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. Funds in an HSA can be rolled over indefinitely year after year and invested, much like a 401(k) plan. 7,750 for family coverage (up $450). Retirement plan maximums.

Deductions 98

Deductions Deductible Retirement Plan Flexible Spending Account 98

Genesis HR Solutions

NOVEMBER 18, 2020

If you’re a small business owner interested in starting a 401(k) plan for your employees, you already understand how they will benefit, but you should also understand how the plan will affect you. Sometimes, the traditional 401(k) plan doesn’t end up providing you the full benefit you’d hoped for.

Salary 105

Salary Payroll Employment Retirement Plan 105

International Foundation of Employee Benefit Plans

NOVEMBER 18, 2022

Court affirms judgment in favor of the defendant employer related to the award of 401(k) benefits to a former employee’s ex-husband. The post Legal & Legislative Reporter: Distribution of 401(k) Benefits to Ex-Husband appeared first on Word on Benefits.

Employment 81

Employment Employee Benefits 81

HR Digest

JULY 9, 2022

You probably have come across the occasional Roth IRA vs 401(k) comparisons to pick your retirement account. But where do you start, especially with the competition between Roth IRA vs 401k. What is a 401(k) plan? A Roth 401(k) is an account in which contributions are taken directly from the paychecks of employees.

Taxes 52

Taxes Retirement Plan Employment Banking 52

Proskauer's Employee Benefits & Executive Compensa

APRIL 18, 2022

On Friday, for the second week in a row, the Ninth Circuit reversed dismissal of a 401(k) plan excessive fee litigation challenging the offering of retail share classes of mutual funds instead of cheaper institutional share classes.

Retail 108

Retail IT 108

Business Management Daily

MARCH 21, 2022

Setting up a 401(k) for employees can be a daunting task for small business owners. 401(k)s allow employees to set aside a percentage of their salary to plan for their future retirement. 401(k)s allow employees to set aside a percentage of their salary to plan for their future retirement. What is a 401(k)?

Deductions 52

Deductions Deductible Retirement Plan Taxes 52

International Foundation of Employee Benefit Plans

MAY 4, 2022

Last week, we shared five reasons why cryptocurrencies can present serious risks to 401(k) fiduciaries and participants. Read more > The post Cryptocurrency Guidance for 401(k) Plan Fiduciaries appeared first on Word on Benefits. Since then, there has been some confusion about fiduciary duties when it comes.

Employee Benefits 76

Employee Benefits IT Education 76

Griffin Benefits

APRIL 25, 2022

Historically speaking, retirees have typically relied on three primary tools to help them prepare for retirement: pension plans, Social Security, and defined contribution plans, like 401(k) plans. A new bill, expected to reach President Joe Biden's desk by the end of the year, could usher in wide-sweeping changes to 401(k) plans.

Employment 94

Employment Retirement Plan Taxes Pension 94

BerniePortal

JUNE 1, 2022

Many firms like Fidelity Investments have been willing to bet on Bitcoin and other alternative currencies—at least as an offering for 401(k) plans. Citing employer’s “fiduciary responsibilities” under ERISA, the DOL’s cautionary stance on crypto investments has been particularly strong.

Employment 98

Employment IT 98

Patriot Software

OCTOBER 10, 2022

If you provide a 401(k) account as a benefit to your employees, you need to know the deadline for depositing the employee deferrals into their accounts. If you don’t deposit 401(k) contributions on time, you might face multiple consequences.

Payroll 89

Payroll 89

Patriot Software

OCTOBER 17, 2022

Two common retirement plans for employees are individual retirement arrangement/account (IRA) plans and 401(k) plans. Are you thinking about offering retirement plans at your small business? There are a lot of retirement options to choose from. Maybe you are considering establishing a Roth, or post-tax contribution, retirement plan.

Retirement Plan 91

Retirement Plan Taxes Payroll 91

Proskauer's Employee Benefits & Executive Compensa

APRIL 11, 2022

On Friday, the Ninth Circuit became the first circuit court to rule in a 401(k) plan fee and investment litigation following the Supreme Court’s January 2022 decision in Hughes v. Northwestern University , 142 S. 737 (2022). In Davis v. Salesforce.com, Inc., 21-15867 (9th Cir. A discussion of Hughes can be found on our blog here.

