Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Changed Income- A change in household income this year- up or down- will affect income taxes. 401(k), 403(b), 457, TSP).

Taxes 188

Taxes Family and Medical Leave Act 401(k) Deductions 188

Business Management Daily

JANUARY 5, 2023

Act of 2022 —90+ provisions focused on 401(k) and other retirement plans. Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. Auto-enrollment plans. which was enacted in 2019.

401(k) 52

401(k) roth 401(k) Taxes Deductions 52

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

a long-awaited (and debated) package of retirement plan reforms. Given the breadth of the changes and the anticipated regulatory efforts to implement the new law, virtually all qualified retirement plans will need to be reviewed in conjunction with SECURE 2.0’s The wait is over for SECURE 2.0, may be viewed here.

401(k) 108

401(k) Retirement Plan Taxes Finance 108

PeopleStrategy

DECEMBER 12, 2023

HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans. People like HSAs in part because of their triple tax advantage. That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

Business Management Daily

AUGUST 30, 2023

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. Sutton’s reasoning … tax math.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

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”). hardship withdrawals from a 403(b) plan could only be funded from the employee’s elective deferrals exclusive of earnings.

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

Benefits Notes

DECEMBER 28, 2022

Congress made several changes to retirement plans as part of the Consolidated Appropriations Act of 2023 , which recently passed both the House and Senate. The final bill contains several provisions affecting retirement plans under Division T of the bill titled “Secure 2.0 Act of 2022.” Increase in Cash-out Limit.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Snell & Wilmer Benefits

JULY 31, 2023

brought significant changes to retirement planning and distributions, including updating the Required Minimum Distribution (RMD) requirements. As background, RMDs are the minimum amounts that individuals who attain their “required beginning date” must withdraw from their retirement accounts each year.

401(k) 52

401(k) Retirement Plan Taxes Management 52

Higginbotham

NOVEMBER 15, 2023

IRS Announces 2024 FSA, Retirement Plan Limits Earlier this month, the Internal Revenue Service (IRS) released cost-of-living adjustments and inflation-adjusted limits for 2024 that affect amounts employees can contribute to health flexible spending accounts (FSAs), 401(k) plans and individual retirement accounts (IRAs).

401(k) 52

401(k) Retirement Plan Flexible Spending Account Insurance 52

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

Snell & Wilmer Benefits

AUGUST 28, 2023

On August 25, 2023, the IRS issued Notice 2023-62 , which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. This SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

HR Digest

APRIL 1, 2024

In his 2024 Annual Chairman Letter to Investors, BlackRock CEO Larry Fink brought attention to a retirement crisis letter that renewed interest in the conversation, discussing strategies on how to address the matter. 55 percent of these respondents expressed worry about achieving financial security after retirement.

401(k) 52

401(k) Retirement Plan Government Pension 52

Hppy

JUNE 7, 2018

Retirement doesn’t feel like a realistic goal for many employees today. Of those over 65, nearly 19 percent were working as of 2017 , and by 2024, that number increases to 36 percent of those between 65 and 69 needing to work. workers, 79 percent expect they will need to supplement retirement income by working.

Retirement Plan 50

Retirement Plan 401(k) Health Savings Account Education 50

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.

Software 65

Software Payroll Global Payroll Human Resources 65

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.

401(k) 52

401(k) Retirement Plan Taxes Insurance 52