McDermott Will & Emery Employee Benefits

FEBRUARY 2, 2023

A Massachusetts federal judge recently gave a major win to Schneider Electric in an employee benefits lawsuit brought by former workers.

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401(k) Employee Benefits Management Retirement Plan 52

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.

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401(k) Employee Benefits Executive Compensation Retirement Plan 52

Insperity

OCTOBER 10, 2023

In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 Act of 2022 says The implications of this law’s passage for your business How small and midsize businesses and their employees can both benefit Overview of the SECURE 2.0 employer-sponsored 401(k) plans.

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401(k) Retirement Plan Taxes Benefits Package 108

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service (IRS) recently opened a new determination letter approval program for 403(b) retirement plans—commonly used by nonprofit organizations—which allows sponsors of certain individually designed plans to apply for a favorable determination letter.

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401(k) Retirement Plan Employee Benefits 72

McDermott Will & Emery Employee Benefits

FEBRUARY 1, 2023

What do retirement plan professionals and participants need to know about the recently passed SECURE 2.0 appeared first on EMPLOYEE BENEFITS BLOG. appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022?

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401(k) Retirement Plan Employee Benefits 72

McDermott Will & Emery Employee Benefits

JANUARY 30, 2024

Act, employers must provide long-term, part-time employees the opportunity to make elective deferrals under their 401(k) plans and, beginning in 2025, their 403(b) plans. Under the SECURE Act and SECURE 2.0

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401(k) Employee Benefits Employment Retirement Plan 87

McDermott Will & Emery Employee Benefits

JANUARY 24, 2023

Join partners from McDermott’s Employee Benefits team on Wednesday, January 25, 2023, as they discuss the impact of the recently passed SECURE 2.0 Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG. Act of 2022.

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McDermott Will & Emery Employee Benefits

FEBRUARY 6, 2024

Act, employers must now offer employees who work at least 500 hours within three (reduced to two beginning January 1, 2025) consecutive 12-month periods an opportunity to make elective deferrals to their 401(k) plans and, beginning in 2025, their 403(b) plans. Following the SECURE Act and the SECURE 2.0

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401(k) Employee Benefits Employment Retirement Plan 83

McDermott Will & Emery Employee Benefits

JANUARY 25, 2024

Act, employers must provide long-term, part-time employees the opportunity to make elective deferrals under their 401(k) plans and, beginning in 2025, their 403(b) plans. Under the SECURE Act and the SECURE 2.0

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401(k) Employee Benefits Employment Retirement Plan 84

McDermott Will & Emery Employee Benefits

FEBRUARY 2, 2024

Act require employers to offer employees who work at least 500 hours within three (reduced to two beginning January 1, 2025) consecutive 12-month periods an opportunity to make elective deferrals to their 401(k) and, beginning in 2025, their 403(b) plans. Together, the SECURE Act and the SECURE 2.0

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401(k) Employee Benefits Employment Retirement Plan 76

Snell & Wilmer Benefits

MAY 31, 2024

s increased catch-up contribution limits set to take effect next year, it’s time for 401(k) plan sponsors to brush up on the rules and consider how to administer the changes. Under the current rules, 401(k) plans may allow participants to make catch-up contributions when they are age 50 or older.

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401(k) Payroll Taxes Employee Benefits 52

McDermott Will & Emery Employee Benefits

FEBRUARY 13, 2024

Act, employers must provide long-term, part-time employees the opportunity to make elective deferrals under their 401(k) plans and, beginning in 2025, their 403(b) plans. IRS Confirms Long-Term, Part-Time Employees Excludible From Certain Nondiscrimination Testing appeared first on EMPLOYEE BENEFITS BLOG.

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401(k) Employee Benefits Employment Retirement Plan 68

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 22, 2023

We have previously blogged on the flurry of class action lawsuits challenging 401(k) plan investments in the BlackRock LifePath Index Target Date Funds. The alleged underperformance of three and one-half years was long enough to raise an inference that the BlackRock Funds were imprudently retained.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

provisions that specifically impact 403(b) plans include changes to: (1) amounts available for hardship distributions, (2) eligibility to participate in pooled and multiple employer plans, (3) treatment of long-term, part-time employees, and (4) potentially , investments in collective investment trusts. Before SECURE 2.0,

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401(k) Taxes Retirement Plan Commissions 111

McDermott Will & Emery Employee Benefits

FEBRUARY 15, 2024

Under the SECURE Act and the SECURE 2.0

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401(k) Employee Benefits Employment Retirement Plan 79

McDermott Will & Emery Employee Benefits

APRIL 9, 2024

Provisions of the […] The post Webinar Replay: New Employee Benefits Requirements for Part-Time Employees, Independent Contractors appeared first on EMPLOYEE BENEFITS BLOG.

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Employee Benefits 401(k) Employment Management 86

McDermott Will & Emery Employee Benefits

FEBRUARY 8, 2024

Under the SECURE Act and the SECURE 2.0

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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. This SECURE 2.0

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401(k) Retirement Plan Taxes Employee Benefits 52

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Social Security Administration […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

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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.

