article thumbnail

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

Proskauer's Employee Benefits & Executive Compensa

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

article thumbnail

4 changes that SECURE 2.0 already made to your retirement plans

Business Management Daily

Employers have been trying to unpack the provisions of SECURE 2.0 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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Ten Upsides of Inflation

Money Talk

Not surprisingly, much of the news was negative; e.g., soaring prices for food, gas, utilities, cars, insurance, and more. Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., in June and a still-high 6.5% CPI at year-end. 401(k)s) and IRAs are pegged to inflation.

401(k) 245
article thumbnail

4 Ways to Support Employee Mental Health and Wellbeing

Best Money Moves

Employers should be proactive and create support systems to enhance overall organizational success. Employers play a significant role in shaping the mental well-being of their employees. In light of the swiftly evolving technological landscape, it’s imperative to foster increased communication between employers and employees.

article thumbnail

A Return to Prioritizing Retirement Benefits 

HR Professionals Magazine

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. The responses to the defined benefit plan portion of the survey further supports these views.

article thumbnail

Financial Planning Tips for Older Women

Money Talk

This post describes ten things that older women need to consider about personal finance during the second half of their financial life: ¨ Unique Financial Characteristics - Women are more likely than men to have gaps in their employment history and to be more negatively impacted by divorce than men. This is a mistake.

401(k) 360
article thumbnail

5 Financial Steps to Support Employees in 2022

Best Money Moves

Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees. There are programs employers can offer such as a rainy day savings account program that can help ease these issues. Be sure your retirement strategy is still going strong.

401(k) 96