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Planning Ahead for Widowhood: Changed Income and Expenses

Money Talk

A married couple has four monthly income streams: $2,500- husband’s pension, $2,000- husband’s Social Security, $800- wife’s pension, and $1,500- wife’s Social Security for a total of $6,800 ($81,600 annually). The wife’s pension and Social Security would go away, however, which could still result in a decrease in household income.

Pension 162
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5 steps to help employees engage with their pensions

Employee Benefits

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.

Pension 105
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District Court Rejects Participant’s Attempt to Stop Plan From Recouping Overpayments

Proskauer's Employee Benefits & Executive Compensa

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
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Adrian Cooper: Where next for financial wellness?

Employee Benefits

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. What’s more, our understanding of retirement is becoming more nuanced.

Pension 141
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[Podcast]: Special Financial Assistance for Multi-employer Pension Plans (Part 2)

Proskauer's Employee Benefits & Executive Compensa

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
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Financial Implications of Working in Later Life

Money Talk

Tax Bracket Triggers - When earnings are added to a pension, Social Security, RMDs, and other taxable income, planning is needed to avoid a higher tax rate or Medicare premium. Other benefits also continue. Income in Lieu of Savings - Earnings from work can postpone withdrawals from retirement savings (e.g.,

Taxes 130
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Do employees really need to be concerned about the Lifetime Allowance right now?

Employee Benefits

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.

Pension 104