Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

a long-awaited (and debated) package of retirement plan reforms. Act of 2022” as part of the 2023 Consolidated Appropriations Act; President Biden is expected to sign the bill into law soon. includes several changes intended to improve employee access to workplace-based retirement savings. may be viewed here.

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401(k) Retirement Plan Taxes Finance 108

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. Retirement plans are essential for financial security in old age, and need sound investments to take care of living expenses, medical bills, and other necessities.

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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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Retirement Plan 401(k) Banking Education 98

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. New Catch-Up Limit - Currently, additional catch-up savings ($7,500 in 2023) in employer retirement plans is available for workers age 50+. The SECURE 2.0

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401(k) Retirement Plan Taxes Salary 130

McDermott Will & Emery Employee Benefits

JUNE 7, 2022

The US Department of Labor (DOL) recently issued guidance for the first time on the investment of retirement plan assets in cryptocurrencies. The post When Are Cryptocurrencies Appropriate Investments for Retirement Plans and IRAs? Compliance Assistance Release No. Compliance Assistance Release No.

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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

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401(k) Retirement Plan Education Finance 98

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. Employees can deposit an incremental $100 into their health care FSAs in 2022.

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401(k) Retirement Plan Health Savings Account Deductions 55

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. Qualified Defined Benefit Plans. Increase from 2022 to 2023.

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Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

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., Savings Fosters Success - Studies have shown that just being in the retirement system in some capacity (e.g.,

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401(k) Retirement Plan Finance Government 244

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. Church plans. SECURE 1.0’s

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HR Professionals Magazine

JULY 26, 2022

workers currently don’t have access to a retirement plan sponsored by their employer. To bridge this gap, a majority of states have contemplated state-mandated retirement savings plan legislation, and 13 have already signed such programs into law. Key retirement plan differentiators at a glance.

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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. Auto-enrollment plans. which was enacted in 2019.

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

Money Talk

APRIL 14, 2022

With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. President, most people can’t itemize without a plan. In 2022, there are seven tax rates for each filing status (single, married filing jointly, head of household, and married filing separately).

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

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% Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 401(k)s) and IRAs are pegged to inflation. million in 2022). in June and a still-high 6.5%

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401(k) Banking Deductions Deductible 245

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

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Taxes 401(k) Retirement Plan Pension 187

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 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. 2023 Retirement Plan Limits Increase.

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401(k) Retirement Plan Health Savings Account Deductions 82

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

Money Talk

SEPTEMBER 14, 2023

Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g., 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. For example, $100,000 ÷ 26.5 (the

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Taxes 401(k) Retirement Plan Pension 187

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 96

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 Act of 2022? appeared first on EMPLOYEE BENEFITS BLOG.

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401(k) Retirement Plan Employee Benefits 73

Business Management Daily

AUGUST 30, 2023

since it was signed at the end of 2022. 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.

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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 IRS requires pre-approved plans to be amended and restated every six years to incorporate recent law changes.

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401(k) Taxes Employee Benefits Employment 59

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

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401(k) Retirement Plan Employee Benefits 72

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.

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401(k) Taxes Retirement Plan Commissions 111

Best Money Moves

JANUARY 31, 2023

Almost 4 in 10 employees say they’re not confident about reaching their retirement goals, according to a 2022 Bank of America report , and even more are unsure if they have enough savings to retire. Here are 3 ways to help all employees get prepared for life during retirement.

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401(k) Retirement Plan Banking Finance 105

Health Consultants Group

APRIL 1, 2021

How CARES Act Affects Employee Retirement Plan Distributions. That includes compliance with CARES Act Section 2202 , Special Rules For Use of Retirement Funds. Employees who met these coronavirus-related conditions qualified for retirement plan distributions under the special rules. CARES Act Retirement Plan Rules.

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Retirement Plan 401(k) Taxes Pension 52

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 21, 2021

The IRS recently updated its “Employee Plans Compliance Resolution System” (EPCRS). By way of background, EPCRS is a correction program administered by the IRS for plan sponsors to correct certain retirement plan errors. New Flexibility to Correct Retirement Plan Overpayments.

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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. CommonSpirit Health , No.

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401(k) Retail Retirement Plan Management 98

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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401(k) Retirement Plan Management IT 97

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. 401(k)/403(b)/457, TSP, SEP, and Traditional IRA accounts).

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401(k) Taxes Retirement Plan Finance 188

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., Some indexes adjust annual limits related to financial planning for inflation, some adjust interest earned or paid by consumers, and others measure the performance of something relative to a benchmark indicator.

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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).

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401(k) Retirement Plan Flexible Spending Account Insurance 52

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.”

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401(k) Retirement Plan Taxes Salary 52

Money Talk

DECEMBER 29, 2022

I recently attended a number of webinars about retirement planning. Limited Investment Alternatives - Stocks have not been doing well during most of 2022 but neither are bonds, cryptocurrencies, or cash equivalent assts (money market funds and CDs) that are losing purchasing power to inflation. Many have to settle for less.

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401(k) Taxes Retirement Plan Finance 177

InterWest Insurance Services

DECEMBER 20, 2022

SB 1126 will require any person or entity with at least one employee to either provide them with access to a retirement program like a 401(k) plan or enroll them in the state-run CalSavers program. Also, since July 2022, the CalSaver’s law has applied to employers with five or more workers.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 3, 2022

A federal district court in Florida sent a proposed ERISA breach of fiduciary duty class action to individual arbitration on the basis of a plan arbitration clause that allowed for individual relief and plan-wide injunctive relief. 21-cv-22986, 2022 WL 180638 (S.D. The case is Holmes v. Baptist Health South Florida, Inc. ,

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401(k) Retirement Plan Management IT 98

Money Talk

DECEMBER 7, 2022

Some people arrange automatic monthly payments through their retirement plan custodian to simulate a “paycheck” while others take their RMD quarterly or in one lump sum. New RMD Table- A new Uniform Lifetime Table took effect for RMDs beginning in 2022. People will often do this for portfolio rebalancing reasons.

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401(k) Taxes Entertainment Retirement Plan 183