Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 27, 2024

A California district court recently denied a motion to dismiss claims that the fiduciaries of a 401(k) plan breached their ERISA fiduciary duties of prudence and loyalty by selecting underperforming, high-cost investments and causing the plan to pay excessive fees for services. The case is Coppel v. Seaworld , No.

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HR Digest

FEBRUARY 13, 2022

To provide financial support, many employers think about 401K retirement plans a nd student loans. People leave their workplaces because they are not satisfied with the retirement plan or they find better conditions somewhere else. The Great Resignation is a difficult situation nowadays.

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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. The maximum contribution levels are readjusted every year to account for inflation, along with maximum retirement plan contribution limits. Retirement plan maximums.

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HR Digest

OCTOBER 14, 2021

An increasing number of employees now have access to cryptocurrencies like Bitcoin in their 401(k) plans. The digital currency revolution has been happening for years now, but many people still don’t know what Bitcoin is or how it should be handled in their 401k plan. Advantages of 401(K) crypto investments.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k) plan. Here’s an example.

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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.

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Business Management Daily

MARCH 21, 2022

Setting up a 401(k) for employees can be a daunting task for small business owners. It’s important to take care of the people that work to keep your business alive, and helping them plan for their retirement is a great way to do that. What is a 401(k)? Do employers have to offer a 401(k) to employees?

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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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HR Digest

JULY 9, 2022

You probably have come across the occasional Roth IRA vs 401(k) comparisons to pick your retirement account. Maybe your company offers matching funds or doesn’t offer any retirement plan at all. Nevertheless, it’s an arduous task to choose the best retirement account. What is a 401(k) plan?

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Genesis HR Solutions

JUNE 21, 2022

When we talk to prospective clients about our PEO’s retirement plans, they’re sometimes skeptical about the value of using them, especially if they already have their own plans in place. They wonder: Is switching to a PEO’s retirement plan worth it? Using a PEO plan benefits you because: 1.

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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. DOL’s 5 Reasons Why Cryptocurrencies Might be Like “Crypto-nite” to Participant Retirement Accounts: Digital Assets Are Highly Speculative and Volatile.

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Money Talk

APRIL 11, 2024

One of the few things that taxpayers can do to reduce their income taxes after a calendar year ends is to make a tax-deductible contribution to a traditional individual retirement account (IRA) or a SEP-IRA (for small business owners and/or their employees). Tax planning involves looking ahead and projecting future income and tax write-offs.

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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.

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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. Retirement plans are essential for financial security in old age, and need sound investments to take care of living expenses, medical bills, and other necessities.

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HR Lineup

MARCH 13, 2022

There are several ways individuals contribute to their retirement benefits. Some of these plans have an advantage when it comes to taxes. Types of Qualified Retirement Plans. There are three classes of qualified retirement plans, namely: 1. Defined benefits plan. Examples of qualified plans.

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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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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. In the DOL’s guidance, they acknowledge the wave of enthusiasm around crypto and the potential for them to become investment options in 401(k) plans. By Jim Trujillo.

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Retirement Plan 401(k) Banking Education 98

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. Church plans. SECURE 1.0’s

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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. Auto-enrollment plans. 401(k) plans established after Dec.

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Insperity

OCTOBER 10, 2023

At its most basic level, the law encourages people to not only save money for retirement , but to save more and also become financially stable in the present. To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. The SECURE 2.0

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HR Professionals Magazine

JULY 26, 2022

workers currently don’t have access to a retirement plan sponsored by their employer. To bridge this gap, a majority of states have contemplated state-mandated retirement savings plan legislation, and 13 have already signed such programs into law. Key retirement plan differentiators at a glance.

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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., Savings Fosters Success - Studies have shown that just being in the retirement system in some capacity (e.g.,

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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.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). Automatic Enrollment Provision Applied to Multiemployer Plans.

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401(k) Retirement Plan Education Finance 98

HR Professionals Magazine

SEPTEMBER 2, 2021

As an HR professional, you might read that title and think, “Duh – aren’t all retirement plans focused on employees?” As pensions have gone by the wayside and 401(k) plans have gained more notoriety, employees have become increasingly more aware of their employer sponsored retirement plans, and the financial benefits they provide.

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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. 20 questions. 20 questions.

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HR Digest

OCTOBER 29, 2022

Retirement plans are a basic necessity for companies that wish to retain employees. 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?

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Stratus.HR

MARCH 30, 2021

Did you know your 401K account offers two distinct ways to save? Knowing which one to use depends on whether it makes more sense for you to delay paying taxes on your savings until retirement (Traditional) or paying them today (Roth). Traditional 401K. A Traditional 401K is sometimes referred to as the pre-tax option.

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Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

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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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401(k) Retirement Plan Health Savings Account Deductions 82

HR Digest

MAY 21, 2023

Create a plan to review the employee benefits package routinely Business Owner and Manager together can design employer benefits package as it is key to attracting and retaining top talent. Matching 401(k) contributions 2. You can provide many of these benefits affordably through group plans tailored for small employers.

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Insperity

JANUARY 2, 2020

It’s no secret that current and prospective employees want their employer to offer a retirement plan. Whether your company is looking for a new retirement plan provider or reviewing your current retirement benefits, the first thing you need to understand is one size does not fit all.

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Money Talk

SEPTEMBER 14, 2023

Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g., 401(k), 403(b), 457, thrift savings plan), Traditional IRAs funded with pre-tax dollars, simplified employee pensions (SEPs) for self-employed workers, and annuities.

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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.

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Money Talk

APRIL 20, 2023

Benefits are based on a worker’s 35 highest earning years and delayed retirement credits between full retirement age and age 70 increase benefit amounts. Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., health insurance).

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Money Talk

JUNE 22, 2023

Who is going to get what you someday leave behind in life insurance policies and/or tax-deferred retirement accounts? Beneficiary designations are important estate-planning tools and should not be overlooked to make sure your hard-earned money gets passed down to those you select to receive it.

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Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 401(k)s) and IRAs are pegged to inflation. Not surprisingly, much of the news was negative; e.g., soaring prices for food, gas, utilities, cars, insurance, and more. When inflation rises, workers can save more money.

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