Employee Benefits

MARCH 1, 2024

The top 10 most-read articles on employeebenefits.co.uk The top 10 most-read articles on employeebenefits.co.uk

Retirement Plan 52

Retirement Plan Pension Salary Payroll 52

McDermott Will & Emery Employee Benefits

JANUARY 3, 2024

Beginning in 2024, employers and plan sponsors will need to implement new minimum eligibility rules, enacted by the SECURE and SECURE 2.0 Acts, that significantly expand eligibility for long-term, part-time employees to participate in employer-sponsored retirement plans.

Retirement Plan 90

Retirement Plan Employee Benefits Employment 401(k) 90

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. From well-being to flexibility, continuous learning to personalized perks, let's understand the game-changing employee benefits trends that will take lead in the near future.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Retirement Plan 40

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

McDermott Will & Emery Employee Benefits

DECEMBER 20, 2023

The Internal Revenue Service (IRS) recently issued new guidance clarifying key aspects of the broadened retirement plan eligibility rule for long-term, part-time employees under the SECURE 2.0

401(k) 74

401(k) Retirement Plan Employee Benefits Employment 74

Employee Benefits

DECEMBER 20, 2023

The current economic environment is causing disruption to the retirement plans of many. It is important that those retiring in 2024 understand their options, make informed decisions, and avoid making mistakes with their hard-earned savings. Pension Wise offer free appointments to talk about someone’s pension options.

Pension 52

Pension Taxes Retirement Plan Education 52

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 20, 2023

On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below.

Transportation 59

Transportation Flexible Spending Account Flexible Spending Retirement Plan 59

Benefits Notes

AUGUST 9, 2022

On August 3, 2022, the IRS published Notice 2022-33, which extends the deadlines for amending retirement plans and IRAs to reflect certain changes to the law made by the SECURE Act; the Bipartisan American Miners Act; and section 2203 (allowing waiver of 2020 required minimum distributions) of the CARES Act. December 31, 2025.

Retirement Plan 97

Retirement Plan Pension Employee Benefits IT 97

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

401(k) 109

401(k) Retirement Plan Taxes Benefits Package 109

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

a long-awaited (and debated) package of retirement plan reforms. Given the breadth of the changes and the anticipated regulatory efforts to implement the new law, virtually all qualified retirement plans will need to be reviewed in conjunction with SECURE 2.0’s The wait is over for SECURE 2.0, may be viewed here.

401(k) 108

401(k) Retirement Plan Taxes Finance 108

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

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.” Increase in Cash-out Limit.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Employee Benefits

FEBRUARY 12, 2024

Women need to work and save for an extra 19 years on average to retire with the same amount of money in their pension savings as a man, according to Now: Pensions and Pensions Policy Institute ‘s January 2024 gender pension gap report. appeared first on Employee Benefits.

Pension 104

Pension Parental Leave Employment Education 104

InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. 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 catch: These funds must be spent by March 15, 2024.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

Snell & Wilmer Benefits

JULY 31, 2023

brought significant changes to retirement planning and distributions, including updating the Required Minimum Distribution (RMD) requirements. As background, RMDs are the minimum amounts that individuals who attain their “required beginning date” must withdraw from their retirement accounts each year.

401(k) 52

401(k) Retirement Plan Taxes Management 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. cut scheduled for 2024. Not only do the CAA 2023’s “SECURE 2.0” Beginning in 2023, Medicare anticipated cutting its provider reimbursement rates by about 4.5%.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

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. More specifically, SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

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). As of January 1, 2024, SECURE 2.0 The 2023 catch-up contribution limit is $7,500.

Retirement Plan 52

Retirement Plan Taxes Payroll Employment 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

Proskauer's Employee Benefits & Executive Compensa

AUGUST 3, 2022

For calendar year plans that meant amendments had to be made by December 31, 2022. Collectively-bargained and governmental plans had until the last day of the plan year beginning on or after January 1, 2024.

Retirement Plan 105

Retirement Plan Government IT 105

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2024

The opportunity for a meaningful comparison was enhanced by the fact that each of the five complaints in question was filed by the same law firm and asserted claims that retirement plan fiduciaries breached their duty of prudence in making decisions regarding the plan’s recordkeeping fees. 22, 2024). [2] 22, 2024). [3]

401(k) 52

401(k) Retirement Plan Utilities Technology 52

McDermott Will & Emery Employee Benefits

JULY 5, 2023

Act requires participants who earned more than $145,000 in FICA wages in the prior year from their current employer to make all catch-up contributions on a Roth basis beginning in 2024. Payroll Challenges Plague Roth Catch-Up Contribution Implementation appeared first on EMPLOYEE BENEFITS BLOG. The SECURE 2.0

Payroll 82

Payroll Deductions Deductible Employee Benefits 82

McDermott Will & Emery Employee Benefits

JULY 7, 2023

Act requires catch-up contributions made by certain high-wage earners to be made on a Roth basis beginning in 2024. Congress Clarifies Catch-Up Contributions Are Here to Stay appeared first on EMPLOYEE BENEFITS BLOG. Section 603 of the SECURE 2.0 Not surprisingly, that isn’t quite […] The post Just Catching Up?

