Employee Benefits

MARCH 15, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt announced in his Budget statement today (15 March 2023) that government will abolish the lifetime allowance for pensions. Jeremy Hunt’s decision to raise the tax free pension allowance will help retain older staff who want work to pay.”

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Employee Benefits

DECEMBER 11, 2023

Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with.

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Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Retain top talent and save substantially Very few employees stay with the same organisation for their entire careers. By presenting a more enticing pension proposal, firms can foster greater employee loyalty.

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McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

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Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government has confirmed that the pensions triple lock and credit will be protected, and rise by 10.1% He reported that increase should result in up to £1,470 extra for a couple and £960 for a single pensioner. The single tier state pension will rise from £9,627.80 in April 2023.

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McNees

JANUARY 13, 2023

The Consolidated Appropriations Act of 2023 (“Act”) was passed by Congress in late December 2022 and signed by President Biden on December 29, 2022. trillion dollar spending bill, contains provisions which modify the laws applicable to welfare benefit plans and retirement benefit plans. The Act, a $1.7 Webinar.

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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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Employee Benefits

MAY 30, 2023

Whilst more than one in ten (13%) have either stopped or reduced the amount they pay into their pension due to rising costs, worryingly, almost three in ten (29%), admit they may consider stopping payments in the future, and a third (30%) may consider reducing future payments. Whilst this is understandable, it really should be a last resort.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

Act of 2022” as part of the 2023 Consolidated Appropriations Act; President Biden is expected to sign the bill into law soon. The wait is over for SECURE 2.0, a long-awaited (and debated) package of retirement plan reforms. Today, Congress passed the “SECURE 2.0 may be viewed here. Simplifying Retirement Plan Operations.

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Employee Benefits

OCTOBER 31, 2023

In today’s economic climate, helping employees to build their financial resilience and providing them with the knowledge and tools to do so, has never been so important. This will provide employees with a convenient, flexible and tax efficient way to invest. million employees. This is where a Corporate ISA can help.

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Employee Benefits

FEBRUARY 17, 2023

As of December 2022, the UK Inflation rate stood at 10.5% 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. and therefore exceed the current LTA.

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Employee Benefits

DECEMBER 20, 2023

In retirement, many will probably be paying significantly less income tax, no National Insurance or pension contributions, and mortgages may be paid off, but other costs may be higher such as heating bills as retirees may spend more time at home. They then need to work out the value of their savings and investments including pensions.

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Pension Taxes Retirement Plan Education 52

Employee Benefits

FEBRUARY 5, 2024

Law firm Stephenson Harwood has offered a salary sacrifice electric vehicle scheme to its 700 employees through provider Tusker since 2022. The car scheme is one of a suite of benefits that we highlight on our platform,” he says. So it is all very transparent.”

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Employee Benefits

APRIL 3, 2023

Pension and group risk Trust-based defined contribution pension with 12% employer, 3% employee minimum contributions. Group income protection benefit that pays 75% up to state retirement age. Healthcare and wellbeing Private medical insurance (PMI), subsidised for all employees. Additional voluntary contributions.

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Employee Benefits

MAY 21, 2024

Pensions scam – 13% said it was through fake promises of guaranteed returns or early access to their pension. Tax refund scam – 10% said it was through fake promises of tax rebates. appeared first on Employee Benefits. million). [3] which has been rounded to over £1k.

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Employee Benefits

FEBRUARY 19, 2024

She submitted a formal flexible working request in May 2022, which was rejected by founder Catherine Gannon, who admitted that she had already decided in advance to refuse it. Discussions continued about ways Wall could return to work, but a dispute about the date of Wall’s return and other matters led her to resign in September 2022.

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Employee Benefits

JANUARY 18, 2023

Recently, the pressures on household income has raised concerns that members will look at their pension contributions as a way of cutting back on their monthly costs. However, new research from the Pensions Management Institute[2] (PMI) has suggested that this may now be changing. 7% have already ceased their contributions.

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Benefits Notes

MARCH 31, 2021

Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should take note and which are summarized below. The ARPA contains several new rules which impact COBRA benefits. The subsidy is tax-free to the individual receiving the subsidy. Tax Credit.

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Employee Benefits

APRIL 3, 2024

Piekielniak began to receive pay slips from Rentacar 24/7 from October 2021 and was also enrolled into a pension scheme without consultation or information provided to him. His employment was then terminated in February 2022. Phoenix Healthcare and Rentacar 24/7 have been contacted for comment prior to publication.

