CorpStrat

JANUARY 17, 2023

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). 401(k) plans. Increased Limits.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 3, 2023

On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant increases.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

Insperity

OCTOBER 10, 2023

At its most basic level, the law encourages people to not only save money for retirement , but to save more and also become financially stable in the present. To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. The SECURE 2.0

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

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 ). Automatic Deferral Increase for Non-Safe Harbor Plans.

401(k) 98

401(k) Retirement Plan Education Finance 98

International Foundation of Employee Benefit Plans

JANUARY 13, 2023

Plan sponsors and administrators are encouraged to reference these comprehensive calendars to stay on track in 2023. Health and Retirement Plans Subject to ERISA (Includes Multiemployer Plans) Health and Welfare.

Health and Welfare 85

Health and Welfare Employee Benefits Retirement Plan 401(k) 85

Vantage Circle

SEPTEMBER 23, 2023

In today's tough job market, businesses need to attract and keep the best employees to succeed. In 2023, employee benefits are important for businesses. Welcome to “Employee Benefits Guide for 2023: What Employers Need to Know.” Why Are Employee Benefits Important?

Family and Medical Leave Act 59

Family and Medical Leave Act Employee Benefits 401(k) Employment 59

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) 70

401(k) Retirement Plan Employee Benefits 70

Proskauer's Employee Benefits & Executive Compensa

JANUARY 24, 2023

A district court in New York recently dismissed a putative class action challenging retirement plan recordkeeping and investment management fees. 21-cv-8458, 2023 WL 186679 (S.D.N.Y. Plaintiffs, former Deloitte LLP employees, sued the firm in the U.S. The case is Singh v. Deloitte LLP , No.

401(k) 109

401(k) Profit Sharing Plan Retirement Plan Management 109

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) 72

401(k) Retirement Plan Employee Benefits 72

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal. hardship withdrawals from a 403(b) plan could only be funded from the employee’s elective deferrals exclusive of earnings. Before SECURE 2.0, However, SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 22, 2023

We have previously blogged on the flurry of class action lawsuits challenging 401(k) plan investments in the BlackRock LifePath Index Target Date Funds. 22-cv-532, 2023 WL 5961651 (E.D. Trauernicht v. Genworth , No.

401(k) 95

401(k) Retirement Plan IT 95

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 80

Employee Benefits Flexible Spending Account Employment Health Savings Account 80

HR Digest

APRIL 22, 2023

The job market is constantly evolving, and as a result, the employee benefits regulations that are expected from employers are also changing. Today, employers are under increasing pressure to stay ahead of employee benefits trends and offer a comprehensive range of workplace benefits that cater to the diverse needs of their employees.

401(k) 105

401(k) Parental Leave Benefits Package PTO 105

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.

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

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 82

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 82

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

HR Professionals Magazine

FEBRUARY 3, 2024

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.

Retirement Plan 52

Retirement Plan 401(k) Pension Benefits Package 52

McDermott Will & Emery Employee Benefits

APRIL 4, 2024

In late December 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 (the Notice), providing guidance on key provisions of the SECURE 2.0 Provisions appeared first on EMPLOYEE BENEFITS BLOG. Provisions appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022 (SECURE 2.0).

Retirement Plan 59

Retirement Plan Employee Benefits 401(k) 59

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 31, 2023

As discussed in further detail here , here and here , for almost 15 years, the DOL has been attempting to expand what it means to be providing “investment advice” for purposes of determining whether a provider is a “fiduciary” to an ERISA plan or an individual retirement account (“IRA”) under ERISA and Section 4975 of the Code.

401(k) 77

401(k) Insurance Employment Retirement Plan 77

Empuls

MAY 7, 2023

As an employer, you are responsible for keeping your employees happy, motivated, and engaged. One of the ways to achieve this is by implementing an effective employee benefits program. Employee benefits programs are an integral part of any organisation's compensation plan. What are employee benefits?

Employee Benefits 40

Employee Benefits Parental Leave Health Insurance Benefit Providers 40

Higginbotham

NOVEMBER 2, 2023

Developing an Employee Financial Wellness Program Employees typically look for competitive compensation, but a good salary alone isn’t necessarily enough to ease financial difficulties. According to a 2023 survey from the Lending Club, 60 percent of Americans are living paycheck to paycheck. The average balance is $37,718.

