McDermott Will & Emery Employee Benefits

APRIL 9, 2024

If you employ part-time workers and/or engage independent contractors, sit up and take note: 2024 brings significant changes to how you must manage your workforce.

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Employee Benefits 401(k) Employment Management 87

Best Money Moves

JANUARY 3, 2024

3 impacts of employee student debt in 2024. Learn how student debt could impact your team during 2024. Keep an eye out for these three ways that employee student debt may impact your team in 2024. Financial stress from employee student debt negatively impacts employee mental health.

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401(k) PTO Education Finance 52

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. As expected, this year’s adjustments are more modest than last year’s significant increases. The table below provides an overview of the key adjustments for qualified retirement plans.

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Retirement Plan Employee Compensation Taxes 401(k) 101

McNees

AUGUST 28, 2023

Individuals who are 50 years old or older may make additional contributions to 401(k) plans, referred to as catch-up contributions. included a requirement that starting January 1, 2024, only participants who earn $145,000 or less (as adjusted) in the previous year may make pre-tax contributions.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal. hardship withdrawals from a 403(b) plan could only be funded from the employee’s elective deferrals exclusive of earnings. Before SECURE 2.0, However, SECURE 2.0

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401(k) Taxes Retirement Plan Commissions 111

Snell & Wilmer Benefits

JULY 31, 2023

No RMDs from Roth Accounts Starting with the 2024 calendar year, participants are no longer required to take RMDs from their retirement plan Roth accounts. This change aligns the RMD rules for Roth accounts in retirement plans with the rules applicable to Roth IRAs.

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401(k) Retirement Plan Taxes Management 52

McNees

AUGUST 2, 2023

McNees’ Benefits Group will be issuing a “ Did you know? Did you know that beginning in January 2024, participants may only make Roth catch-up contributions to their 401(k) (and may not make pre-tax catch-up contributions) if they earned more than $145,000 (as adjusted by the Secretary of the Treasury) in the previous year?

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401(k) Taxes Employment Employee Benefits 52

Snell & Wilmer Benefits

AUGUST 28, 2023

requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. As we noted in a previous Employee Benefits Blog post Ready for Roth Contributions? More specifically, SECURE 2.0 More specifically, SECURE 2.0 This SECURE 2.0

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401(k) Retirement Plan Taxes Employee Benefits 52

Benefits Notes

AUGUST 29, 2023

On the legal side, plan sponsors were concerned that plans that did not offer Roth contributions would have to cease allowing older workers to make catch-up contributions effective as of January 1, 2024. As signed into law, Section 603 of the SECURE 2.0 Consequently, in order to comply with the requirements of SECURE 2.0,

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401(k) Retirement Plan Executive Compensation Taxes 52

McDermott Will & Emery Employee Benefits

APRIL 4, 2024

In late December 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 (the Notice), providing guidance on key provisions of the SECURE 2.0 Provisions appeared first on EMPLOYEE BENEFITS BLOG. Provisions appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022 (SECURE 2.0).

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McDermott Will & Emery Employee Benefits

JANUARY 3, 2024

Beginning in 2024, employers and plan sponsors will need to implement new minimum eligibility rules, enacted by the SECURE and SECURE 2.0 Acts, that significantly expand eligibility for long-term, part-time employees to participate in employer-sponsored retirement plans.

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Retirement Plan Employee Benefits Employment 401(k) 90

Proskauer's Employee Benefits & Executive Compensa

MARCH 16, 2023

Employee Benefits Considerations Missed payroll can impact employee benefit plans. First, employee contributions ( e.g. , to health or 401(k) plans) will need to resume when payroll resumes. Employees can miss out on 401(k) and similar deferral opportunities if payroll does not resume by year-end.

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Business Management Daily

MARCH 23, 2023

Alternatives to on-demand pay Until either Congress or the IRS addresses the actual and constructive receipt questions, you’d be right to be cautious about introducing on-demand pay as an employee benefit. It’s normal for employees’ pay to be direct deposited into their bank accounts a few days before payday. SECURE 2.0,

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Construction Payroll 401(k) Banking 52

HR Professionals Magazine

FEBRUARY 3, 2024

By Chuck Stinson The McGriff Retirement Benefit Survey, a follow-up to our 2023 National Benefit Trend Survey, provides a comprehensive view of retirement plan trends across a diverse landscape of industries and company sizes. Most survey respondents (96%) sponsor a defined contribution plan in the form of either a 401(k) or 403(b).

