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

International Foundation of Employee Benefit Plans

MAY 29, 2024

Fiduciaries have many responsibilities that stem from the duties of care, loyalty and prudence, including ensuring the correct benefits are paid to the correct participants and beneficiaries of the plan. Benefits Magazine authors Lisa L. Kaiser, CEBS, and Carey R.

Retirement Plan 89

Retirement Plan Employee Benefits 89

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

International Foundation of Employee Benefit Plans

JULY 9, 2024

So far in 2024, the Department of Labor (DOL) has released proposals for plan administrators to populate a missing participant database and automatic portability of retirement plan accruals when employees change jobs.

Retirement Plan 84

Retirement Plan 401(k) Employee Benefits 84

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

International Foundation of Employee Benefit Plans

JUNE 24, 2024

According to recent data from Horizon Actuarial Services, LLC and the International Foundation of Employee Benefit Plans, the fifteen-year period between 2006 and 2020 was turbulent for multiemployer defined benefit (DB) pension plans.

Retirement Plan 73

Retirement Plan Pension Employee Benefits 73

Employee Benefit News

DECEMBER 21, 2022

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Retirement Plan 130

Retirement Plan 401(k) 130

Employee Benefit News

SEPTEMBER 6, 2023

Roth contribution options and pension-linked emergency savings accounts, among other promising provisions, will require extensive clarification.

Retirement Plan 117

Retirement Plan Pension 117

Employee Benefit News

MAY 13, 2024

Although new guidance expands the ability to self-correct, plan sponsors and administrators should promptly correct errors in accordance with EPCRS principals.

Retirement Plan 105

Retirement Plan 105

Employee Benefit News

APRIL 24, 2024

Treating student loan payments as eligible for a 401(k) match will help young employees save for retirement while staying on top of their debt.

401(k) 111

401(k) Retirement Plan Employee Benefits 111

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

Taxes 188

Taxes 401(k) Retirement Plan Pension 188

Money Talk

MAY 9, 2024

Be Realistic About Retirement Age - Retirement age is an important assumption in retirement planning and can happen earlier than expected. Studies have found an average gap of about 4 years between expected and actual retirement age and about half of U.S. workers retire earlier than expected.

Retirement Plan 182

Retirement Plan Pension Finance Employment 182

Money Talk

MAY 11, 2023

I recently attended three webinars related to retirement planning. One discussed required minimum distribution (RMD) rules, the second, retirement planning in general, and the third, the FIRE ( F inancial I ndependence, R etire E arly) movement.

Retirement Plan 246

Retirement Plan Taxes Finance Government 246

Employee Benefit News

APRIL 24, 2024

Treating student loan payments as eligible for a 401(k) match will help young employees save for retirement while staying on top of their debt.

401(k) 101

401(k) Retirement Plan Employee Benefits 101

Money Talk

DECEMBER 29, 2021

Retirement Planning- A new “life is short” mindset, especially among the affluent, prompted many workers to retire and required minimum distributions returned for taxpayers age 72+ with tax-deferred plans. Pipeline hackers were paid in crypto and funds were recovered.

Finance 363

Finance Taxes Insurance Retirement Plan 363

Employee Benefit News

SEPTEMBER 25, 2023

The Ninth Circuit's opinion in Bugielski v. AT&T found negotiation of a standard recordkeeping contract to be a prohibited transaction.

Retirement Plan 115

Retirement Plan 401(k) 115

Money Talk

APRIL 30, 2024

Lack of Planning - A speaker who was a financial planner noted that about 90% of his clients haven’t figured out what to do with the rest of their life. If your entire retirement plan is to spend more time with family and friends, you better check in with them first.

Retirement Plan 188

Retirement Plan Finance IT 188

Employee Benefit News

DECEMBER 16, 2024

Having missed out on yesterday's pensions and today's 401(k) features, the latchkey generation is woefully unprepared for retirement. Here's how advisors can help.

401(k) 66

401(k) Retirement Plan Pension 66

Money Talk

APRIL 20, 2023

Farm Asset Sale Income- When farm assets are sold, the proceeds provide a nest egg that can be invested to provide retirement income. For additional information about retirement planning for farmers, visit the Rutgers Cooperative Extension Later Life Farming website.

401(k) 246

401(k) Pension Retirement Plan Taxes 246

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., This pay increase may or may not cover all of their increased expenses, but it is better than no increase. 401(k)s) and IRAs are pegged to inflation. When inflation rises, workers can save more money.

401(k) 246

401(k) Banking Deductions Deductible 246

Employee Benefit News

APRIL 1, 2024

Independent workers will have access to a retirement plan with a 2% match, along with financial education and support.

