Employee Benefit News

AUGUST 10, 2023

Bank of America's recent data found that retirement account balances have increased almost 10% from the end of 2022.

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401(k) Banking Management 95

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 98

Business Management Daily

MARCH 17, 2023

When Silicon Valley Bank in California and the Signature Bank in New York failed last week, employers with accounts at those banks began to fret they wouldn’t be able to pay employees. Before the FDIC acted on Monday, they had good reason to—bank accounts are insured for up to $250,000. Thankfully, we’ll never know.

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Banking Payroll 401(k) Employment 52

Money Talk

MARCH 15, 2023

No Federal Insurance - There is no federal government insurance for annuities as there is for bank products (FDIC) and investment products (SIPC). What Not to Do - Annuities are generally not appropriate for qualified retirement plans such as 401(k)s or IRAs.

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401(k) Life Insurance Insurance Taxes 242

Money Talk

MARCH 4, 2022

Required Minimum Distributions (RMDs) - Taxpayers with traditional IRAs, SEPs (self-employed), and employer retirement savings plans (401(k), 403(b), 457, and TSP) must begin annual RMDs upon reaching age 72. This post describes thirteen tax-related topics (in no particular order) that people should be familiar with in later life.

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Taxes 401(k) Deductions Deductible 243

Best Money Moves

JANUARY 31, 2023

Almost 4 in 10 employees say they’re not confident about reaching their retirement goals, according to a 2022 Bank of America report , and even more are unsure if they have enough savings to retire. Some may be at the beginning stages and need help simply choosing between a Roth IRA or 401(k).

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401(k) Retirement Plan Banking Finance 102

Money Talk

DECEMBER 21, 2022

Interest Rate – The percentage charged by banks or credit card companies for loaning money or the percentage paid by banks for borrowing your money held in savings accounts, checking accounts, or certificates of deposit. For example, $100 in a mutual fund or 5% of pay every payday in an employer retirement savings plan.

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401(k) Banking Food Deductions 175

Money Talk

SEPTEMBER 22, 2022

401(k)s, IRAs) • Out-of-pocket health care expenses • Poor credit history due to delayed bill-paying • Lost lifetime earnings due to unemployment and premature death • Grandparents raising grandchildren (impact on retirees) Financial Action Steps - The objective here is to prevent an opioid user’s access to cash with which to buy drugs.

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Finance 401(k) Hospitality Taxes 243

Proskauer's Employee Benefits & Executive Compensa

MARCH 16, 2023

In the wake of the recent news of bank failures, businesses—and their investors—are rightly concerned about the implications of a missed or delayed payroll. First, employee contributions ( e.g. , to health or 401(k) plans) will need to resume when payroll resumes.

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Banking Payroll 401(k) Health and Welfare 52

Money Talk

JANUARY 11, 2023

The easiest way to “pay yourself first” is to have savings deducted automatically from your paycheck through a 401(k) or other workplace savings plan. Reconcile and file bank checking account statements monthly. Keep Good Financial Records- A paper or digital file folder for each stock or mutual fund you own is useful.

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401(k) Finance Insurance Deductions 237

HR Digest

MAY 21, 2023

Matching 401(k) contributions 2. Paid time off banks covering vacation and sick leave 8. Offers like a 401(k) or 403(b) can work as this means that people can use some of their money before they pay taxes on it, and invest in the future. Some top choices trending today include: 1. Tuition reimbursement 4.

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Benefits Package 401(k) Employee Benefits Disability Insurance 105

HR Professionals Magazine

MAY 24, 2022

As a team of 401(k) advisors focused on participant outcomes, we are constantly fielding financial related questions from employees seeking advice. This means it is held in code, on computers instead of in banks and there is no central body managing the value of it like our government does with the US Dollar. By Jim Trujillo.

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Retirement Plan 401(k) Banking Education 98

Employee Benefits

DECEMBER 22, 2023

These individuals are 5% less likely to have a 401(k) or retirement plan and 12% less likely to have an IRA. These couples were rejected from a mortgage 73% more often than heterosexual couples, received interest rates at.2% 2% higher and as a group overpaid by an estimated $86 million each year for home mortgages.

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401(k) Health Insurance Finance Taxes 105

WEX Inc.