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Proskauer's Employee Benefits & Executive Compensa

JULY 6, 2022

In April, we wrote here about the discouraging trend of opinions allowing commonly asserted breach of fiduciary duty claims in 401(k) and 403(b) plan investment litigation to survive motions to dismiss. We previously blogged here on the Eastern District of Kentucky’s September 2021 opinion dismissing the complaint.

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401(k) Retirement Plan Management IT 97

Benefit Resource Inc.

APRIL 4, 2024

As an employer or HR manager, you’re constantly seeking ways to enhance your employee benefits package, ensuring it not only attracts top talent but also supports their financial well-being throughout their careers and into retirement. One often-overlooked gem in the world of benefits is the Health Savings Account (HSA).

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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.

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Retirement Plan Employee Benefits 401(k) Employment 89

WEX Inc.

FEBRUARY 23, 2023

For most of you, a new plan year has begun! And just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put time and energy into your employee benefits. Having your employee benefits anytime you need them isn’t just comforting. It’s an expectation.

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McDermott Will & Emery Employee Benefits

APRIL 4, 2024

which was passed in December 2022, includes more than 90 provisions affecting US retirement plans, many of which are specifically aimed at enhancing savings opportunities […] The post A Q&A and More Delay: IRS Begins to Issue Clarifying Guidance on SECURE 2.0 Provisions appeared first on EMPLOYEE BENEFITS BLOG.

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Retirement Plan Employee Benefits 401(k) 59

McDermott Will & Emery Employee Benefits

OCTOBER 11, 2023

Act codifying an opportunity for employers to provide matching contributions within a tax-qualified retirement plan based on their employees’ qualified student loan payments outside the plan. student loan benefit and other employer options for […] The post Employer Student Loan Debt Benefits Following SECURE 2.0

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Retirement Plan Employment Taxes Employee Benefits 78

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

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Employee Benefits Flexible Spending Account Employment Health Savings Account 80

McDermott Will & Emery Employee Benefits

APRIL 14, 2022

As the popularity of cryptocurrency continues to grow, what do employee benefits lawyers need to know about these emerging investment options? The post Cryptocurrency for Employee Benefits Lawyers: What You Need to Know appeared first on EMPLOYEE BENEFITS BLOG.

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Employee Benefits 401(k) Retirement Plan Commissions 77

InterWest Insurance Services

AUGUST 30, 2022

Now more than ever, employers need to step up their employee benefits game beyond providing group health insurance. Thanks to the Great Resignation, employees are demanding more from their current and prospective employers. Among these must-have benefits: Prescription drug coverage. 401(k)s or other retirement plans.

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Benefits Package 401(k) Disability Insurance Health Insurance 90

Assurance Agency

JULY 6, 2021

67% of tech employers offer a flexible work schedule with 84% of those allowing employees to work at their discretion as long as their responsibilities are fulfilled. Retirement Benefits. Retirement plans have become a huge part of compensation packages for employees, especially for younger professionals.

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McDermott Will & Emery Employee Benefits

FEBRUARY 3, 2022

The post Cryptocurrency for Employee Benefits Lawyers: What You Need to Know appeared first on EMPLOYEE BENEFITS BLOG.

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Employee Benefits 401(k) Employment Mining 83

Empuls

APRIL 28, 2023

According to a recent study by HBR , 80% of employees say that benefits are a significant factor in deciding whether to accept a job offer, and 60% of employees report that benefits are a major reason for staying with their current employer. What are employee benefits?

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Family and Medical Leave Act Employee Benefits Parental Leave Benefits Package 40

Business Management Daily

APRIL 29, 2024

Employees today expect more, and attracting the best will depend on offering the right perks. In this blog, we’ll talk about different types of fringe benefits and how employers can make the most of what’s available. Finding employee fringe benefits The field of workplace perks has become an industry of its own.

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Out of Pocket Cost PTO 401(k) Deductions 84

Proskauer's Employee Benefits & Executive Compensa

JANUARY 11, 2023

includes significant changes for retirement plan sponsors and employers, as discussed in our prior blog posts. If you are looking for a short summary organized by effective date, we have prepared a “pocket guide” chart, which can be downloaded here.

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McDermott Will & Emery Employee Benefits

DECEMBER 7, 2021

Increasing retirement plan-focused litigation has put insurance carriers and fiduciary service providers in difficult positions. The post Expect More Difficulty Obtaining Fiduciary Insurance appeared first on EMPLOYEE BENEFITS BLOG.

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Griffin Benefits

NOVEMBER 23, 2021

Editor's note: We'd like to thank Ann Lloyd of StudentSavingsGuide.com for collaborating with us on this week's blog post. Employee benefit offerings can be powerful motivational tools. Here are some best practices for employers to use when coaching more cost-conscious employees through the benefits enrollment process.

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Business Management Daily

FEBRUARY 16, 2024

There are plenty of ways to provide perks for employees—of budget-friendly and extravagant varieties—but however you decide to approach it, the important thing is to make an effort. Have a plan and look for ways to improve. Job benefits aren’t perks There’s a fine line between a fun extra and a non-negotiable employee benefit.

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Food Retirement Plan 401(k) Bonuses 87