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Retirement Plan 401(k) Pension Benefits Package 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02 , which addresses SECURE 2.0 Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 401(k) Plan : A spin-off plan from a pre-SECURE 2.0 Merger of Pre-SECURE 2.0

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Employee Benefit News

JANUARY 10, 2024

Roughly $1.6 trillion in savings would be preserved in the U.S. retirement system over 40 years if auto portability were adopted nationwide.

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Winston Benefits

JANUARY 16, 2018

And competition will only grow; according to the Bureau of Labor Statistics , employment in engineering is expected to grow 4 percent between 2014 and 2024, with higher growth rates in biomedical, environmental and civil engineering. Other firms may offer defined benefit packages as well, regardless of collective bargaining status.

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Engineering 401(k) Benefits Package Parental Leave 49

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2024

Defense counsel frequently lament the difficulties of defending 401(k) investment and recordkeeping fee litigation when different judges render conflicting rulings on motions to dismiss seemingly indistinguishable complaints. 22, 2024). [2] 2] Report and recommendation adopted , 2024 WL 233373 (E.D. 22, 2024). [3]

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401(k) Retirement Plan Utilities Technology 52

The Teacher's Advocate

APRIL 10, 2020

Coronavirus Related Distributions What I’m referring to is a provision of the CARES Act that allows certain individuals who have been affected by COVID-19 to withdraw up to $100,000 from their IRA, 403(b), 457(b) or 401(k) without paying the normal 10% federal penalty if under the age of 59 1/2.

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401(k) Retirement Plan Taxes Insurance 52

Proskauer's Employee Benefits & Executive Compensa

AUGUST 28, 2023

In welcome news for plan sponsors, the guidance announces a two-year “administrative transition period” for implementation of this requirement, which was otherwise set to take effect on January 1, 2024. The notice confirms that, despite a drafting quirk in the SECURE 2.0 Under SECURE 2.0,

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Taxes Employment 401(k) 52

Benefits Notes

DECEMBER 28, 2022

For plan years after December 31, 2024, the catch-up contribution limitation is increased to the greater of $10,000 or 50% of the regular catch-up contribution amount for individuals who have attained ages 60, 61, 62, and 63. Effective January 1, 2024, the Act increases the cash-out limit for involuntary distributions from $5,000 to $7,000.

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401(k) Retirement Plan Taxes Salary 52

WEX Inc.

MAY 2, 2024

Employees must be enrolled in an HSA-eligible health plan (or high-deductible health plan ) to be eligible for an HSA. HSA funds can be invested in mutual funds as you would with a 401(k), which lets employees grow their dollars. HSA Ownership: An HRA is owned by the employer, while an HSA is owned by the employee.

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Health Savings Account 401(k) Flexible Spending Account Taxes 96

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

Among other changes, it: Requires automatic enrollment for new 401(k) and 403(b) plans that are first established after SECURE 2.0’s also extends long-term part-timer rules to 403(b) plans covered by ERISA ( effective for plan years beginning after December 31, 2024 ).

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401(k) Retirement Plan Taxes Finance 108

Higginbotham

NOVEMBER 2, 2022

Employee Benefit Plan Limits for 2023. Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. As a reminder, the updated $610 FSA carryover limit is for amounts carried over from the 2023 plan year into 2024, not 2022 into 2023.

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Vantage Circle

JANUARY 9, 2024

Quick Summary This blog lists the Top 15 HCM Software Platforms after a rigorous review of the top-performing HCMs in the HR space in 2024. Compensation and Benefits: Compensation Planning : Helps design and manage salary structures, bonuses, and other forms of compensation.

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Software Payroll Global Payroll Human Resources 64

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 27, 2023

The Proposed Rule would specifically cover a recommendation to roll over an account from an employer-sponsored plan ( e.g. , a 401(k) plan) into an individual retirement account (an “IRA”).

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401(k) Retirement Plan Education Retail 52