FEBRUARY 23, 2023

Because an HSA is a “savings” account, you’ll want to designate a beneficiary (or beneficiaries), just as you would with a 401(k) or other retirement-planning accounts. Add a bank account When you pay out of pocket for HSA or FSA eligible expenses, you want to be reimbursed fast! How do you do this? How do you do this?

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Flexible Spending Account 401(k) Health Savings Account Banking 98

Proskauer's Employee Benefits & Executive Compensa

AUGUST 5, 2021

The Fifth Circuit affirmed the dismissal, for lack of standing, of a fiduciary breach representative action against American Airlines and its 401(k) plan investment committee. Bank N.A. , American Airlines, Inc. , 20-10817, 2021 WL 3030550 (5th Cir. July 19, 2021).

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401(k) Banking Employment Management 63

InterWest Insurance Services

JANUARY 17, 2023

Bank account information for employees and dependents, and. 401(k) and other retirement accounts. Cyber criminals that hack these platforms can tap into a gold mine of sensitive information about employees and their dependents, including: Social Security numbers. Government identifications and numbers. Health information.

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Payroll 401(k) Payroll System Payroll Service 93

Vantage Circle

JUNE 16, 2021

In such plans, the employer combines the profit-sharing with the 401(k) plan. Profit-sharing Vs. 401(k). 401(k) is the name of a section in the Internal Revenue Code (IRS). Employees receive the amount at the time of retirement if it is merged with their 401(k) plan. Profit-sharing.

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401(k) Profit Sharing Plan Retirement Plan Bonuses 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 14, 2022

In Evans , participants in Associated Bank’s 401(k) plan sued the bank on behalf of themselves and a proposed class of employees, alleging that plan fiduciaries breached their duties of loyalty and prudence in the selection and retention of plan investment options. Associated Banc-Corp , No.

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401(k) Banking Management IT 109

Employee Benefits

APRIL 21, 2023

It was praised for its education and skills training, and its benefits package that includes health insurance from an employee’s first day, a 401(k) plan, up to 20 weeks of paid parental leave and free mental health support.

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401(k) Employment Parental Leave Benefits Package 59

InterWest Insurance Services

NOVEMBER 10, 2022

A recent study, the fifth annual “HSA Bank Health & Wealth Index,” noted that targeted communications to millennials and Gen Zers are key to sparking their interest. HSAs are savings accounts that allow your employees to put a portion of every paycheck into the account to bank for future medical expenses.

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401(k) Health Savings Account Health Insurance Insurance 87

Business Management Daily

JUNE 26, 2023

In particular, traditional business financing options like bank loans have been declining since 2020 — where they fell 6% from 2019 (43% to 37%, respectively). That trend continued in 2021, with only 34% of small businesses applying for bank loans. The biggest perk is that the bank has no say in how you run your company.

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Finance Banking 401(k) Deductions 105

Business Management Daily

MARCH 23, 2023

The Consumer Financial Protection Bureau, along with state banking authorities and/or states’ attorneys general— Arizona being the latest state—have concluded that, based on the facts presented by vendors, on-demand pay isn’t a commercial loan. Depending on the bank, employees can access their pay immediately. SECURE 2.0,

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Construction Payroll 401(k) Banking 52

Best Money Moves

SEPTEMBER 5, 2023

For every dollar that Black families earn, White families earn $6, according to the Federal Reserve Bank of Minneapolis. Student debt follows many people into the full-time workforce; however, for Black and brown employees, it’s disproportionately more difficult to pay off student loans. Looking for a financial wellness program fit for all?

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401(k) Banking Employment IT 93

HR Digest

MAY 19, 2021

Bank of America on Tuesday announced it was increasing its minimum wage to $26 an hour by 2025, according to chief executive Brian Moynihan. This isn’t the first time the American multinational investment bank and financial services has raised wages. In 2017, BoA raised its minimum wage to $15 an hour.

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401(k) Banking Employment Parental Leave 52

Benefit Resource Inc.

JUNE 23, 2020

When talking about saving money for the future, the first thing that tends to come to mind is retirement accounts like a 401(k) or IRA. HSA Custodial Services are provided by UMB Bank, n.a; Balances in the HSA are FDIC insured through UMB Bank. If you’re eligible to contribute , it’s time to get started.

