Pacific Prime

JULY 19, 2023

Small Businesses should include health insurance, a retirement plan, and paid time off in their employee benefits package. Employers should also be aware of the employee benefits that they must include, as required by law, such as workers’ compensation and unemployment insurance.

Employee Benefits 52

Employee Benefits Retirement Plan Workers’ Compensation Benefits Package 52

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Social Security Administration […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

Health and Welfare 88

Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 88

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

Health and Welfare 83

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 83

Achievers

FEBRUARY 2, 2021

The term “employee benefits” is used regularly, but often with a limited, traditional definition in mind. The traditional concept refers to legally mandated benefits plus a few voluntarily added by employers. What are employee benefits? . Employee benefits are non-salary compensation and perks.

Employee Benefits 237

Employee Benefits Family and Medical Leave Act Employee Recognition Voluntary Benefits 237

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.

Retirement Plan 90

Retirement Plan Employee Benefits Employment 401(k) 90

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service (IRS) recently opened a new determination letter approval program for 403(b) retirement plans—commonly used by nonprofit organizations—which allows sponsors of certain individually designed plans to apply for a favorable determination letter.

401(k) 72

401(k) Retirement Plan Employee Benefits 72

McDermott Will & Emery Employee Benefits

APRIL 4, 2024

which was passed in December 2022, includes more than 90 provisions affecting US retirement plans, many of which are specifically aimed at enhancing savings opportunities […] The post A Q&A and More Delay: IRS Begins to Issue Clarifying Guidance on SECURE 2.0 Provisions appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 60

Retirement Plan Employee Benefits 401(k) 60

McDermott Will & Emery Employee Benefits

DECEMBER 20, 2023

The Internal Revenue Service (IRS) recently issued new guidance clarifying key aspects of the broadened retirement plan eligibility rule for long-term, part-time employees under the SECURE 2.0

401(k) 75

401(k) Retirement Plan Employee Benefits Employment 75

McDermott Will & Emery Employee Benefits

OCTOBER 11, 2023

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. student loan benefit and other employer options for […] The post Employer Student Loan Debt Benefits Following SECURE 2.0

Retirement Plan 79

Retirement Plan Employment Taxes Employee Benefits 79

WEX Inc.

SEPTEMBER 12, 2023

If you’ve never been asked if you would like to participate in an employee benefits account before, you might be asking yourself, “What are all these acronyms?” Click here for the first blog post in our series on choosing a health plan for the first time.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

Employee Benefits 81

Employee Benefits Flexible Spending Account Employment Health Savings Account 81

McDermott Will & Emery Employee Benefits

FEBRUARY 1, 2023

What do retirement plan professionals and participants need to know about the recently passed SECURE 2.0 appeared first on EMPLOYEE BENEFITS BLOG. appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022?

401(k) 73

401(k) Retirement Plan Employee Benefits 73

McDermott Will & Emery Employee Benefits

JUNE 30, 2023

Retirement plans often apply (and in some cases are required to use) multiple definitions of wages or compensation for various plan purposes. Given this complexity, failures to follow a plan’s definition of compensation are one of the most common issues experienced by retirement plan sponsors.

Retirement Plan 66

Retirement Plan Employment Employee Benefits 66

McDermott Will & Emery Employee Benefits

JULY 6, 2023

The Internal Revenue Service’s (IRS) Employee Plans Compliance Resolution System (EPCRS) allows employers to correct errors involving the maintenance and operation of tax-qualified retirement plans. Act and the Future of the Employee Plans Compliance Resolution System appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 76

Retirement Plan Taxes Employee Benefits Employment 76

McDermott Will & Emery Employee Benefits

AUGUST 15, 2023

Nearly all employers offer eligible participants the opportunity to make additional catch-up contributions to their retirement plans. Act makes so-called “super-catch-up contributions” available to certain employees. s Catch-Up Contributions, Age Is More Than Just a Number appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 70

Retirement Plan Employee Benefits Employment 70

McDermott Will & Emery Employee Benefits

JANUARY 24, 2023

Join partners from McDermott’s Employee Benefits team on Wednesday, January 25, 2023, as they discuss the impact of the recently passed SECURE 2.0 Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022.

401(k) 72

401(k) Retirement Plan Employee Benefits 72

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 80

Retirement Plan IT Employee Benefits Executive Compensation 80

McDermott Will & Emery Employee Benefits

MAY 19, 2022

Fiduciaries of 403(b), 401(a) and 457(b) retirement plans have come under increased scrutiny in recent years, in part due to participant lawsuits filed against plan sponsors and the resulting media attention.

Retirement Plan 88

Retirement Plan Consulting Media Employee Benefits 88

McDermott Will & Emery Employee Benefits

APRIL 14, 2022

As the popularity of cryptocurrency continues to grow, what do employee benefits lawyers need to know about these emerging investment options? The post Cryptocurrency for Employee Benefits Lawyers: What You Need to Know appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 78

Employee Benefits 401(k) Retirement Plan Commissions 78

McDermott Will & Emery Employee Benefits

FEBRUARY 3, 2022

The post Cryptocurrency for Employee Benefits Lawyers: What You Need to Know appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 84

Employee Benefits 401(k) Employment Mining 84

Empuls

FEBRUARY 26, 2024

From well-being to flexibility, continuous learning to personalized perks, let's understand the game-changing employee benefits trends that will take lead in the near future. Financial well-being support : Include benefits like retirement plans, financial counseling, and assistance programs to address diverse financial situations.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Retirement Plan 40

Insperity

OCTOBER 10, 2023

In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 Act of 2022 says The implications of this law’s passage for your business How small and midsize businesses and their employees can both benefit Overview of the SECURE 2.0 employer-sponsored 401(k) plans.

