Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. Qualified Defined Benefit Plans. Increase from 2022 to 2023.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

HR Professionals Magazine

JULY 26, 2022

workers currently don’t have access to a retirement plan sponsored by their employer. To bridge this gap, a majority of states have contemplated state-mandated retirement savings plan legislation, and 13 have already signed such programs into law. Key retirement plan differentiators at a glance.

Retirement Plan 52

Retirement Plan 401(k) Employment Deductions 52

Business Management Daily

AUGUST 30, 2023

since it was signed at the end of 2022. The law is nothing short of a detailed overhaul of employer retirement savings plans. Sutton of Strategic Retirement Partners (aka “The 401k Lady”) said the new rules came out before employers and the industry were ready. brings to your retirement plans in 2023.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

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. Use of RMD Withdrawals - A chunk will pay income taxes.

Retirement Plan 245

Retirement Plan Taxes Finance Government 245

Money Talk

JANUARY 18, 2023

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based.

401(k) 245

401(k) Banking Deductions Deductible 245

Health Consultants Group

APRIL 1, 2021

How CARES Act Affects Employee Retirement Plan Distributions. Even if you’re not quite back to business as usual, it’s tax time, and the IRS expects you to be ready. That includes compliance with CARES Act Section 2202 , Special Rules For Use of Retirement Funds. CARES Act Retirement Plan Rules.

Retirement Plan 52

Retirement Plan 401(k) Taxes Pension 52

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

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. 401(k)/403(b)/457, TSP, SEP, and Traditional IRA accounts).

401(k) 188

401(k) Taxes Retirement Plan Finance 188

Money Talk

DECEMBER 29, 2021

Some states/cities have moratoriums through dates in 2022. Insurance- COBRA premium assistance for health insurance was provided under the American Rescue Plan Act and Medicaid enrollment surpassed 80 million. There was also late notice of tax exemption for up to $10,200 of 2020 unemployment benefits.

Finance 362

Finance Taxes Retirement Plan Insurance 362

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

JULY 13, 2022

If you are “of age” and have not yet taken your 2022 RMD, consider doing so soon- in one or more “installments”- to avoid the year-end rush. Also be sure to adjust tax withholding for RMD withdrawals using quarterly estimated tax payments to the IRS or tax withholding by the retirement plan custodian.

Taxes 246

Taxes Retirement Plan Finance Consulting 246

HR Lineup

DECEMBER 22, 2021

For this reason, we have recommended the best compensation tools 2022 to help you handle compensation management effectively. . That being said, let’s get into the best compensation management software 2022. List of Top Compensation Management Software 2022: 1. Flexible Retirement Planner. Merces Consulting Group.

Retirement Plan 78

Retirement Plan Employee Compensation Human Resources Consulting 78

McDermott Will & Emery Employee Benefits

OCTOBER 11, 2023

In December 2022, Congress enacted groundbreaking legislation as part of the SECURE 2.0 Act codifying an opportunity for employers to provide matching contributions within a tax-qualified retirement plan based on their employees’ qualified student loan payments outside the plan.

Retirement Plan 78

Retirement Plan Employment Taxes Employee Benefits 78

Money Talk

DECEMBER 7, 2022

They must begin starting at age 72, unless taxpayers want to pay a hefty 50% tax penalty. In conversations with older adults at classes that I teach, many tell me that RMDs are affecting their income taxes in a big way. Withdrawals made at any age are taxed as ordinary income.

401(k) 183

401(k) Taxes Entertainment Retirement Plan 183

Money Talk

APRIL 6, 2023

At the 2022 Retirement Summit sponsored by the Employee Benefit Research Institute (EBRI), there were four main topics: improving individuals’ access to retirement savings plans, reducing plan leakage (i.e., An example: CalSavers in California. Speakers suggested three types of “nudges” (i.e.,

401(k) 243

401(k) Retirement Plan Finance Government 243

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Employees can deposit an incremental $100 into their health care FSAs in 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

HR Digest

AUGUST 28, 2023

With the ability to make both employee and employer contributions, the Solo 401k allows you to save and invest more compared to traditional retirement plans. So, let’s get started and see if a solo 401k is the golden ticket to a secure retirement. The tax treatment for both types of plans is the same.

401(k) 98

401(k) Retirement Plan Taxes Consulting 98

Money Talk

DECEMBER 29, 2022

I recently attended a number of webinars about retirement planning. This includes topics of interest to older adults in later life such as required minimum distributions (RMDs), taxes on Social Security benefits, and Medicare premiums. Key risks in retirement include longevity, health care expenses, taxes, and inflation.

401(k) 177

401(k) Taxes Retirement Plan Finance 177

Money Talk

OCTOBER 6, 2022

Inflation Rate- Annual inflation rates reached four-decade highs during the first half of 2022. Lack of Retirement Planning - Many people spend time planning meetings that last an hour, weddings that last a day or a weekend, and higher education (4-5 years). As of May 2022, 13 states have financial education mandates.