Employee Benefits 72

Employee Benefits Retirement Plan IT 72

Employee Benefits

FEBRUARY 6, 2023

Not just pension schemes, but retirement plans are very popular. In Morgan Stanley’s State of the Workplace Financial Benefits Study , it is said that 93% of employees consider retirement planning assistance a priority when choosing where to work. Flexible working When do we want it?

Pension 52

Pension Retirement Plan Finance Work From Home 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

modifies this long-term part-timer rule by (1) reducing the eligibility period for elective deferrals to two consecutive twelve-month periods, (2) providing that, for vesting purposes, service in 12-month periods beginning before January 1, 2023 shall not be taken into account, and (3) extending the rule to ERISA-covered 403(b) plans.

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

These proposed regulations arrive just one month before the statutory requirements are set to take effect in 2024—meaning that plan sponsors need to quickly get familiar with the proposed rules. Who is a long-term part-time employee?

401(k) 94

401(k) Retirement Plan Employment IT 94

Snell & Wilmer Benefits

AUGUST 12, 2022

The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans). Governmental plans, but not collectively bargained plans, have a further extension beyond 2025.

Retirement Plan 40

Retirement Plan Employee Benefits 40

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 27, 2024

The decision is notable for illustrating how pleading standards in investment performance and excessive fee litigation vary depending on jurisdiction. The case is Coppel v. Seaworld , No. 21-cv-1430 (S.D.

401(k) 110

401(k) Retirement Plan IT 110

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 8, 2024

On February 7, 2024, the IRS announced the second phase of its Pre-Examination Retirement Compliance Program (we discussed phase one in our earlier post here ).

Government 52

Government Retirement Plan IT 52

The Teacher's Advocate

APRIL 10, 2020

In addition, there are no mandatory withholdings for defined contribution plans and the withdrawal can be paid back for up to three years with taxes being spread over three years. The key to this strategy is that he distribution can be paid back to any “eligible retirement plan”, not just the account it came from.

401(k) 52

401(k) Retirement Plan Taxes Insurance 52

Snell & Wilmer Benefits

JUNE 30, 2023

by December 29, 2024. In part, Notice 2023-43 provides interim guidance that explains: The type of eligible inadvertent failures that plan sponsors may and may not self-correct under SECURE 2.0 further requires the Treasury to revise the existing EPCRS (currently set forth in Rev. before EPCRS is updated.

Retirement Plan 52

Retirement Plan Employee Benefits 52

Winston Benefits

JANUARY 16, 2018

And competition will only grow; according to the Bureau of Labor Statistics , employment in engineering is expected to grow 4 percent between 2014 and 2024, with higher growth rates in biomedical, environmental and civil engineering. Other firms may offer defined benefit packages as well, regardless of collective bargaining status.

Engineering 49

Engineering 401(k) Benefits Package Parental Leave 49

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 27, 2023

The Proposed Rule would specifically cover a recommendation to roll over an account from an employer-sponsored plan ( e.g. , a 401(k) plan) into an individual retirement account (an “IRA”). IRA rollover advice specifically covered.

401(k) 52

401(k) Retirement Plan Education Retail 52

Vantage Circle

APRIL 25, 2024

Training Management : Tracks employee training needs, schedules, and completion status. Compensation Planning : Helps design and manage salary structures, bonuses, and other forms of compensation. Benefits Administration : Manages employee benefits, such as health insurance, retirement plans, and other perks.

Software 59

Software Utilities Management Retirement Plan 59

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

The Revenue Procedure does specify a deadline for applying.

Taxes 109

Taxes Employment Retirement Plan Pension 109

Vantage Circle

APRIL 25, 2024

Training Management : Tracks employee training needs, schedules, and completion status. Compensation Planning : Helps design and manage salary structures, bonuses, and other forms of compensation. Benefits Administration : Manages employee benefits, such as health insurance, retirement plans, and other perks.

Software 52

Software Utilities Management Retirement Plan 52

Vantage Circle

JANUARY 9, 2024

Quick Summary This blog lists the Top 15 HCM Software Platforms after a rigorous review of the top-performing HCMs in the HR space in 2024. Compensation and Benefits: Compensation Planning : Helps design and manage salary structures, bonuses, and other forms of compensation.

Software 64

Software Payroll Global Payroll Human Resources 64