Insperity

OCTOBER 10, 2023

In December 2022, the U.S. Act of 2022 enables business leaders to: Deliver additional financial benefits to round out an organization’s compensation strategy Remain competitive in an increasingly dynamic labor market Win the war for talent In this blog, we’ll discuss: What the SECURE 2.0 employer-sponsored 401(k) plans.

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Money Talk

MAY 18, 2022

Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. In an earlier blog post , I described 12 tax planning topics for 2022. Improve Your Tax Records - If disorganized records were a problem for 2021 taxes due in 2022, set up a better system.

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Taxes 401(k) Deductions Deductible 262

HR Digest

APRIL 30, 2022

A Bitcoin 401(k). recently revealed that they plan to offer investors the option to put bitcoin in their 401(k)s by the end of this year. A 401(k) plan is a company-sponsored retirement account where employee funding might come directly from their paychecks and may be matched by the employer.

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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. 401(k) plans established after Dec. which was enacted in 2019.

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International Foundation of Employee Benefit Plans

APRIL 28, 2022

On March 10, 2022, the Department of Labor’s Employee Benefits Security Administration (EBSA) released compliance guidance that cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 25, 2022

1:20-cv-04220, 2022 WL 88586 (D.S.C. Plaintiffs were participants in Centerra’s 401(k) plan who alleged that the defendants breached their fiduciary duties in connection with the monitoring of various investment options that had excessive fees and underperformed. The case is Williams et al. Centerra Grp., LLC et al. ,

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Business Management Daily

APRIL 1, 2022

Figuring that defined-contribution plans such as 401(k)s weren’t nearly secure as they should be after the passage of the Setting Every Community Up for Retirement Enhancement Act of 2019, Congress is taking another stab at it with the Securing a Strong Retirement Act of 2021 (H.R. For 2022, the catch-up contribution amount is $6,500.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 28, 2022

24, 2022) (discussed further here ), a Georgia federal district court held in favor of plaintiffs and declined to dismiss allegations that defendant’s 401(k) plan included costly and underperforming funds and charged excessive recordkeeping fees. 25, 2022). Northwestern Univ. , 19-1401, 595 U.S. The case is Goodman v.

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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. What follows is a summary of the new IRS limits; Health Care FSA Limits Increase for 2022.

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401(k) Retirement Plan Health Savings Account Deductions 55

Business Management Daily

JANUARY 21, 2022

The IRS uses those codes to determine compliance with other sections of the tax code, like 401(k) compliance and teasing out employees who earn too much to make tax-deductible IRA contributions. W-2 coding for 401(k) contributions. Sally’s employer has until April 15, 2022, to do this. Remember Sally?

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401(k) Taxes Payroll Deductions 52

Business Management Daily

FEBRUARY 18, 2022

The Employee Benefits Security Administration has had an on-again, off-again approach to whether employers can allow 401(k) investment choices to promote social, environmental, or other public policy causes—called economically targeted investments or sometimes environmental, social, or governance investing.

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401(k) Pension Retirement Plan Commissions 59

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). As previously discussed, the SECURE 2.0 However, SECURE 2.0

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401(k) Retirement Plan Education Finance 98

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., 401(k) plans), they generally don’t save for retirement. not running out of money to live a comfortable lifestyle).

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Money Talk

APRIL 4, 2024

All other tax-deferred plans, like 401(k)s and the thrift savings plan (TSP), must have RMDs calculated separately. 2022 for 2024) and can be avoided by lowering adjusted gross income or making an appeal to Medicare based on life events. IRMAA is based on income earned two years earlier (e.g.,

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401(k) Taxes Finance Education 190

Benefits Notes

MAY 16, 2022

Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching. The deadline for the current restatement cycle, “Cycle 3,” is July 31, 2022.

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Griffin Benefits

NOVEMBER 1, 2022

Together, these combined announcements by the IRS detail 2023 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. Adoption Assistance Increases for 2022.

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401(k) Retirement Plan Health Savings Account Deductions 82

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. The limit will be the greater of $10,000 or 150% of the standard catch-up amount for 401(k)s and similar salary reduction plans. The SECURE 2.0

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401(k) Retirement Plan Taxes Salary 130

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% 401(k)s) and IRAs are pegged to inflation. for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022). million in 2022). in June and a still-high 6.5% CPI at year-end.

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401(k) Banking Deductions Deductible 245

International Foundation of Employee Benefit Plans

FEBRUARY 22, 2024

Act of 2022 (ERISA section 801). authorized 401(k), 403(b) and governmental […] The post FAQs on Workplace Emergency Savings Accounts Under SECURE 2.0 appeared first on Word on Benefits.

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Best Money Moves

OCTOBER 7, 2021

5 financial steps to support employees in 2022. 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. Here are five steps to increasing employee financial wellness for 2022. Help your employees plan for the future.

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401(k) Retirement Plan Financial Counseling Finance 93

Employee Benefit News

AUGUST 10, 2023

Bank of America's recent data found that retirement account balances have increased almost 10% from the end of 2022.

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401(k) Banking Management 95

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950.

