability and mitigate risk. What are the Similarities Between EOR and PEO?

Professional Employer Organization 244

Professional Employer Organization Employment Human Resources Retirement Plan 244

Money Talk

APRIL 6, 2023

At the 2022 Retirement Summit sponsored by the Employee Benefit Research Institute (EBRI), there were four main topics: improving individuals’ access to retirement savings plans, reducing plan leakage (i.e., An example: CalSavers in California. Speakers suggested three types of “nudges” (i.e.,

401(k) 245

401(k) Retirement Plan Finance Government 245

McDermott Will & Emery Employee Benefits

SEPTEMBER 21, 2022

The post Save It for a Rainy Day: Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 98

Retirement Plan IT Employee Benefits Executive Compensation 98

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.

Benefits Package 105

Benefits Package 401(k) Employee Benefits Disability Insurance 105

McDermott Will & Emery Employee Benefits

APRIL 11, 2024

Taxes can have a significant impact on family offices, influencing decisions around structure, investing and overall planning strategies. McDermott’s Family Office Tax webinar series explores the latest trends and guidance on tax planning for family offices and identifies opportunities to optimize tax efficiency.

Taxes 105

Taxes Employee Benefits Executive Compensation Retirement Plan 105

Qandle

JANUARY 29, 2025

For companies of all sizes, adhering to labor rules, tax laws, and industry standards is a major challenge. Compliance risk in payroll refers to the potential for errors, omissions, or violations of laws and regulations that govern employee compensation. Payroll management is a crucial responsibility for any business.

Payroll Software 90

Payroll Software Software Payroll Overtime 90

Genesis HR Solutions

SEPTEMBER 22, 2020

At the end of this article, we’ll explain how a professional employer organization (PEO) can help you select, negotiate, and administer best possible benefits for your company. 16+ types of employee benefits you should consider. The amount you elect must be used in that plan year. Retirement. Healthcare.gov ).

401(k) 98

401(k) Employee Benefits roth 401(k) Disability Insurance 98

Employee Benefits

JUNE 3, 2024

This was accompanied by a concerted communications drive, designed to improve understanding of pensions among its employees, boost appreciation of the enhanced employer contribution and ensure staff were fully engaged in their own retirement planning.

Retirement Plan 63

Retirement Plan Pension Manufacturing Consulting 63

CorpStrat

JULY 20, 2022

A thorough employee benefit review is critical for every company, but particularly those that are considering entering and preparing for any M&A activity. Here’s a quick hit list of issues that should be reviewed and addressed: Have you benchmarked your Employee Benefits package against companies of similar size in your industry?

Employee Benefits 98

Employee Benefits Benefits Package Executive Compensation PTO 98

Health Consultants Group

OCTOBER 1, 2021

Reconsidering your employee benefits priorities. As your employees settle into their post-pandemic workflow, you’re probably noticing that they don’t want business-as-usual. After a year of unprecedented medical and personal experiences, employees can easily detect holes in their benefits plans.

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

Employee Benefits

APRIL 10, 2023

When the government introduced the pension freedoms in 2015, it gave employees more choices about how and when they could access their pension savings, with people able to draw income directly from the fund or take the whole lot as a cash lump sum. Retirement planning Freedom of access to pension savings has impacted retirement strategies.

Retirement Plan 64

Retirement Plan Pension Taxes Education 64

HR Lineup

JUNE 9, 2024

Key Features: Payroll and tax compliance Applicant tracking Onboarding Learning management Workforce analytics Benefits: User-friendly interface Strong customer support Efficient payroll processing Drawbacks: Limited advanced HR features Mobile app could be improved 9. It combines ease of use with robust functionality.

Software 246

Software Payroll Human Resources Overtime 246

WEX Inc.

DECEMBER 12, 2024

AI allows HR teams to analyze employee data and deliver personalized recommendations that align with individual preferences and needs. Improved communication: AI-powered chatbots and virtual assistants can guide employees through benefits enrollment , answer questions 24/7, and provide real-time assistance during decision-making moments.

Health Savings Account 52

Health Savings Account Benefits Package Retirement Plan Taxes 52

HR Lineup

FEBRUARY 9, 2023

The platform offers a suite of tools and services to help companies manage their employees, benefits, payroll, compliance, and more. The payroll system offers flexible pay cycles, direct deposit options, and customizable payment and tax calculators, and is fully compliant with federal and state tax laws.

