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.

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HR Digest

MARCH 24, 2023

Are you planning to invest in a 401(k) retirement savings plan, but unsure of the critical things to consider before making a decision? In this article, we will share 20 essential things you need to know about a 401(k), including contribution limits, investment options, employer contributions, fees, and more.

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HR Digest

MARCH 28, 2023

One popular way to get your retirement plan sorted in the United States is through a 401(k) plan. A 401(k) plan is a type of retirement account offered by employers to their employees. It allows employees to save a portion of their pre-tax income for retirement. How does 401(k) work?

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HR Digest

FEBRUARY 13, 2022

Emergency funds are almost empty and employees need some kinds of financial benefits to stay satisfied at work. . To provide financial support, many employers think about 401K retirement plans a nd student loans. Companies need to consider improved employee benefits if they want to stop people from leaving their companies. .

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HR Digest

FEBRUARY 8, 2023

If you’ve ever wondered what happens to your 401(K) when you leave a job, you’re not alone. In fact, it’s one of the most common questions employees ask when they intend to leave their jobs and make a 401(K) withdrawal. So what happens to your 401(K) when you quit or are fired?

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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.

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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.

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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.

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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. Kryptonite is a fictional substance that causes the mighty Superman to lose all his strength. According to a recent release from the U.S.

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International Foundation of Employee Benefit Plans

APRIL 28, 2022

On March 10, 2022, the Department of Labor’s Employee Benefits Security Administration (EBSA) released compliance guidance that cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency.

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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.

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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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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).

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Business Management Daily

SEPTEMBER 16, 2022

Technically, 401(k) plans are profit-sharing plans, not retirement plans. But they morphed into retirement plans long ago, so they’re pretty important to employees. Who has 401(k) accounts? of employees participate in defined-contributions plans such as 401(k) plans. Census Bureau, 34.6%

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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.

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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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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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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.

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BerniePortal

NOVEMBER 9, 2020

A 401(k) is a tax-free retirement savings account that many employers offer to employees as an employee benefit. These accounts allow employees to deposit pre-tax income into a savings account that can only be used once an employee has reached the age of retirement.

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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. Northwestern Univ. , 19-1401, 595 U.S.

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HR Digest

MAY 21, 2023

A strong employee benefit package can go a long way. Employer benefits package is key to attracting and retaining top talent. Employee benefits have become an essential part of any competitive compensation package. What do you want to achieve with the employee benefit package 2. Payroll taxes 2.

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Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 22, 2021

A Kentucky federal district court ruled that a participant in CommonSpirit Health’s 401(k) plan failed to state plausible claims for breach of fiduciary duty related to the fees and performance of actively managed target date funds and recordkeeping fees.

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Money Talk

APRIL 6, 2023

At the 2022 Retirement Summit sponsored by the Employee Benefit Research Institute (EBRI), there were four main topics: improving individuals’ access to retirement savings plans, reducing plan leakage (i.e., 401(k) plans), they generally don’t save for retirement. not running out of money to live a comfortable lifestyle).

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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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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 85

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 This new rule is fraught with complexity and has generated numerous questions about how the requirements apply.

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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

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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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Employee Benefit News

APRIL 24, 2024

Treating student loan payments as eligible for a 401(k) match will help young employees save for retirement while staying on top of their debt.

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 10, 2021

s (“Omnicom’s”) motion to dismiss, for lack of Article III standing, claims challenging the offering of investment options in Omnicom’s 401(k) plan in which the plaintiff participants did not invest. A federal district court in New York recently granted Omnicom Group Inc.’s

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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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Employee Benefit News

APRIL 24, 2024

Treating student loan payments as eligible for a 401(k) match will help young employees save for retirement while staying on top of their debt.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

The technical corrections bill includes this omitted language, clarifying that catch-up contributions are permitted in 401(k), 403(b), and 457(b) plans for all catch-up eligible participants. Starter 401(k) Plans. limited the amount of deferrals an employee may make to such a plan to $6,000. However, SECURE 2.0

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Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. 2023 Retirement Plan Limits Increase.

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Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. 2022 Retirement Plan Limits Increase. HSA & HDHP Limits Increase for 2022.

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International Foundation of Employee Benefit Plans

FEBRUARY 22, 2024

Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has issued FAQs on optional pension-linked emergency savings accounts (PLESAs) as part of the implementation of the SECURE 2.0 Act of 2022 (ERISA section 801).

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CorpStrat

JANUARY 17, 2023

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). 401(k) plans. Health FSA carryover limit.

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