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Taxes 401(k) Deductions Deductible 188

Money Talk

JUNE 16, 2022

Examples include a 401(k) or 403(b) plan and traditional IRA. Contribution Limits- The maximum contribution for Roth and traditional individual retirement accounts (IRAs) in 2022 is $6,000 (under age 50) and $7,000 (age 50+). . The 2022 limits for the plans noted above are $20,500 (under age 50) and $27,000 (age 50+).

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Taxes 401(k) Retirement Plan Pension 187

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 17, 2023

legislation that was enacted at the end of 2022 included an expansion of the ability for a section 401(k) or 403(b) plan, or a governmental section 457(b) plan, to provide matching contributions on participants’ student loan payments. The grab bag of retirement provisions in the SECURE 2.0 Prior to SECURE 2.0,

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401(k) Education Taxes Employment 115

Proskauer's Employee Benefits & Executive Compensa

AUGUST 5, 2022

Dudenhoeffer , courts around the country have overwhelmingly rejected ERISA fiduciary-breach claims by 401(k) plan participants seeking relief related to investments in company stock funds. 1, 2022). The Boeing Co. , 20-3389 (7th Cir. Background.

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Money Talk

SEPTEMBER 14, 2023

401(k), 403(b), 457, thrift savings plan), Traditional IRAs funded with pre-tax dollars, simplified employee pensions (SEPs) for self-employed workers, and annuities. RMD Calculation - A new life expectancy table took effect in 2022. For example, $100,000 ÷ 26.5 (the the divisor for age 73) = $3,774 (rounded).

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Taxes 401(k) Retirement Plan Pension 187

International Foundation of Employee Benefit Plans

AUGUST 22, 2023

With the federal student loan relief plan ruled unconstitutional by the Supreme Court, more employers are expected to consider offering student loan repayment benefits (loan paydown) or 401(k)/403(b) matching under the SECURE Act 2.0 appeared first on Word on Benefits.

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Money Talk

SEPTEMBER 30, 2022

There is a two-year look-back period so 2022 IRMAA surcharges are based on 2020 modified adjusted gross income (MAGI). There are five MAGI income ranges for IRMAA, with 2022 payments ranging from $238.10 The 2022 standard Medicare Part B premium for most older adults, for whom IRMAA is a non-issue, is $171.10. to $573.30

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401(k) Taxes Pension Deductions 244

Proskauer's Employee Benefits & Executive Compensa

MAY 4, 2023

A third district court has dismissed with prejudice a complaint alleging that defendants breached their fiduciary duties under ERISA by offering 401(k) plan participants the option to invest in BlackRock LifePath Index Target Date Funds (the “Funds”). Microsoft , Case No. 22-cv-1082 (W.D.

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Proskauer's Employee Benefits & Executive Compensa

JULY 6, 2022

In April, we wrote here about the discouraging trend of opinions allowing commonly asserted breach of fiduciary duty claims in 401(k) and 403(b) plan investment litigation to survive motions to dismiss. 737 (2022), and two district courts dismissed similar claims. 21-5964, 2022 WL 2207557 (6th Cir. June 21, 2022).

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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”). Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal.

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Proskauer's Employee Benefits & Executive Compensa

JULY 21, 2022

The Sixth Circuit recently issued a mixed opinion in a 401(k) plan investment litigation. District Court for the Southern District of Ohio, alleging that the TriHealth 401(k) plan fiduciaries breached their duties of prudence and loyalty in connection with plan management. 21-5964, 2022 WL 2207557 (6th Cir.

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McDermott Will & Emery Employee Benefits

FEBRUARY 1, 2023

Act of 2022? In this webinar replay, McDermott’s Employee Benefits team discusses the many changes to retirement plans and individual retirement accounts, including the key changes for 401(k), 403(b) and defined benefit plans as well as other changes impacting […] The post Webinar Replay: What to Know About SECURE 2.0

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McDermott Will & Emery Employee Benefits

JANUARY 24, 2023

Act of 2022. With over 90 changes to retirement plans and individual retirement accounts (IRAs), this webinar will highlight the key changes for 401(k) and 403(b) plans and defined benefit plans, as […] The post JOIN US: SECURE 2.0 Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG.

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Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 23, 2022

22-cv-678, 2022 U.S. 15, 2022), a Pennsylvania district court dismissed an ERISA excessive fee complaint for failing to provide enough information about alleged comparator plans that allegedly paid less for recordkeeping services. 2022) (discussed here ); Smith v. 2022) (discussed here ); and Matousek v. In Krutchen v.

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McDermott Will & Emery Employee Benefits

JUNE 7, 2022

2022-01 cautions 401(k) plan fiduciaries to “exercise extreme care” before allowing participants to invest plan assets in cryptocurrencies because cryptocurrencies “present significant risks and challenges to participants’ retirement accounts, […]. Compliance Assistance Release No.

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HR Professionals Magazine

MAY 24, 2022

As a team of 401(k) advisors focused on participant outcomes, we are constantly fielding financial related questions from employees seeking advice. In the DOL’s guidance, they acknowledge the wave of enthusiasm around crypto and the potential for them to become investment options in 401(k) plans. By Jim Trujillo.

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