PeopleStrategy

DECEMBER 12, 2023

HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans. People like HSAs in part because of their triple tax advantage. That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 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

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

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. It covers a wide range of compliance aspects, including payroll , taxes, and employee documentation. What is HR Compliance Software?

Software 74

Software Human Resources Healthcare Retirement Plan 74

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

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

InterWest Insurance Services

NOVEMBER 25, 2022

The maximum contribution levels are readjusted every year to account for inflation, along with maximum retirement plan contribution limits. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Retirement plan maximums.

401(k) 91

401(k) Deductions Deductible Flexible Spending Account 91

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

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

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). These changes are effective for plan years beginning after December 31, 2024. Eligibility of Long-Term Part-Timers SECURE 1.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

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

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). Participants can elect whether to make catch-up contributions on a pre-tax and/or a Roth basis.

Retirement Plan 52

Retirement Plan Taxes Payroll Employment 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

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

Business Management Daily

JANUARY 5, 2023

Act of 2022 —90+ provisions focused on 401(k) and other retirement plans. Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. Tax credit for start-up costs. After-tax Roth emergency savings accounts.

401(k) 52

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

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

On October 21 st , the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). The determination letter program provides important protection against this untenable result.

Taxes 109

Taxes Employment Retirement Plan Pension 109

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

Business Management Daily

MAY 9, 2024

In it, she breaks down all the new payroll compliance changes affecting payroll administration in 2024, including post-pandemic trends that don’t appear to be going anywhere anytime soon. Without further ado, here’s step-by-step guidance for achieving payroll compliance in 2024. The first case, Moore vs. U.S., Why is that?

Payroll 52

Payroll 401(k) Taxes Retirement Plan 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02 , which addresses SECURE 2.0 implementation issues and extends the plan amendment deadline. Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 Before SECURE 2.0,

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Changed Income- A change in household income this year- up or down- will affect income taxes. Specific rules for claiming dependents apply.

Taxes 188

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

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. Current outgoings are a good place to start when working this out.

Pension 52

Pension Taxes Retirement Plan Education 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

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

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).

401(k) 52

401(k) Retirement Plan Flexible Spending Account Insurance 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