Proskauer's Employee Benefits & Executive Compensa

JANUARY 27, 2023

The participant filed suit after his administrative appeal was denied, arguing that the plan should be equitably estopped from reducing his benefit because he relied on the plan’s benefit estimate when he decided to begin collecting his pension benefits. App’x 588 (6th Cir.

Pension 111

Pension Pension Benefit Employment 111

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”).

Pension 98

Pension Pension Benefit Employment IT 98

Employee Benefits

MARCH 11, 2024

The bank also maintained a 1% increase in non-pensionable benefits , which was implemented last year.” At the same time, our approach needs to be consistent with our overall objective of price stability. As part of the negotiations with the union, the bank agreed a pay award for 2024/25 of 4%.

Banking 102

Banking Pension Benefit Pension Insurance 102

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.

Pension Benefit 88

Pension Benefit Pension Employment Employee Benefits 88

Employee Benefits

JANUARY 18, 2022

The Employee Benefits Pensions research 2020 report revealed that ‘uncertainty around how to make the best decisions when accessing pension benefits’ is the primary concern among employees leading up to or during retirement, and that four out of five employers want to help employees make informed decisions at retirement. .

Pension 141

Pension Pension Benefit Finance Salary 141

Money Talk

AUGUST 16, 2023

Employer Benefits - Workers age 65+ at large companies can still be covered by group health insurance, thereby postponing Medicare premiums. Other benefits also continue.

Taxes 130

Taxes Pension Deductions Deductible 130

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.

Pension Benefit 78

Pension Benefit Pension Education Employee Benefits 78

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. Equal pay claims are notoriously difficult to pursue and defend, and expensive to lose.

Pension 111

Pension Pension Benefit Government Employment 111

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.

Pension Benefit 76

Pension Benefit Pension Employment Employee Benefits 76

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.

Pension 95

Pension Pension Benefit Employment IT 95

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

MARCH 4, 2024

From April 2023, the LTA charge was removed and pension benefits have been taxed as income with no additional penalty since then, but the formal abolition of the LTA required a raft of new legislation which is now complete, so this will take place from April 2024.

Pension 59

Pension Pension Benefit Employment Taxes 59

Employee Benefits

SEPTEMBER 6, 2023

Pre-retirement – retiring well: In the years before retirement, support should be provided to help with planning for retirement and understanding retirement income options, clearing debt, and maximising pension benefits and other savings in a tax efficient way.

Pension 105

Pension Pension Benefit Taxes Education 105

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. Fast forwarding to the year 2022, will it be a happy new year?

Pension 98

Pension Pension Benefit Executive Compensation Employee Benefits 98

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

Employee Benefits

APRIL 29, 2024

A further 20% thought employees were not aware that certain benefits were available to them. The most popular benefits currently being offered by the employers surveyed included flexible working, enhanced pension benefits, enhanced holiday leave, healthcare and or dental care, and free food or drink in the workplace.

Pension Benefit 64

Pension Benefit Pension Food Healthcare 64

Employee Benefits

JANUARY 17, 2024

With ageing workforces, employers are cognisant of the fact that they will need to recruit and retain people over 50, where pension benefits are a key focus,” he explains. “Employers [that] have paternalism around benefits generally, including pensions, will be looking to have the right level of contributions.”

Pension 105

Pension Employment Government Hospitality 105

Employee Benefits

JULY 26, 2024

Members of the Box Clever pension scheme will receive their pension benefits in full following an in-principle deal between The Pensions Regulator (TPR) and ITV. Employees were then transferred to the new organisation and enrolled in the Box Clever pension scheme.

Pension 59

Pension Pension Benefit Employee Benefits 59

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. The bakery chain also implemented an 8% overall wage and salary inflation in 2023 and expects to make around an increase of around 9.5%

Bonuses 59

Bonuses Pension Benefit Manufacturing Pension 59

Employee Benefits

FEBRUARY 17, 2023

Review their current situation – If they have already taken some pension benefits, they should start by looking at a current pension valuation and assessing how much of their LTA they have used. There are some options that employees should be aware of to either avoid or reduce the impact of the LTA: 1.

Pension 104

Pension Taxes Pension Benefit Salary 104

Employee Benefits

AUGUST 2, 2024

Carol Woodley, chair and independent trustee director at SCA UK Pension Plan, said: “I’m delighted that the trustees, Essity, Legal and General and our advisers have been able to work together to complete this transaction. It is good news for our members and increases the level of security that their pension benefits will be paid in full.