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401(k) Health Savings Account Banking Taxes 76

Best Money Moves

OCTOBER 7, 2020

More than 60 percent of employers now feel “extremely” responsible for their employees’ financial wellness, compared to just 13 percent in 2013, according to the latest Workplace Benefits Report from Bank of America. While most employees experience some form of financial stress, each situation is unique. .

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Employee Benefits 401(k) Banking Retirement Plan 103

HR Lineup

JANUARY 24, 2024

Bank Statements: Statements reflecting transactions related to investment accounts, demonstrating the flow of funds and investment activity. Eligible investments may include: Retirement Accounts: Contributions to 401(k) , IRA, or other employer-sponsored retirement plans.

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401(k) Retirement Plan Taxes Education 52

Benefit Resource Inc.

JANUARY 3, 2022

Setting up automatic contributions in your bank account gives you peace of mind, and you don’t have to worry about doing it yourself or forgetting! Not only does it save you money each month, but the pre-tax money saved is invested and can grow so that there’s even more in the bank for your future. Hit this savings goal every year.

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Taxes 401(k) Out of Pocket Cost Health Savings Account 72

Benefit Resource Inc.

JULY 23, 2019

In reality, unused funds rollover month to month and year to year, like a 401(k). In this way, they are very similar to a 401(k) arrangement. Depending on the bank that houses the HSA funds, (known as a custodian), the threshold may vary. Earn Interest. . Consolidate multiple HSAs. Invest HSA dollars. billion.

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401(k) Health Savings Account Taxes Banking 45

Best Money Moves

AUGUST 28, 2018

Most millennials have nothing saved for retirement and of those that do, research from E-Trade revealed that 60 percent have already taken an early withdrawal from their 401(k). Bank of America found they spend an average of 4 hours a week on personal finances at work. Money is a huge issue for them.

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401(k) Banking Human Resources Finance 56

Stratus.HR

JUNE 11, 2021

HSA Bank Fees. Most banks that offer HSAs charge a one-time set-up fee, along with annual bank fees. The good news is there are multiple HSA bank options, meaning you can shop around for the bank with the lowest fees. It’s also possible that your employer has already contracted with a bank to simplify this process.

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Deductions Deductible Out of Pocket Cost Health Savings Account 76

Insperity

AUGUST 9, 2016

Take these steps to start building an employee benefits program that won’t break the bank. Retirement savings plans – Offering a defined contribution retirement plan, such as a 401(k), can help you stay competitive. The post 5 Steps to Building an Employee Benefits Program That Won’t Break the Bank appeared first on Insperity.

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Banking Employee Benefits Disability Insurance 401(k) 50

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 6, 2023

Horizon Bank et al. , s ESOP, sued the plan’s trustee, Horizon Bank, alleging that Horizon violated ERISA’s fiduciary duties and prohibited transaction rules by causing the ESOP to overpay for company stock. Marketing Inc. employees’ breach of fiduciary duty claims on behalf of a putative class to individual arbitration.

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Banking 401(k) Employment IT 97

Insperity

JUNE 26, 2018

Will you match the employee’s contribution up to a certain amount annually, much like a 401(k) company match ? Require employees to pay at least their monthly minimum and use direct debit to make payments because nearly all loan services offer a discount if loan payments are made by bank debit. How much will you offer?

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401(k) Benefits Package Taxes Banking 61

Best Money Moves

AUGUST 1, 2018

A recent study from Bank of America shows employees and employers agree that financial wellness programs have positively impacted them and their companies. A recent Bank of America study found that 91 percent of employees who participate in financial wellness programs say those resources have helped them.

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401(k) Banking Finance Education 54

Higginbotham

SEPTEMBER 30, 2022

Bank Statements. If you haven’t been saving pay stubs, you may be able to get copies of checks from your bank. At the time of your mortgage application, you will also need to provide a year-to-date P&L, which should be verified by audit, or accompanied by three months of the most recent business bank statements.

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Banking 401(k) Taxes Net Pay 52

HR Digest

NOVEMBER 4, 2023

The World Bank has projected a 9 million skilled and semi-skilled ICT workers shortage to affect Indonesia between 2015-2030. Amidst their country’s tech talent shortage, HP Indonesia is doing its best to focus on its employee retention instead of acquisition efforts, according to Human Resources Online.

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