McDermott Will & Emery Employee Benefits

APRIL 6, 2022

The increased penalties generally apply to reporting and disclosure failures if the penalty is assessed after January 15, 2022, and if the violation occurred after […]. The post Inflation and ERISA Penalties: Hand in Hand for 2022 appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 83

Employee Benefits Health and Welfare Executive Compensation Retirement Plan 83

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

401(k) 73

401(k) Retirement Plan Employee Benefits 73

Benefits Notes

NOVEMBER 5, 2021

On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61 , which sets forth the 2022 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2022 limits for benefit plans. Updated November 18, 2021.

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

Money Talk

JULY 13, 2022

I recently wrote a blog post about doing a mid-year financial check-up in early July so you have six months to work on planned action steps. If you are “of age” and have not yet taken your 2022 RMD, consider doing so soon- in one or more “installments”- to avoid the year-end rush. Giving peaks at ages 61 to 75.

Taxes 246

Taxes Retirement Plan Finance Consulting 246

Money Talk

OCTOBER 6, 2022

Inflation Rate- Annual inflation rates reached four-decade highs during the first half of 2022. Lack of Retirement Planning - Many people spend time planning meetings that last an hour, weddings that last a day or a weekend, and higher education (4-5 years). As of May 2022, 13 states have financial education mandates.

Taxes 187

Taxes Finance Education Retirement Plan 187

WEX Inc.

MAY 8, 2023

For example, the 2022 PPO employee-only deductible averaged $1,322 and the 2022 HDHP annual deductible limit was $1,400 for an individual. Check out our free white paper about HDHPs, HSAs and retirement planning! The information in this blog post is for educational purposes only. It is not legal or tax advice.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

InterWest Insurance Services

NOVEMBER 25, 2022

The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. The maximum contribution levels are readjusted every year to account for inflation, along with maximum retirement plan contribution limits. Retirement plan maximums.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

Money Talk

APRIL 28, 2022

Before I did, I reviewed notes that I had taken looking for some “timeless nuggets” that are still relevant in 2022. Methods include webinars, podcasts, blogs, television and radio shows, print media, websites, and more. unmatched employer retirement savings, 6. Impaired individuals also become more trusting of strangers.

401(k) 184

401(k) Health Savings Account Finance Retirement Plan 184

CorpStrat

NOVEMBER 30, 2022

Maximums for retirement plans. Get retirement plan discussions out of the way early. Many of them may want to take salaries in order to max out retirement plans opportunities. Group term insurance in excess of 50,000. consider any other taxable fringe benefits. Don’t forget partner and owners.

Payroll 52

Payroll Retirement Plan PTO Transportation 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”). Multiple Employer and Pooled Employer 403(b) Plans SECURE 2.0 As discussed in more detail below, SECURE 2.0 However, SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

InterWest Insurance Services

MARCH 22, 2022

The deadline is fast approaching for employers with 5 or more workers in California, and who do not already offer their employees a retirement plan, to register their staff for the CalSavers Retirement Savings Program. Employers with five or more workers – The deadline for registration is June 30, 2022. 401(k) plans.

401(k) 98

401(k) Retirement Plan Employment Deductions 98

InterWest Insurance Services

DECEMBER 20, 2022

Currently only companies with five or more employees who do not offer a retirement plan are required to enroll their workers in CalSavers. Also, since July 2022, the CalSaver’s law has applied to employers with five or more workers.

401(k) 97

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 97

McDermott Will & Emery Employee Benefits

JULY 6, 2022

On May 6, 2022, McDermott Partner Chris Nemeth delivered a presentation during the 2022 TEA National Conference titled “ESOP Litigation: Latest Trends and Open Questions.” His presentation focused on recent significant employee stock ownership plan (ESOP) court decisions and emerging litigation trends in the ESOP industry.

Employee Benefits 84

Employee Benefits Retirement Plan 84

HR Digest

APRIL 30, 2022

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. Fidelity currently manages $11.3

401(k) 52

401(k) Retirement Plan Banking Government 52

Proskauer's Employee Benefits & Executive Compensa

MARCH 14, 2022

That is, in DOL’s view, the benefits of cryptocurrency in 401(k) plans may prove to be just as fictional as kryptonite, thereby causing significant risks of losses for retirement security. On March 10, 2022, DOL issued Compliance Assistance Release No.

401(k) 97

401(k) IT Retirement Plan Government 97

Proskauer's Employee Benefits & Executive Compensa

JULY 6, 2022

737 (2022), and two district courts dismissed similar claims. CommonSpirit Health , a 401(k) plan participant claimed that defendants breached their fiduciary duty of prudence by offering actively managed investments despite the availability of lower-cost and better-performing index funds. 21-5964, 2022 WL 2207557 (6th Cir.

401(k) 97

401(k) Retirement Plan Management IT 97

McDermott Will & Emery Employee Benefits

DECEMBER 22, 2022

On November 21, 2022, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program (VFCP), along with a proposed amendment to the Prohibited Transaction Exemption (PTE) 2002-51.