401(k) 130

401(k) Payroll System Retirement Plan Payroll 130

HR Professionals Magazine

SEPTEMBER 2, 2021

As an HR professional, you might read that title and think, “Duh – aren’t all retirement plans focused on employees?” Over the last 30 years, Defined Contribution Plans, or 401(k), plans have become a popular employer benefit option for saving for retirement. Well, yes and no. ELIGIBILITY.

Retirement Plan 52

Retirement Plan roth 401(k) 401(k) Taxes 52

McDermott Will & Emery Employee Benefits

OCTOBER 11, 2023

Act codifying an opportunity for employers to provide matching contributions within a tax-qualified retirement plan based on their employees’ qualified student loan payments outside the plan. appeared first on EMPLOYEE BENEFITS BLOG. This On the Subject discusses the SECURE 2.0

Retirement Plan 104

Retirement Plan Employment Taxes Employee Benefits 104

Insperity

OCTOBER 10, 2023

To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” The SECURE 2.0

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

WEX Inc.

NOVEMBER 27, 2024

Traditional Health Plan Calculator , which lets you input your annual doctor visit and prescription expenses to see the plan that’s right for you. Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. Use our HDHP Vs. Traditional Health Plan Calculator today!

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

HR Lineup

MARCH 29, 2024

Benefits: These encompass various perks and protections offered to employees, including health insurance , retirement plans, paid time off, and other fringe benefits. Overhead Costs: Indirect expenses associated with maintaining the workplace, such as rent, utilities, maintenance, and property taxes.

Salary 130

Salary Retirement Plan Taxes Health Insurance 130

HR Professionals Magazine

JULY 26, 2022

workers currently don’t have access to a retirement plan sponsored by their employer. To bridge this gap, a majority of states have contemplated state-mandated retirement savings plan legislation, and 13 have already signed such programs into law. Key retirement plan differentiators at a glance.

Retirement Plan 52

Retirement Plan 401(k) Employment Deductible 52

McDermott Will & Emery Employee Benefits

SEPTEMBER 8, 2022

The post Responsible Financial Innovation Act: Proposed Tax and Reporting for Digital Assets appeared first on EMPLOYEE BENEFITS BLOG. The bill is intended to establish some legal clarity for regulators and the industry and to protect consumers […].

Taxes 98

Taxes Employee Benefits Retirement Plan Commissions 98

McDermott Will & Emery Employee Benefits

JULY 6, 2023

The Internal Revenue Service’s (IRS) Employee Plans Compliance Resolution System (EPCRS) allows employers to correct errors involving the maintenance and operation of tax-qualified retirement plans. Act and the Future of the Employee Plans Compliance Resolution System appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 98

Retirement Plan Taxes Employee Benefits Employment 98

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

a long-awaited (and debated) package of retirement plan reforms. Given the breadth of the changes and the anticipated regulatory efforts to implement the new law, virtually all qualified retirement plans will need to be reviewed in conjunction with SECURE 2.0’s The wait is over for SECURE 2.0, may be viewed here.

401(k) 108

401(k) Retirement Plan Taxes Finance 108

WEX Inc.

JANUARY 8, 2025

For most of you, a new plan year has begun! And just because you have an entire plan year ahead doesnt mean you should wait until November or December to put time and energy into your employee benefits. Or watch our Benefits podcast to learn how employers can support employees while starting off the benefits plan year!

Flexible Spending Account 52

Flexible Spending Account 401(k) Health Savings Account Banking 52

HR Lineup

JANUARY 24, 2024

Proof of Investment (POI) submission is a crucial aspect of managing employee benefits and financial transactions within an organization. This can include various financial instruments such as stocks, bonds, mutual funds, real estate, and retirement accounts.

401(k) 130

401(k) Retirement Plan Taxes Education 130

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. Increase from 2022 to 2023.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

HR Lineup

DECEMBER 28, 2022

Resourcing Edge’s payroll services are designed to make it easy for businesses to manage payroll and employee benefits. This includes processing payroll, providing employee self-service portals, and handling tax compliance and reporting.

Retirement Plan 130

Retirement Plan Human Resources Payroll Service Life Insurance 130

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.

Pension 97

Pension Taxes Employee Benefits Retirement Plan 97