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Employee Benefits

DECEMBER 14, 2022

Organisations are showing increasing support for diverse family models, and employers are more likely to provide benefits to parents these days than in the past. 2022 was a year of much change, with the cost-of-living crisis raging on and many employers stepping in to help their lowest-paid workers with one-off payments and pay rises.

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Employee Benefits

SEPTEMBER 20, 2023

Many will continue working beyond pension age, and employers are recognising that with an ageing workforce comes more risk that employees may become seriously ill while still employed. The money can be used in any way the employee chooses, for example, supplementing sick pay, paying for treatment, nursing care and home modifications.

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Employee Benefits

JANUARY 17, 2023

It is important that employees understand the importance of saving into their pension from early on. For example, they may not realise that someone in their 20s can increase their pension pot by 25% in retirement by saving an extra 1% a year with an employer match. Don’t neglect your pension.

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Employee Benefits

SEPTEMBER 27, 2023

The Reward & Employee Benefits Association (REBA) in association with WEALTH at work has launched the second in its series of workplace research – Financial Wellbeing Research 2023*, with responses from almost 200 companies representing over 1.5 million employees.

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Employee Benefits

FEBRUARY 8, 2022

The lending and personal savings bank said the initiative, run in partnership with Octopus Electric Vehicles, will make owning a new electric car more affordable for employees. Payments are made directly from gross salaries, creating savings on income tax and national insurance.

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Employee Benefits

JANUARY 16, 2023

According to Wagestream’s The state of financial wellbeing: the cost of living report 2022 , published in July 2022, there has been an upswing in organisations adjusting their benefits budget to support broader financial wellbeing programmes as an additional way of helping their workforce, rising from 51% in 2021 to 93% in 2022.

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Employee Benefits

MAY 17, 2023

The popularity of employee ownership in business is steadily increasing; statistics from the White Rose Centre for Employee Ownership found that as at June 2022 there were 1,030 employee-owned businesses in the UK. The post How much value do employees place in holding equity in an organisation?

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Employee Benefits

FEBRUARY 6, 2022

Reward and benefits can be used to demonstrate an organisation’s values, with examples including environmental, social and governance (ESG) default funds on pensions and electric car schemes. Changing employee expectations coupled with challenges attracting and retaining talent are forcing organisations to focus on reward and benefits.

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Employee Benefits

FEBRUARY 28, 2023

Financial wellbeing support is integral to employers being able to meet their high-level HR objectives, according to research by The Reward & Employee Benefits Association (REBA) in association with WEALTH at work. Organisations are also funding a range of employee benefits to help employees’ money to stretch further.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). 2022-40 also includes caveats regarding limitations on the scope of IRS review and the purposes for which a plan sponsor may rely on the determination letter, which are similar to those that apply to 401(a) plans.

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Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

Perhaps most notably, the annual limit for pre-tax and Roth contributions by employees to 401(k) plans has jumped from $20,500 to $22,500, and the annual limit for “catch-up” contributions to such plans by employees who are age 50 or older has increased from $6,500 to $7,500. Qualified Defined Benefit Plans. 15,000.

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Business Management Daily

AUGUST 2, 2022

On June 3rd of 2022, the Department of Labor announced that it is developing a new proposed rule on determining employee or independent contractor status under the FLSA. However, they forfeit some of the benefits and protections that come with being an employee. Are there written contracts or employee-type benefits (i.e.

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Workplace Insight

MARCH 7, 2024

These include a cut in National Insurance, pension fund reforms, support for working parents, AI, helping people back in to work and more. in real terms between 2021 and 2022. Yesterday’s Spring Budget included a number of announcements that affect the various people, place and technology professions in the UK.

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HR Professionals Magazine

JANUARY 31, 2022

Employer-sponsored retirement plans are divided into two major categories: defined-benefit plans and defined- contribution plans. As the names imply, a defined-benefit plan—also commonly known as a pension plan—promises a specified benefit amount at retirement. Examples of. the investments.

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Proskauer's Employee Benefits & Executive Compensa

JUNE 15, 2023

Act also directed the IRS to update the EPCRS accordingly, no later than 2 years after its enactment on December 29, 2022. 3) The failure is not egregious, does not relate to an abusive tax avoidance transaction, and does not relate to the diversion or misuse of plan assets. The SECURE 2.0 update to the EPCRS. of the SECURE 2.0

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cipHR

NOVEMBER 10, 2022

Payroll departments must now ensure they provide data to HMRC in real time each time they pay employees, that eligible employees are auto-enrolled into a pension, and keep staff up to date with an increased variety of benefits.

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