Employee Benefits 81

Employee Benefits Retirement Plan 81

McDermott Will & Emery Employee Benefits

SEPTEMBER 15, 2022

On August 25, 2022, the US Securities and Exchange Commission (SEC) adopted final rules to implement the pay versus performance disclosure requirement mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The post SEC Adopts Final Pay Versus Performance Rules appeared first on EMPLOYEE BENEFITS BLOG.

Commissions 88

Commissions Employee Benefits Executive Compensation Retirement Plan 88

McDermott Will & Emery Employee Benefits

SEPTEMBER 8, 2022

On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the highly anticipated Responsible Financial Innovation Act (the bill), which sets out to create the first complete regulatory and bipartisan framework for digital assets.

Taxes 88

Taxes Employee Benefits Retirement Plan Commissions 88

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The table below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2022 […]. The post IRS Announces 2023 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 83

Employee Benefits Flexible Spending Account Employment Health Savings Account 83

McDermott Will & Emery Employee Benefits

JANUARY 11, 2023

We recently reported on an FAQ issued December 23, 2022 (FAQ About Affordable Care Act and Consolidated Appropriations Act, 2021 Implementation Part 56) by the US Departments of Labor, Health and Human Services and the Treasury (collectively, the Departments).

Employee Benefits 78

Employee Benefits Health and Welfare Executive Compensation Retirement Plan 78

McDermott Will & Emery Employee Benefits

JUNE 9, 2022

On May 5, 2022, McDermott Partner Erin Turley delivered a presentation during the 2022 TEA National Conference titled “Understanding a Trustee’s Role in Management Incentive Plans.” The post Understanding a Trustee’s Role in Management Incentive Plans appeared first on EMPLOYEE BENEFITS BLOG.

Management 73

Management Employee Benefits Executive Compensation Retirement Plan 73

McDermott Will & Emery Employee Benefits

JUNE 23, 2022

On May 5, 2022, McDermott Partner Allison Wilkerson delivered a presentation during the 2022 TEA National Conference titled “Mature ESOPs: Remodeling the House You Own.” The post Mature ESOPs: Remodeling the House You Own appeared first on EMPLOYEE BENEFITS BLOG. Allison and her co-presenters also […].

Employee Benefits 69

Employee Benefits Retirement Plan 69

Snell & Wilmer Benefits

MARCH 9, 2022

As reported in our January 7, 2022 SW Benefits Blog “ The DOL Asks and Answers Questions About the New Welfare Plan Fee Disclosure Rules ,” group health plans must now comply with the ERISA Section 408(b)(2) disclosure requirements. We will have to wait and see what the Departments do in response to the Texas case.

Health and Welfare 40

Health and Welfare Medical Retirement Plan Consulting 40

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 29, 2022

Specifically, the proposed regulations would allow plans to accept remote notarization or witnessing by a plan representative if the remote process meets certain standards aimed at ensuring the integrity of the process.

Electronics 113

Electronics Technology Retirement Plan Pension 113

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

Although 403(b) plans are similar to tax-qualified defined contribution plans (“401(a) plans”), they are subject to unique rules, and, until now, the IRS has not offered a determination letter program for individually designed 403(b) plans. Details of the Determination Letter Program Expansion to 403(b) Plans (Rev.

Taxes 109

Taxes Employment Retirement Plan Pension 109

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. Future blog posts will explore these provisions in more detail, so check back for comprehensive analysis. may be viewed here.

401(k) 108

401(k) Retirement Plan Taxes Finance 108

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

Act of 2022 (“ SECURE 2.0 ”) that was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act includes a slew of changes for retirement plan sponsors and employers. please see our other blog posts or contact a member of Proskauer’s Employee Benefits and Executive Compensation group.

Pension 52

Pension Executive Compensation Retirement Plan Employment 52

Vantage Circle

NOVEMBER 23, 2023

What can you take away from the blog Key Takeaways What are employee perks? These incentives span a wide array, from health benefits and retirement plans to flexible work arrangements, financial bonuses, and professional development opportunities. A 401(k) is a tax-advantaged retirement savings program provided by employers.

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Family and Medical Leave Act 401(k) Retirement Plan roth 401(k) 64

WEX Inc.

JULY 24, 2023

Fortunately, there’s an often overlooked way to help employees build wealth and prepare for retirement. Why HSAs for retirement planning? These accounts provide another way for your employees to diversify their efforts to prepare for retirement. Click below to get your free HSA retirement white paper.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Hireology

SEPTEMBER 28, 2017

and is expected to add roughly 715,700 new jobs between 2012 and 2022. Potential employees, regardless of age or industry, will want to work for an organization with a desirable career path and benefits that include health insurance, vacation/PTO, performance bonus, paid sick days and a retirement plan.

Benefits Package 60

Benefits Package Management Healthcare PTO 60

Higginbotham

JULY 7, 2022

DOL Announces Plans to Issue Proposed Overtime and Independent Contractor Rules. Department of Labor (DOL) announced its plans to issue a proposed overtime rule in October 2022. On March 14, 2022, a U.S. Enforcement Delay The CAA’s price comparison requirement is effective for plan years beginning on or after Jan.

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Overtime Retirement Plan Health Insurance Insurance 52