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).

Pension 98

Pension Pension Benefit Employee Benefits Retirement Plan 98

Employee Benefits

AUGUST 2, 2024

The SCA UK Pension Plan, which is sponsored by global hygiene and health firm Essity Group, has completed a £1.1 billion pensions buy-in. The transaction, which was carried out with Legal and General, secures the benefits of 5,900 retirees and 3,600 deferred members. The post SCA UK Pension Plan completes £1.1

Pension 59

Pension Pension Benefit Manufacturing Employee Benefits 59

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 98

Pension Benefit Pension Education Employee Benefits 98

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 105

Pension Benefit Pension Employment Employee Benefits 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

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.

Pension 59

Pension Pension Benefit Government Taxes 59

The Workcomp Writer

JUNE 3, 2022

Quoting Larson’s Workers’ Compensation Law , an Ohio appellate court affirmed a decision by the state’s Industrial Commission that had refused to consider various fringe benefits in the form of health and welfare benefits, as well as the employer’s contribution to several pension funds as “wages” or “earnings” under Ohio Rev.

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Pension Health and Welfare Healthcare Benefits Commissions 72

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. This story starts back in 1980.

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Pension Pension Benefit Employment IT 95

Money Talk

AUGUST 16, 2023

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

Taxes 130

Taxes Pension Deductions Deductible 130

Employee Benefits

MAY 9, 2023

Travel business Thomas Cook has completed a £900 million bulk purchase annuity buy-in transaction for its UK pension scheme. Aviva insured the defined benefit (DB) pension liabilities for more than 12,500 scheme members following the liquidation of the business in 2019.

Pension 59

Pension Pension Benefit Insurance Employee Benefits 59

Employee Benefits

DECEMBER 16, 2021

Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. Unite general secretary Sharon Graham explained that the union will back members if they decide to take industrial action to defend their pensions.

Pension 59

Pension Pension Benefit Manufacturing Consulting 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

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 98

Pension Benefit Pension Employment Employee Benefits 98

Employee Benefits

JANUARY 17, 2024

Credt: P Maxwell Photography/Shutterstock The pension pots-for-life plan take the onus off of employees to keep track of their pensions as they move jobs. Clarification is needed on how employers would manage the process of putting employees’ contributions into many different pension pots. But it’s all in the execution.”

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Pension Employment Government Hospitality 105

Proskauer's Employee Benefits & Executive Compensa

JULY 11, 2022

On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”).

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Pension Pension Benefit Consulting Employment 97

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). JUSTIN ALEX : Sure.

Pension 58

Pension Pension Benefit Executive Compensation Government 58

Employee Benefits

JULY 24, 2023

Several strike dates due to take place on the London Underground have been suspended following negotiations about potential reforms of Transport for London’s (TFL) pension scheme. A central government-demanded review of TFL’s pension arrangements, which is a condition of the 1 June 2021 £1.1

Pension 52

Pension Pension Benefit Transportation Government 52

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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Pension Taxes Pension Benefit Salary 104

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

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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Pension Pension Benefit Finance Retirement Plan 52

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%.

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Banking Pension Benefit Pension Insurance 102

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. The post Early and multiple interventions will improve pensions engagement! appeared first on Employee Benefits.

Pension 52

Pension Pension Benefit Retirement Plan Taxes 52

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.

Pension 98

Pension Pension Benefit Executive Compensation Employee Benefits 98

HR Digest

FEBRUARY 20, 2020

Offering excellent retirement benefits for an employee can be useful for small companies who strive to attract and retain the right talent and skilled professionals. Some of the reasons are: Around 75% of the employees expect their employees to provide better retirement benefit pension plans. Work Smart.

Pension 87

Pension Retirement Plan Taxes Pension Benefit 87

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.

Retirement Plan 59

Retirement Plan Pension Pension Benefit Government 59

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 13, 2021

This episode is the final installment of our three-part series on a new special financial assistance program created by the American Rescue Plan Act of 2021 for troubled multiemployer plans and the interim guidance issued by the Pension Benefit Guaranty Corporation regarding the program.

Pension 52

Pension Pension Benefit Executive Compensation Employment 52

International Foundation of Employee Benefit Plans

NOVEMBER 8, 2022

Multiemployer pension plans that intend to apply for SFA from the PBGC should note the schedule for reviewing applications and may want to consider submitting a lock-in application. The post PBGC Special Financial Assistance “Lock-In” Application for Nonpriority Plans appeared first on Word on Benefits.

Pension 97

Pension Pension Benefit Employee Benefits 97

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 58

Pension Benefit Pension Employee Benefits 58

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

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Executive Compensation Pension Pension Benefit Consulting 85

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.

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Pension Benefit Pension Food Healthcare 64

Employee Benefits

MAY 13, 2024

Since then, it has amended this by adding a neurodiversity benefit to its private medical scheme, which it runs as a trust, and allowing them to join a gym during any month or select an electric car from car leasing provider Arval. This helps to increase staff engagement with their pension scheme.

Pension 59

Pension Pension Benefit Medical Insurance 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

JUNE 8, 2023

It is leading the way in innovating employer engagement via its suite of employee benefits that match individual business requirements with a tailored, personal solution, to provide a ‘bridge’ between an employer and its workforce with pioneering technology-based solutions.

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Outsourcing Payroll Employee Benefits Pension Payroll Service 52

Employee Benefits

JANUARY 21, 2022

million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. 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 52

Pension Taxes Pension Benefit Education 52

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 25, 2024

1301(b)(1), all trades or businesses under common control with an employer that has withdrawn from a multiemployer pension plan are jointly and severally liable for the employers withdrawal liability. of Shopmens Pension Plan v. Under 29 U.S.C. In Local No. Art Iron, Inc. , 4th 923 (6th Cir. 1301(b)(1). Findlay Indus., 3d 597 (6th Cir.

Pension 40

Pension Pension Benefit Consulting Deductions 40

Employee Benefits

JUNE 10, 2024

Employees often take strike action over issues such as pay , health and safety, pensions, benefits, changes to terms and conditions, and union recognition. Unions may call strike action regarding issues such as pay , health and safety, pensions and terms and conditions changes, to name a few.

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Pension Pension Benefit Transportation Benefits Package 69

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.

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Government Parental Leave Pension Benefit Pension 52