Management 109

Management IT 109

HR Digest

FEBRUARY 13, 2022

To provide financial support, many employers think about 401K retirement plans a nd student loans. The post A Better 401(K) Is the Top Reason Why Workers Switch Jobs appeared first on The HR Digest. Emergency funds are almost empty and employees need some kinds of financial benefits to stay satisfied at work. .

Retirement Plan 116

Retirement Plan Employee Benefits Pension Work From Home 116

Patriot Software

JULY 11, 2022

In the United States, the most common type of retirement plan is the trusty 401(k). However, not all 401(k)s are the same. With over 60 million active participants and an estimated $7.3 trillion in assets, businesses of all sizes offer this type of plan to help their employees save for the retirement they deserve.

Retirement Plan 82

Retirement Plan Payroll 82

McDermott Will & Emery Employee Benefits

FEBRUARY 2, 2023

According to this Law360 article, seven former Schneider Electric employees accused the company and its investment manager of running afoul of the Employee Retirement Income Security Act of 1974 when they replaced well-performing funds […] The post ERISA 401(k) Fee Case Victory for Schneider appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 52

Employee Benefits Management Retirement Plan IT 52

Business Management Daily

FEBRUARY 23, 2022

Last year, the Department of Labor released a trio of documents advising employers with 401(k) plans about cybersecurity. The post The DOL makes 401(K) cybersecurity recommendations appeared first on Business Management Daily. Perhaps the DOL should secure its own computer systems first.

Software 98

Software Employment Management Government 98

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. 401(k) plans established after Dec. builds on what we can now call SECURE 1.0,

Taxes 52

Taxes Employment Deductions Deductible 52

HR Digest

APRIL 11, 2022

A third of employed workers say they expect to seek a new job this year, and many of them are likely to withdraw money out of their 401(k), something financial planners never recommend. workers with at least one retirement account, almost 21% of Americans who quit their job during the epidemic cashed out their 401(k).

Health Insurance 52

Health Insurance Taxes Retirement Plan Insurance 52

Proskauer's Employee Benefits & Executive Compensa

MARCH 14, 2022

Department of Labor Employee Benefits Security Administration (“DOL”), cryptocurrency might carry similar dangers for otherwise strong and healthy 401(k) plan accounts. On March 10, 2022, DOL issued Compliance Assistance Release No. On March 10, 2022, DOL issued Compliance Assistance Release No.

IT 97

IT Employee Benefits Retirement Plan Medical 97

Business Management Daily

SEPTEMBER 16, 2022

Technically, 401(k) plans are profit-sharing plans, not retirement plans. Census Bureau has data providing insight on 401(k) plan participation, which may come in handy if you need to ramp up participation to satisfy nondiscrimination testing. Who has 401(k) accounts? Census Bureau, 34.6%

Retirement Plan 52

Retirement Plan Profit Sharing Plan Employee Benefits Employment 52

InterWest Insurance Services

JANUARY 17, 2023

Besides health insurance and a 401(k) plan, other benefits that employees value highly are generous paid time off and flexible or remote work, according to a new survey. “A multi-generational workforce is a huge benefit for companies,” said Liz Ahmed, executive vice president of People and Communications at Unum.

Health Insurance 98

Health Insurance Insurance Voluntary Benefits Benefits Package 98

HR Digest

APRIL 30, 2022

A Bitcoin 401(k). recently revealed that they plan to offer investors the option to put bitcoin in their 401(k)s by the end of this year. A 401(k) plan is a company-sponsored retirement account where employee funding might come directly from their paychecks and may be matched by the employer.

Retirement Plan 52

Retirement Plan Employee Benefits Banking Employment 52

International Foundation of Employee Benefit Plans

APRIL 28, 2022

Read more > The post Five Reasons Why Cryptocurrencies Can Present Serious Risks to 401(k) Fiduciaries and Participants appeared first on Word on Benefits.

Employee Benefits 76

Employee Benefits Education 76

Patriot Software

SEPTEMBER 22, 2022

Or, are you considering switching from a SIMPLE IRA to 401(k)? Whatever the case, you might have questions about the difference between a 401(k) vs. SIMPLE IRA plan. Are you planning to offer your employees a retirement plan for the first time? After all, you want to choose the best plan for your business.

Retirement Plan 52

Retirement Plan Payroll 52

BerniePortal

OCTOBER 26, 2020

In October 2020, the IRS announced key updates to 401(k) contribution limits for 2021, including changes to catch-up contributions and employer contributions. Here’s what HR needs to know about this announcement.

