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

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

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Certain health and welfare plan limits have not yet been released.

Health and Welfare 88

Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 88

PeopleStrategy

DECEMBER 12, 2023

That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024. For plan years beginning in 2024, the minimum annual deductible is $1,600 for self-only coverage and $3,200 for family coverage.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

HR Lineup

NOVEMBER 24, 2023

In this article, we will delve into the ten best HR compliance software tools in 2024, providing an in-depth analysis of their features and capabilities. Top 10 HR Compliance Software in 2024 1. The post 10 Best HR Compliance Software 2024 appeared first on HR Lineup. What is HR Compliance Software?

Software 75

Software Human Resources Healthcare Retirement Plan 75

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

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). RMD Inevitability - Required minimum distributions (RMDs) are inevitable if you have a traditional IRA (unless you make qualified charitable distributions), SEP-IRA, or qualified employer retirement plan (i.e., There is no way out.

401(k) 179

401(k) Taxes Retirement Plan Pension 179

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.

Retirement Plan 60

Retirement Plan Employee Benefits 401(k) 60

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 83

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 83

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

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) 108

401(k) Retirement Plan Taxes Benefits Package 108

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) 75

401(k) Retirement Plan Employee Benefits Employment 75

Empuls

JANUARY 29, 2024

This article will highlight the importance of and discuss some employee retention trends to watch out for in 2024. Meanwhile, there’s a Gallagher report predicting the state of employee retention in 2024. What are the employee retention trends in 2024? What is employee retention and why does it matter?

Employee Retention 52

Employee Retention Retirement Plan Salary Technology 52

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

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. Hybrid working models will be on the rise The remote work revolution that gained momentum in the previous years shows no signs of slowing down in 2024.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Retirement Plan 40

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

Hppy

JUNE 7, 2018

Retirement doesn’t feel like a realistic goal for many employees today. Of those over 65, nearly 19 percent were working as of 2017 , and by 2024, that number increases to 36 percent of those between 65 and 69 needing to work. workers, 79 percent expect they will need to supplement retirement income by working.

Retirement Plan 50

Retirement Plan 401(k) Health Savings Account Education 50

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

McDermott Will & Emery Employee Benefits

APRIL 9, 2024

If you employ part-time workers and/or engage independent contractors, sit up and take note: 2024 brings significant changes to how you must manage your workforce.

Employee Benefits 88

Employee Benefits 401(k) Employment Management 88

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 Payroll Taxes Employment 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.

Pension 104

Pension Parental Leave Employment Education 104

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. cut scheduled for 2024. Not only do the CAA 2023’s “SECURE 2.0” Mental Health Parity Enforcement.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

HR Digest

APRIL 1, 2024

In his 2024 Annual Chairman Letter to Investors, BlackRock CEO Larry Fink brought attention to a retirement crisis letter that renewed interest in the conversation, discussing strategies on how to address the matter. 55 percent of these respondents expressed worry about achieving financial security after retirement.

401(k) 52

401(k) Retirement Plan Government Pension 52

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

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.

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Retirement Plan Government IT 105

Best Money Moves

APRIL 15, 2024

In their 2024 Voice of the Workplace Report, mental health and wellness app Calm highlighted 4 key mental health trends that are shaping modern workplaces. Furthermore, 48% of employees seek goals-based retirement investment planning from their employer, while 46% are eager for retirement planning tools and calculators.

Retirement Plan 75

Retirement Plan Technology Workplace Flexibility Construction 75

Empuls

DECEMBER 18, 2023

" 8 Employee retention strategies in the insurance sector Here are 8 Employee retention strategies that companies in the insurance sector must implement in 2024.  This includes not only base salaries but also benefits such as health insurance, retirement plans, and performance-based incentives. 

Employee Retention 40

Employee Retention Insurance Employee Incentives Retirement Plan 40

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. The responses to the defined benefit plan portion of the survey further supports these views.

Retirement Plan 52

Retirement Plan 401(k) Pension Benefits Package 52

Employee Benefit News

JANUARY 3, 2024

Social Security is getting a 3.2% boost this month — but retirees' expenses have risen by more than triple that rate since last year.

Retirement Plan 90

Retirement Plan 90

Best Money Moves

JANUARY 26, 2024

Going into 2024, many of these reduced spending habits are expected to remain as 88% of respondents still listed inflation as a top concern. Establish flexible retirement plans and resources. With the right tools, employees can learn prepare for retirement, despite the ups and downs of the economy.

Retirement Plan 59

Retirement Plan Finance Entertainment Utilities 59

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

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. Given that the long-term part-time requirements take effect in 2024, plan sponsors should act quickly to evaluate next steps.

401(k) 94

401(k) Retirement Plan Employment IT 94

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

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. The SECURE 2.0 Payroll Challenges Plague Roth Catch-Up Contribution Implementation appeared first on EMPLOYEE BENEFITS BLOG.

Payroll 83

Payroll Deductions Deductible Employee Benefits 83

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. Section 603 of the SECURE 2.0 But it also contains one of the most talked about technical errors in the legislation, one that resulted in Congress eliminating all catch-up contributions—for everyone.

Employee Benefits 73

Employee Benefits Retirement Plan IT 73

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