Retirement Plan 124

Retirement Plan Education Employee Retention 124

Money Talk

SEPTEMBER 14, 2023

Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g., 401(k), 403(b), 457, thrift savings plan), Traditional IRAs funded with pre-tax dollars, simplified employee pensions (SEPs) for self-employed workers, and annuities. Beneficiary types include a spouse, non-spouse (e.g.,

Taxes 194

Taxes 401(k) Retirement Plan Pension 194

Money Talk

APRIL 6, 2023

Since it is unlikely that Congress will ever mandate employer plans, some states are now starting to do require employers to offer a workplace savings plan. Auto-Enrollment is Effective - Research indicates that most workers who are auto-enrolled in retirement plans stay in them, even in the absence of an employer match.

401(k) 245

401(k) Retirement Plan Finance Government 245

Money Talk

MARCH 15, 2023

What Not to Do - Annuities are generally not appropriate for qualified retirement plans such as 401(k)s or IRAs. They are already a tax-deferred product and investors gain no benefit by placing them in a tax-deferred plan. Deferred annuities make payments at a future date and allow annuitants time to make deposits.

401(k) 244

401(k) Life Insurance Taxes Insurance 244

Money Talk

JULY 13, 2023

Act of 2022 , passed last December, has financial planning opportunities for both the accumulation and distribution phases of retirement planning. New Catch-Up Limit - Currently, additional catch-up savings ($7,500 in 2023) in employer retirement plans is available for workers age 50+. The SECURE 2.0

401(k) 130

401(k) Retirement Plan Taxes Salary 130

Money Talk

MARCH 24, 2022

Sources of Retirement Income - Income sources include Social Security, employer defined-benefit pensions or defined-contribution retirement plans (e.g., Depending on household income/assets and lifestyle decisions, income taxes and housing costs may increase or decrease. 401(k)s), tax-deferred accounts (e.g.,

401(k) 278

401(k) Finance Entertainment Taxes 278

Money Talk

JUNE 22, 2023

With employer-sponsored retirement plans, workers should contact their plan administrator or HR department; life insurance policy owners, their insurer; and IRAs and annuities, the plan custodian. A guardian must be appointed by the court to manage assets of minor children until they reach legal age.

401(k) 235

401(k) Life Insurance Retirement Plan Finance 235

Business Management Daily

MAY 5, 2022

Fewer employees are covered by traditionally defined benefit plans. DB plans are retirement plans. The plan sponsor, most likely the employer, bears all the investment risk and pays you a fixed amount every month until you die. The undisputed fact is, however, 401(k) plans have morphed into retirement plans.

401(k) 133

401(k) Retirement Plan Deductions Deductible 133

Money Talk

MAY 18, 2023

It is not specifically about a personal finance topic such as inflation, investing, or retirement planning. Unlike 99% of my Money Talk posts, this one is different. However, the topic (language) does have financial implications.

Finance 244

Finance Retirement Plan Government IT 244

Employee Benefit News

JULY 23, 2024

Wealth managers typically focus on other people's retirement plans. But how do they want to spend their own golden years?

Health 114

Health Retirement Plan Management 114

Money Talk

NOVEMBER 30, 2022

Develop a Proactive Mindset - This means acknowledging, learning about, and planning for possible future outcomes rather than ignoring the possibility that they could happen. An example is retirement planning.

Finance 273

Finance Retirement Plan Government Salary 273

PayrollOrg

JANUARY 25, 2022

In this December 2021 issue of Compliance TV: President signs infrastructure bill that ends ERC early; Reminder that payment of deferred social security tax from 2020 Is due soon; IRS announces 2022 retirement plan contribution and benefit limits; and IRS announces 2022 COLAs for transportation fringes, FSA deferrals, foreign earned income exclusion, (..)

Retirement Plan 149

Retirement Plan Transportation Taxes 149

Money Talk

JANUARY 26, 2022

They can delay their beginning withdrawal date until April 1 of the year following the year they retire as long as they do not own more than 5% of the business offering the retirement plan. This is called the “still working exception" and it only applies to workers’ current employer tax-deferred employer plan.

401(k) 189

401(k) Taxes Retirement Plan Finance 189

Employee Benefit News

JULY 17, 2024

While the revival of traditional pension plans faces significant hurdles, the exploration of hybrid solutions and innovations in retirement planning could provide a path forward.

Pension 124

Pension Retirement Plan IT Employee Retention 124

Money Talk

DECEMBER 7, 2023

tax-deferred retirement plan contributions and charitable gifting) are already accounted for. Draft Tax Return - A draft tax return with “best estimates” of taxable income and tax write-offs is the first step in a year-end tax review. Year-to-Year Comparison - Once a draft 2023 tax return is prepared, compare it to 2022.

Taxes 158

Taxes Retirement Plan Deductions Deductible 158

HR Lineup

OCTOBER 21, 2024

Administered by the International Foundation of Employee Benefit Plans (IFEBP) and Dalhousie University, this program provides a comprehensive education on employee benefits, retirement plans, and health benefits. Key Benefits: Comprehensive coverage of group benefits, retirement plans, and compensation.

401(k) 77

401(k) Employee Benefits Retirement Plan Health Savings Account 77