Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k) plan. Here’s an example.

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401(k) Retirement Plan Employment IT 94

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). The maximum contribution for traditional IRAs for 2023 was $6,500 for workers under age 50 and $7,500 for those age 50+. Tax planning involves looking ahead and projecting future income and tax write-offs. There is no way out.

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401(k) Taxes Retirement Plan Pension 179

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

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. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

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401(k) Retirement Plan Health Savings Account Deductions 82

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

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401(k) Taxes Retirement Plan Employment 111

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.

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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

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401(k) Retirement Plan Taxes Benefits Package 109

Business Management Daily

JANUARY 5, 2023

The last act of the 117th Congress was to pass the Consolidated Appropriations Act, 2023. Act of 2022 —90+ provisions focused on 401(k) and other retirement plans. The basis for withholding, including for auto-enrollment 401(k) plans, is that you can’t miss what you never thought you had.

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

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. So SECURE 2.0

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401(k) Deductions Deductible Taxes 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 ). Automatic Deferral Increase for Non-Safe Harbor Plans.

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401(k) Retirement Plan Education Finance 98

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 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 per individual in 2023 vs. $12.06 million in 2022).

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401(k) Banking Deductions Deductible 245

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

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

InterWest Insurance Services

DECEMBER 20, 2022

SB 216 will take effect in two phases: Starting July 1, 2023, the following contractors will be required to carry workers’ compensation coverage regardless of whether they have staff or not: Concrete (C-8 license), Heating and air conditioning (C-20), Asbestos abatement contractors (C-22), and. 9) Bereavement leave.

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

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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. ,

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401(k) Retirement Plan Employment IT 83

Best Money Moves

NOVEMBER 7, 2023

In their 2023 Workplace Benefits Report , Bank of America surveyed 800+ American workers, examining the success of their benefits programs. 63% of employees feel that economic uncertainty affects current and future workplace benefits and 401(k) retirement plans.

401(k) 101

401(k) Retirement Plan Banking Finance 101

CorpStrat

JANUARY 17, 2023

The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). 401(k) plans. Transportation fringe benefit plans. DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. Unchanged Limits. LINKS AND RESOURCES.

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

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. Next, the court held that plaintiffs lacked standing with respect to four of the challenged funds in the 401(k) plan in which they did not invest.

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401(k) Profit Sharing Plan Retirement Plan Management 109

Business Management Daily

AUGUST 30, 2023

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. since it was signed at the end of 2022.

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Retirement Plan 401(k) Taxes Utilities 52

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.

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401(k) Retirement Plan Employee Benefits 72

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.

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401(k) Retirement Plan IT 95

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

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401(k) Taxes Retirement Plan Commissions 111

Benefits Notes

OCTOBER 24, 2022

On October 21, 2022, the Internal Revenue Service (IRS) released Notice 2022-55 , which sets forth the 2023 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2023 limits for benefit plans. Catch-up Limit (age 50+).

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401(k) Deductions Deductible Health Savings Account 52

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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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

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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Retirement Plan 401(k) Utilities Employment 74

Benefits Notes

NOVEMBER 21, 2023

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2024 limits for benefit plans.

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401(k) Health Savings Account Retirement Plan Deductions 52

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

Vantage Circle

SEPTEMBER 23, 2023

In 2023, employee benefits are important for businesses. Welcome to “Employee Benefits Guide for 2023: What Employers Need to Know.” Meeting Legal And Ethical Obligations: Certain benefits, such as health insurance, retirement plans, and paid time off, may be required by law in many jurisdictions.

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

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.

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

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.

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401(k) Retirement Plan Taxes Employee Benefits 52

HR Digest

APRIL 22, 2023

In this article, we will explore some of the latest employee benefits trends 2023 and what employees are looking for in their benefits package. Financial Wellness Benefits This employee benefits trend 2023 is another growing trend in workplace benefits. We will discuss the importance of these benefits to the workplace.

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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.

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401(k) Retirement Plan Executive Compensation Taxes 52

Money Talk

APRIL 14, 2022

Tax-Deferred Investing - One way to avoid a higher tax bracket is to increase tax-deductible contributions to an employer retirement plan (e.g., 401(k), 403(b), 457, TSP). 2022, 2023, 2024, and 2025). Contributions are subtracted from gross income, which reduces adjusted gross income (AGI) and taxable income.

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

PeopleStrategy

DECEMBER 12, 2023

IRS 2024 Retirement Plan Limits No matter how happy your employees are with your company, the majority likely dream of one day retiring. You and others in your HR department can help them prepare for retirement by sharing changed retirement plan limits for the coming year.

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Insperity

SEPTEMBER 21, 2023

Look beyond the 401(k) Employees tend to think of a 401(k) retirement plan as a standard, commonplace benefits offering. Furthermore, a 401(k) is focused on the future and long-term goals – a more urgent and timely concern for older employees closer to retirement.

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401(k) IT Benefits Package Finance 101