Employee Benefit News

SEPTEMBER 18, 2023

Mindy Zatto, founding principal of Strategic Benefits Advisors, is on a mission to simplify and demystify retirement plans.

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Retirement Plan Employment 103

Business Management Daily

AUGUST 30, 2023

brings to your retirement plans in 2023. It used to be that all employees eligible for the company’s retirement plan would have to receive notices; now that requirement is reduced to only enrolled employees. already made to your retirement plans appeared first on Business Management Daily.

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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) 82

HR Lineup

OCTOBER 25, 2023

As we step into 2023, retirement planning has become more critical than ever. With the uncertainty surrounding the future of Social Security and the increasing life expectancy, having a solid retirement plan is essential. 10 Best 401(k) companies of 2023 1. What is a 401(k)?

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401(k) Retirement Plan Taxes Education 52

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 98

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. tax-deferred retirement plan contributions and charitable gifting) are already accounted for.

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Taxes Retirement Plan Deductions Deductible 199

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+. 401(k), 403(b), 457, or Thrift Savings Plan). There is no way out. tax bracket was over 90%.

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401(k) Taxes Retirement Plan Pension 179

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

HR Lineup

SEPTEMBER 29, 2023

In 2023, the demand for such software has surged, prompting innovation and improvements in existing solutions. Here, we’ll delve into the top 10 financial wellness software options for 2023, examining two of the most notable features of each. Top 10 Employee Financial Wellness Platforms of 2023 1.

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Software Retirement Plan Financial Counseling Education 52

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. IRS Notice 2022-55: 2023 limits for retirement plans.

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

Best Money Moves

APRIL 2, 2024

According to a Forbes Advisor survey , 68% of Americans say financial regrets from 2023 caused them stress in the following year. The average debt for Millennials alone rose more than 8% in 2023. Retirement plans are core to building a solid foundation, but many Americans are still not saving enough. According to the St.

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Retirement Plan Education Employment Management 89

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 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 In January 2023, many online bank accounts are paying 3.30%+. million in 2022).

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401(k) Banking Deductions Deductible 245

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

Insperity

OCTOBER 10, 2023

To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” The SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 108

Best Money Moves

MARCH 30, 2023

Best Money Moves Sneak Peek: 2023 Financial Webinar Series. Get an inside look into Best Money Moves and catch a free preview of our 2023 Financial Webinar series. Luckily, carrying debt doesn’t mean you have to give up on your other financial goals — so long as you’re able to plan ahead.

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Retirement Plan Finance Taxes Education 59

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 Act of 2022 (SECURE 2.0). Provisions appeared first on EMPLOYEE BENEFITS BLOG.

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Retirement Plan Employee Benefits 401(k) 59

Best Money Moves

MARCH 11, 2024

Mercer’s 2023 Health and Benefits Strategies report shows that many employees are looking for benefits packages that include parental leave, adoption leave and elder caregiver leave. A retirement plan allows employees to build a financial safety net as they work, saving money over their careers.

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Retirement Plan Healthcare Healthcare Benefits Parental Leave 87

HR Lineup

MARCH 9, 2023

Here are ten recruiting hacks to help you find the best job candidates in 2023. Top 10 Recruitment Hacks to Hire the Best Talent in 2023 1. This includes not only salary but also benefits such as health insurance, retirement plans, and vacation time.

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Recruitment Media Retirement Plan Salary 90

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

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Increase from 2022 to 2023. Increase from 2022 to 2023. Health FSAs. . 300/month. $20/month.

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Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Vantage Circle

JANUARY 16, 2023

As an HR professional, starting the new year by finding, curating, and planning for the upcoming events in the coming months is a not-so-fun start. The Comprehensive 2023 HR Calendar That Needs To Be Pinned Up. New Year's Day: January 1, 2023, Sunday. World Day of Peace: January 1, 2023, Sunday. National Hobby Month.

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Family and Medical Leave Act Bonuses Education 401(k) 98

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 27, 2023

Department of Labor (the “DOL”) issued final regulations (the “Final Rules”) which address the extent to which ERISA plan fiduciaries may consider environmental, social and governance (“ESG”) factors when making investment decisions and exercising shareholder rights, such as voting proxies, on behalf of ERISA-covered plans.

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CorpStrat

NOVEMBER 25, 2022

Here are our top tips for building a strong Benefits strategy going into 2023: 1. Of course, retirement plans are important as are great strategy for PTO and time off and flex time. Be sure you package your programs and communicate them throughout the course of 2023. So, what is your Benefits strategy? Be proactive.

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PTO Retirement Plan Benefits Package Medical 52

HR Digest

AUGUST 28, 2023

With the ability to make both employee and employer contributions, the Solo 401k allows you to save and invest more compared to traditional retirement plans. So, let’s get started and see if a solo 401k is the golden ticket to a secure retirement. The early withdrawal penalty for both types of plans is 10%.

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401(k) Retirement Plan Taxes Consulting 98

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

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.

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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 ). Starter 401(k) Plans. technical corrections bill.

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401(k) Retirement Plan Education Finance 98

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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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

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

Employee Benefits

APRIL 18, 2024

out of 10 in 2023, up from 4.95 When asked how their trust in pensions affects how they feel about their level of savings for retirement, almost six in 10 still say the industry has no impact on their retirement savings. This indicates that for most, pensions are not being considered as the predominant retirement plan.

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Pension Retirement Plan Employee Benefits IT 69

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Retirement plan maximums.

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401(k) Deductions Deductible Flexible Spending Account 98

Best Money Moves

AUGUST 23, 2023

It’s also a good idea to contract financial advisors outside of your employees’ retirement plan. Of the employers that offer financial advising, 65% of them offer this benefit through their retirement representative, according to EBRI’s report. Shift toward a holistic financial wellness benefits.

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Retirement Plan Finance Taxes Employment 82

Snell & Wilmer Benefits

JUNE 23, 2023

Currently, employers can (but are not required to) permit retirement plan participants who are age 50 or older to make catch-up contributions that exceed the otherwise applicable Section 402(g) limit (which is $22,500 for 2023). The 2023 catch-up contribution limit is $7,500.

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Retirement Plan Payroll Taxes Employment 52

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.

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401(k) Retirement Plan Banking Finance 97

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. This SECURE 2.0

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401(k) Retirement Plan Taxes Employee Benefits 52

Employee Benefits

JANUARY 4, 2024

The strategy has resulted in outstanding outcomes, and is recognized as the winner of the Best Financial Wellbeing Strategy from Financial Wellbeing Impact Awards 2023. Outcome: Intuit was named the 10th Best Large Workplace at the 2023 Great Place To Work awards and named as the 11th Best Large Workplace for Wellbeing.

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