401(k) 52

401(k) Disability Insurance Benefits Package Insurance 52

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

Empuls

SEPTEMBER 25, 2023

New requirements for health and retirement benefits Health and retirement benefits are an integral part of employee compensation, and they are subject to their own sets of laws and regulations. Some jurisdictions now require certain types of preventative care to be included in employer-sponsored plans.

Family and Medical Leave Act 40

Family and Medical Leave Act Overtime 401(k) Benefits Package 40

HR Digest

NOVEMBER 20, 2023

A Forbes Advisor summary of recruitment stats indicated that 46 percent of HR leaders reported recruiting as one of their top priorities for 2023. Review Fringe Benefits Many companies are often overly focused on monetary compensation and miss out on other supportive benefits their employees might enjoy.

Recruitment 110

Recruitment IT 401(k) Health and Welfare 110

Vantage Circle

NOVEMBER 30, 2022

" Long story short, fringe benefits are taxable employee benefits and must be included in the recipient's pay. You want your employee benefits package to include at least some of these popular fringe benefits : Health insurance. Employee Assistance Programs (EAPs). Commuter benefits.

PTO 105

PTO Profit Sharing Plan Bonuses Paid Leave 105

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. Plan sponsors had questioned how the “establishment date” would apply in the context of plan mergers and spin-offs. Merger of Pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Insperity

MARCH 12, 2024

Launching a successful benefits program in your workplace calls for a savvy employee benefits strategy. Here, we’ll cover everything you need to know about employee benefits. Common employee benefits Here’s a list of the employee benefits that should be on your radar.

Family and Medical Leave Act 57

Family and Medical Leave Act Employee Benefits PTO 401(k) 57

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 12, 2022

The DOL is accepting comments on the proposed changes through January 20, 2023, and it remains to be seen whether the DOL loosens the proposed requirements for self-correction in response to comments.

401(k) 97

401(k) Employment Retirement Plan IT 97

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2024

Defense counsel frequently lament the difficulties of defending 401(k) investment and recordkeeping fee litigation when different judges render conflicting rulings on motions to dismiss seemingly indistinguishable complaints. 1:20-cv-1236, 2023 WL 9327209 (E.D. 2:20-cv-1079, 2023 WL 9327202 (E.D. 9, 2023); [3] Guyes v.

401(k) 52

401(k) Retirement Plan Utilities Technology 52

Proskauer's Employee Benefits & Executive Compensa

MARCH 16, 2023

21-cv-697, 2023 WL 2431667 (S.D. 9, 2023); dismissal was denied in Lucero v. Credit Union Retirement Plan Association , No. 22-cv-208, 2023 WL 2424787 (W.D. Dismissal was granted in Sigetich v. The Kroger Co. ,

401(k) 83

401(k) Retirement Plan Employment IT 83

Griffin Benefits

JULY 5, 2023

In fact, after raising the prices of more than 1,400 prescription drugs in 2022, pharmaceutical companies started 2023 off with a 5% increase for more than 450 medications. HUB International’s employee benefits advisors can help you navigate the complexities of self-insurance and stop-loss healthcare insurance.

Health Insurance 52

Health Insurance Insurance Pharmaceutical Healthcare 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.”

401(k) 52

401(k) Retirement Plan Taxes Salary 52

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.

401(k) 108

401(k) Retirement Plan Taxes Finance 108

Vantage Circle

SEPTEMBER 11, 2023

Imagine a world where managing employee benefits is no longer a daunting task but an empowering experience for HR teams and employees. With an innovative employee benefits platform, that world becomes a reality. Importance of Having an Employee Benefits Platform in Place 1. Let's delve in.

Employee Benefits 52

Employee Benefits Payroll Retirement Plan Software 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.

Retirement Plan 74

Retirement Plan 401(k) Utilities Employment 74

Vantage Circle

NOVEMBER 23, 2023

Employee perks are the enticing extras employers offer their staff, going beyond the regular paycheck to make the workplace more inviting and fulfilling. These incentives span a wide array, from health benefits and retirement plans to flexible work arrangements, financial bonuses, and professional development opportunities.

Family and Medical Leave Act 64

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

Vantage Circle

MAY 18, 2023

Most organizations offer health insurance as a benefit to their employees. Retirement Plans: Retirement savings are viewed as the most essential benefit by 77% of working Americans. Employees can save a portion of their pay into a retirement savings account, which increases over time.

Family and Medical Leave Act 105

Family and Medical Leave Act Life Insurance Health Insurance Retirement Plan 105