Pension 59

Pension Pension Benefit Manufacturing Employee Benefits 59

Employee Benefits

FEBRUARY 26, 2024

“These additional statistics show that it is vital that the government ensures that savers are given appropriate support and education to save for retirement in an era when it is likely that state pension benefits will only become available in an individual’s eighth decade.”

Retirement Plan 59

Retirement Plan Pension Pension Benefit Government 59

HR Digest

FEBRUARY 20, 2020

Required annual summary: The employer is required to submit a document each year titled ‘Summary Plan Description’ where details of pension benefits, the amount of the pension, the requirements of the payments and the conditions are specified for the participants.

Pension 87

Pension Retirement Plan Taxes Pension Benefit 87

Employee Benefits

MARCH 4, 2024

Much like a classic transformation trick, LTA is disappearing but enter stage left, the lump sum allowance, and the lump sum and death benefit allowance. The lump sum allowance is a cumulative limit of £268,275 on the tax-free elements of someone’s pension benefits.

Pension 59

Pension Pension Benefit Taxes Government 59

Employee Benefits

JULY 29, 2024

The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pension benefits for past or future service benefits.

Pension 59

Pension Media Pension Benefit Salary 59

The Workcomp Writer

JUNE 3, 2022

The claimant requested that his average weekly wage be adjusted to include not only his hourly compensation of $36.78, plus health and welfare benefits at a rate of $8.80 per hour, plus various pension benefits that when totaled would have adjusted his AWW upward from $999.80 to $1,545.10.

Pension 72

Pension Health and Welfare Healthcare Benefits Commissions 72

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

Employee Benefits

DECEMBER 16, 2021

“This is in addition to supporting the defined benefit pension scheme to meet the cost of pension benefits already earned.” The post Aston Martin staff threaten to strike in pensions row appeared first on Employee Benefits.

Pension 59

Pension Pension Benefit Manufacturing Consulting 59

Employee Benefits

MAY 9, 2023

There were 12,693 members in total, consisting of 8,421 deferred members, 3,847 pensioner members and 425 dependant pensioners. The deal aimed to create a better outcome for the majority of members, providing pension benefits at or in excess of Pension Protection Fund (PPF) compensation levels with no reductions.

Pension 59

Pension Pension Benefit Insurance Employee Benefits 59

Employee Benefits

NOVEMBER 8, 2022

Trott has taken over responsibility for pensioner benefits including state, private and occupational provisions, as well as oversight of bodies such as The Pensions Regulator (TPR).

Pension 59

Pension Pension Benefit Government Taxes 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).

Pension 56

Pension Pension Benefit Executive Compensation Government 56

Employee Benefits

MAY 13, 2024

The organisation’s emphasis has changed from how to improve the benefits offering to how to best promote the benefit offering so staff utilise it fully, explains Ian Mackenzie, head of pension, benefits and wellbeing at BNP Paribas UK. “We

Pension 59

Pension Pension Benefit Medical Insurance 59

Employee Benefits

JULY 24, 2023

Finn Brennan, Aslef’s Underground organiser, said: “After a week of intense negotiations, we have made real progress in making sure our members’ working conditions and pensions are protected from the impact of the Tory government cuts to TFL funding. There will be no changes to pension benefits before the next general election.

Pension 52

Pension Pension Benefit Transportation Government 52

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. This means ensuring they are not only relevant but that employees are engaged with what is available to them.

Pension 52

Pension Pension Benefit Finance Retirement Plan 52

Employee Benefits

JUNE 8, 2023

The control of staff performance and day-to-day management, and ultimate employment responsibility for the team, stays with the commissioning business, with duties such as payroll, pension, benefits and employment administration with HMRC resting with HIVE360.

Outsourcing Payroll 52

Outsourcing Payroll Employee Benefits Pension Payroll Service 52

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.

Government 52

Government Parental Leave Pension Benefit Pension 52

Employee Benefits

JANUARY 26, 2022

Then in the years before retirement, support should be provided around tax efficiency, planning for retirement and understanding retirement income options, clearing debt and maximising pension benefits and other savings.

Pension 52

Pension Pension Benefit Retirement Plan Taxes 52