Employment 95

Employment 95

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. Student loans and 401(k) plans.

Deductions 59

Deductions Deductible Taxes Employment 59

Patriot Software

JANUARY 25, 2021

As an employer, you can offer small business retirement options, like 401(k) plans, to your employees. But when it comes to 401(k) options, it isn’t just a one and done type of deal. There are a few different types of 401(k) plans to choose from.

Employment 79

Employment Payroll IT 79

Patriot Software

JUNE 13, 2022

Want to claim 401(k) tax credits worth up to $16,500? If so, you might be interested in starting a 401(k). But to do that, you need to know how to set up a 401(k) in your small business. […] READ MORE.

Benefits Package 69

Benefits Package Taxes Payroll 69

McDermott Will & Emery Employee Benefits

SEPTEMBER 30, 2022

A recent US Court of Appeals for the Seventh Circuit case supplies answers to many questions left open in 401(k) fee litigation cases after the US Supreme Court’s ruling earlier this year in Hughes v. Northwestern University. Specifically, to survive a motion to dismiss in the Seventh Circuit, the recent ruling in Albert v.

Employee Benefits 52

Employee Benefits Retirement Plan Executive Compensation 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 25, 2022

Plaintiffs were participants in Centerra’s 401(k) plan who alleged that the defendants breached their fiduciary duties in connection with the monitoring of various investment options that had excessive fees and underperformed. The case is Williams et al. Centerra Grp., LLC et al. , 1:20-cv-04220, 2022 WL 88586 (D.S.C.

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97

Benefit Resource Inc.

FEBRUARY 2, 2021

If you’ve already finished the first season of Bridgerton on Netflix and are looking for another love story to dive into, we’re here to tell you about a love story for the ages: a 401(k) & HSA. 401(k) + HSA =. Both 401(k)s and HSAs are money-saving tools. So, what about a 401(k) & HSA?

Healthcare 75

Healthcare Medical Finance Health 75

Business Management Daily

JANUARY 21, 2022

The IRS uses those codes to determine compliance with other sections of the tax code, like 401(k) compliance and teasing out employees who earn too much to make tax-deductible IRA contributions. W-2 coding for 401(k) contributions. Use Code D to report 401(k) make-up pretax contributions. Remember Sally?

Payroll 52

Payroll Taxes Deductions Deductible 52

Benefit Resource Inc.

JANUARY 31, 2019

Make sure you are getting the 401(k) match. Many employers will offer a 401(k) match up to a certain percentage. Additionally, contributions to a 401(k) are made will pre-tax dollars, so you save on taxes as well. Just like 401k matching programs, more employers are offering HSA matching programs.

Taxes 69

Taxes Medical Employment Payroll 69

HR Digest

OCTOBER 29, 2022

Employers are often tasked with whether they should go for an ESOP or 401K plan since they are the most common. If you don’t want to delve into the whole ESOP vs 401K debate, then should you go for both an ESOP and a 401K? In this article, we cover the following to compare ESOP vs 401K plan: What is ESOP? What is 401K?

Retirement Plan 52

Retirement Plan Taxes Salary Employment 52

Business Management Daily

FEBRUARY 9, 2022

If you think you’re immune from an employee lawsuit alleging a breach of fiduciary duty over the investment choices you offer in your 401(k) plan, think again. The takeaway: Defined contribution plans such as 403(b) plans and 401(k) plans don’t run on autopilot. 401(k) plan litigation. Recap: Hughes v.

Employment 52

Employment Retail Healthcare Management 52

Business Management Daily

FEBRUARY 18, 2022

The Employee Benefits Security Administration has had an on-again, off-again approach to whether employers can allow 401(k) investment choices to promote social, environmental, or other public policy causes—called economically targeted investments or sometimes environmental, social, or governance investing.

Pension 59

Pension Retirement Plan Employee Benefits Commissions 59

Proskauer's Employee Benefits & Executive Compensa

JANUARY 28, 2022

24, 2022) (discussed further here ), a Georgia federal district court held in favor of plaintiffs and declined to dismiss allegations that defendant’s 401(k) plan included costly and underperforming funds and charged excessive recordkeeping fees. 19-1401, 595 U.S.

Retail 98

Retail Healthcare Management IT 98