401(k) 109

401(k) Retirement Plan Taxes Benefits Package 109

Benefit Resource Inc.

APRIL 4, 2024

As an employer or HR manager, you’re constantly seeking ways to enhance your employee benefits package, ensuring it not only attracts top talent but also supports their financial well-being throughout their careers and into retirement. One often-overlooked gem in the world of benefits is the Health Savings Account (HSA).

401(k) 52

401(k) Retirement Plan Benefits Package Deductions 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 11, 2023

includes significant changes for retirement plan sponsors and employers, as discussed in our prior blog posts. If you are looking for a short summary organized by effective date, we have prepared a “pocket guide” chart, which can be downloaded here.

Retirement Plan 93

Retirement Plan 401(k) Employment 93

Empuls

APRIL 28, 2023

According to a recent study by HBR , 80% of employees say that benefits are a significant factor in deciding whether to accept a job offer, and 60% of employees report that benefits are a major reason for staying with their current employer. What are employee benefits?

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Parental Leave Benefits Package 40

Pacific Prime

MARCH 9, 2023

Student loan benefits for baby boomers? Retirement planning for gen Z’ers? The post The Complete Guide to Flexible Benefits appeared first on Pacific Prime's Blog. Parental leave for the millennial that’s decided never to have kids? These are the dilemmas that many employers are now facing.

Parental Leave 90

Parental Leave Retirement Plan Employment Health Insurance 90

McDermott Will & Emery Employee Benefits

APRIL 11, 2024

Our first webinar covered the legal, tax and administrative considerations a family […] The post Family Office Tax Webinar Replay: Compensation Strategies appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 85

Taxes Employee Benefits Executive Compensation Retirement Plan 85

WEX Inc.

SEPTEMBER 25, 2023

Benefits are also not top of mind for many employees. Employees are often more focused on frequently used benefits such as vacation and paid off policies (PTO) rather than insurance, voluntary benefits and retirement plans. The information in this blog post is for educational purposes only.

Voluntary Benefits 98

Voluntary Benefits Health Savings Account PTO Retirement Plan 98

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. More specifically, SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

McDermott Will & Emery Employee Benefits

DECEMBER 7, 2021

Increasing retirement plan-focused litigation has put insurance carriers and fiduciary service providers in difficult positions. The post Expect More Difficulty Obtaining Fiduciary Insurance appeared first on EMPLOYEE BENEFITS BLOG.

Insurance 52

Insurance Insurance Carriers Retirement Plan Employee Benefits 52

Qandle

DECEMBER 5, 2023

In any organization, efficient payroll processing is not just about paying employees accurately and on time; it’s a critical aspect of employee satisfaction and regulatory compliance. Ensuring accurate and timely processing of these benefits is vital for employee satisfaction.

Payroll 98

Payroll Net Pay Gross Pay Payroll System 98

Qandle

OCTOBER 9, 2023

This comprehensive document serves as a guiding beacon, outlining the policies, procedures, and expectations that govern the employer-employee relationship within a company. Employee Benefits: Information about benefits such as health insurance, retirement plans, paid time off, and other perks provided by the company.

Human Resources 98

Human Resources Retirement Plan Media Overtime 98

WEX Inc.

FEBRUARY 23, 2023

For most of you, a new plan year has begun! And just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put time and energy into your employee benefits. Having your employee benefits anytime you need them isn’t just comforting. It’s an expectation.

Flexible Spending Account 98

Flexible Spending Account 401(k) Health Savings Account Banking 98

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 13, 2023

With respect to the second allegation, the participants alleged that the plan fiduciaries failed to regularly issue requests for proposal and relied on the “401k Averages Book,” which purported to show that other retirement plans paid substantially less for recordkeeping services.

401(k) 109

401(k) Retirement Plan Government Management 109

McDermott Will & Emery Employee Benefits

JANUARY 30, 2024

Under the new rules, long-term, part-time employees include those employees who complete at least 500 hours of service in three consecutive years (reduced to […] The post A Long-Term, Part-Time Employee or a Former Long-Term, Part-Time Employee, That Is the Question appeared first on EMPLOYEE BENEFITS BLOG.

401(k) 89

401(k) Employee Benefits Employment Retirement Plan 89

McDermott Will & Emery Employee Benefits

FEBRUARY 6, 2024

This new long-term, part-time employee rule […] The post IRS Confirms Same Hours-Counting Rules Still Add Up for Long-Term, Part-Time Employees appeared first on EMPLOYEE BENEFITS BLOG.

401(k) 85

401(k) Employee Benefits Employment Retirement Plan 85

McDermott Will & Emery Employee Benefits

JANUARY 25, 2024

But in talking about the new […] The post A Long-Term, Part-Time Employee or Not a Long-Term, Part-Time Employee, That Is the Question appeared first on EMPLOYEE BENEFITS BLOG. This new rule is fraught with complexity and has generated numerous questions about how the requirements apply.

401(k) 85

401(k) Employee Benefits Employment Retirement Plan 85