Taxes 187

Taxes Finance Education Retirement Plan 187

McDermott Will & Emery Employee Benefits

SEPTEMBER 8, 2022

On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the highly anticipated Responsible Financial Innovation Act (the bill), which sets out to create the first complete regulatory and bipartisan framework for digital assets.

Taxes 85

Taxes Employee Benefits Retirement Plan Commissions 85

InterWest Insurance Services

NOVEMBER 25, 2022

The maximum contribution levels are readjusted every year to account for inflation, along with maximum retirement plan contribution limits. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Retirement plan maximums.

401(k) 91

401(k) Deductions Deductible Flexible Spending Account 91

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. 2023 Retirement Plan Limits Increase.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). Multiple Employer and Pooled Employer 403(b) Plans SECURE 2.0 Eligibility of Long-Term Part-Timers SECURE 1.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. This safe harbor first expired at the start of 2022. Not only do the CAA 2023’s “SECURE 2.0”

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

WEX Inc.

MAY 8, 2023

For example, the 2022 PPO employee-only deductible averaged $1,322 and the 2022 HDHP annual deductible limit was $1,400 for an individual. And a quarter of traditional plan participants were likely to choose an HDHP plan instead if offered this type of coverage. It is not legal or tax advice.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

Money Talk

NOVEMBER 24, 2021

Tax Concerns A networking discussion about income taxes included concern that some people who received the advance child tax credit (ACTC) will owe taxes in April 2022 and, in some cases, ACTC payments went to the “wrong” parent in divorced couples that alternate tax credits.

Financial Counseling 130

Financial Counseling Banking Mining Taxes 130

McDermott Will & Emery Employee Benefits

OCTOBER 12, 2022

On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirement plans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual retirement accounts (IRAs).

Retirement Plan 79

Retirement Plan IT Employee Benefits Executive Compensation 79

InterWest Insurance Services

MARCH 22, 2022

The deadline is fast approaching for employers with 5 or more workers in California, and who do not already offer their employees a retirement plan, to register their staff for the CalSavers Retirement Savings Program. Employers with five or more workers – The deadline for registration is June 30, 2022. 401(k) plans.

401(k) 97

401(k) Retirement Plan Employment Deductions 97

Employee Benefits

NOVEMBER 15, 2023

With Drewberry Insurance’s Workplace pension survey , published in March 2022, revealing that 41% of respondents did not understand their workplace pension, employers need more effective ways of helping their staff gain the knowledge they need to plan for their retirement.

Pension 111

Pension Retirement Plan Education Finance 111

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

Earlier this year, the IRS released the 2023 inflation adjustments for health savings accounts and high deductible health plans. The 2023 inflation adjustments for tax-qualified retirement plans are expected to be announced soon. Increase from 2022 to 2023. Increase from 2022 to 2023. Health FSAs. .

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Griffin Benefits

JUNE 29, 2023

contains dozens of changes to retirement plans, but perhaps none bigger than these two: New 401(k) and 403(b) plans will be required to automatically enroll participants in the respective plans, and employee salary deferral rates will automatically escalate each year. The SECURE Act 2.0

401(k) 52

401(k) Retirement Plan Salary Take Home Pay 52

CorpStrat

JANUARY 17, 2023

Health FSA pre-tax contribution limit. Monthly limits for transportation fringe benefit plans. Employees’ elective deferrals to 401(k) plans, pre-tax and Roth. Tax exclusion for adoption assistance benefits. IRS Revenue Procedure 2022-24: 2023 limits for HSAs and HDHPs. Health FSA carryover limit.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

Money Talk

APRIL 28, 2022

Before I did, I reviewed notes that I had taken looking for some “timeless nuggets” that are still relevant in 2022. Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.

401(k) 183

401(k) Health Savings Account Finance Retirement Plan 183

Health Consultants Group

OCTOBER 1, 2021

Employees still want traditional options such as retirement plans, educational assistance, and health insurance. However, by implementing a Cafeteria Plan, you can also allow employees to select the additional benefits they prefer. . Cafeteria Plan benefits often include. Flexible work options. Adoption Benefits.

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

Benefits Notes

MAY 16, 2022

The IRS requires pre-approved plans to be amended and restated every six years to incorporate recent law changes. The deadline for the current restatement cycle, “Cycle 3,” is July 31, 2022. Failing to timely adopt a Cycle 3 restatement may jeopardize a plan’s favorable tax status.

401(k) 59

401(k) Taxes Employee Benefits Employment 59

Employee Benefits

DECEMBER 11, 2023

Individuals should speak to their pension provider to find out what investment path they are on, and if it is aligned with their retirement income plan. billion in 2022 [3]. In a 2022 investigation, Which? [4] They will also lose out on the valuable tax benefits available in the pension scheme.

Pension 52

Pension Taxes Banking Retirement Plan 52