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

Money Talk

SEPTEMBER 30, 2022

Full disclosure: this blog post is written from a place of privilege for older adults with higher-than-average incomes and/or assets. It is the gateway, not only for IRMAA, but Roth IRA contributions. Example: I increased my 2021 SEP contribution to reduce AGI and avoid triggering a higher level of IRMAA in 2023.

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401(k) Taxes Pension Deductions 243

Qandle

NOVEMBER 30, 2023

However, a well-structured offboarding process is equally essential for maintaining positive employer-employee relationships, preserving institutional knowledge, and ensuring a smooth transition. Emphasize the impact of a positive offboarding experience on employer branding. Looking for the Best Offboarding Process ?

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Construction Software Payroll Management 98

McDermott Will & Emery Employee Benefits

AUGUST 15, 2023

Nearly all employers offer eligible participants the opportunity to make additional catch-up contributions to their retirement plans. Act makes so-called “super-catch-up contributions” available to certain employees. s Catch-Up Contributions, Age Is More Than Just a Number appeared first on EMPLOYEE BENEFITS BLOG.

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Retirement Plan Employee Benefits Employment 69

WEX Inc.

SEPTEMBER 14, 2023

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. Miss out on learning opportunities.

401(k) 98

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

McDermott Will & Emery Employee Benefits

JUNE 28, 2023

Act indicates that any plan that permits catch-up contributions must require certain employees to make their catch-up contributions on a Roth basis. Employers have expressed significant concerns regarding their ability to implement the necessary system changes—specifically to payroll and recordkeeping systems—by year-end.

Payroll 70

Payroll Employee Benefits Employment Retirement Plan 70

WEX Inc.

JULY 9, 2023

Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs. Big savings potential Let’s say you enroll and contribute $5,000 per year into a dependent care FSA in 2023. For more benefit trends, click below!

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Consulting 98

WEX Inc.

MAY 8, 2024

These accounts, funded by employers, provide employees with designated funds to spend on predetermined items, such as wellness programs or fitness memberships. Employer contributions to HSAs can also serve as powerful incentives. Moreover, incentivizing employees to seek cost-effective care can yield savings for employers too.

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Health Savings Account Benefits Package Healthcare Voluntary Benefits 52

Qandle

JUNE 16, 2023

In this blog post, we will delve into the process of identifying organizational objectives, explore different methods used to define them, and discuss their impact on organizational success. Align the objectives with the mission to ensure they contribute to the fulfillment of the organization’s overall goals.

Health 98

Health Employment Management IT 98

Qandle

AUGUST 4, 2023

In this blog, we will explore the concept of employee wellbeing and discuss how Qandle, a leading HR platform, can play a pivotal role in promoting employee wellbeing within organizations. A holistic approach to wellbeing considers the interplay between work-related factors, personal life, and the support provided by the employer.

Payroll Manager 98

Payroll Manager Payroll Software Finance 98

WEX Inc.

OCTOBER 5, 2023

In the final blog post of our three-part series to educate first-time participants, we explore all the unknown voluntary benefits terms and bring clarity of information to first-time participants. Check out our other first-timer series blog posts on health plans and employee benefits. What are some examples of voluntary benefits?

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McDermott Will & Emery Employee Benefits

JUNE 26, 2023

Act indicates that any plan that permits catch-up contributions must require certain employees—i.e., those whose wages from their employer exceed $145,000 in the prior calendar year—to make their catch-up contributions on a Roth basis. Beginning after December 31, 2023, the SECURE 2.0

Employee Benefits 70

Employee Benefits Employment Retirement Plan 70

McDermott Will & Emery Employee Benefits

JUNE 26, 2023

Act indicates that any plan that permits catch-up contributions must require certain employees—i.e., those whose wages from their employer exceed $145,000 in the prior calendar year—to make their catch-up contributions on a Roth basis. Beginning after December 31, 2023, the SECURE 2.0

Employee Benefits 68

Employee Benefits Employment Retirement Plan 68

Money Talk

APRIL 28, 2022

Methods include webinars, podcasts, blogs, television and radio shows, print media, websites, and more. Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.

401(k) 183

401(k) Health Savings Account Finance Retirement Plan 183

WEX Inc.

SEPTEMBER 7, 2023

Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. Empower your employees with helpful resources that answer many of their lingering questions, including our blog , benefits toolkit , and knowledgebase of FSA-related videos and educational materials.

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Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

Insperity

OCTOBER 10, 2023

workers better prepare financially for retirement, at every stage of their employment journey. workers who are in earlier or middle stages of their careers, their ability to contribute to a retirement savings plan has been hindered by household debt and repayment of student loan debt. employer-sponsored 401(k) plans.

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

WEX Inc.

MARCH 7, 2023

Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. On the other hand, a 5498-SA reports contributions.

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Taxes Health Savings Account Deductions Deductible 98

WEX Inc.

MAY 4, 2023

The IRS emphasized these requirements and potential penalties for employers not meeting the requirements when releasing an Office of the Chief Counsel memorandum last week detailing medical expense claim substantiation for medical FSAs and dependent care FSAs. FSAs are a great way for employers and employees to save.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Medical 98

Employee Benefits

MARCH 14, 2024

We discovered a variety of reasons, including: Lack of awareness The rise in hybrid and remote working Insufficient showering facilities at work An unmanageable journey Employers can overcome many of these obstacles, plus, there are substantial business reasons for doing so and embracing a company’s Cycle to Work scheme.

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Deductions Deductible Retail Salary 105

Qandle

APRIL 3, 2023

In this blog, we’ll be discussing the importance of a termination email and providing a template that you can use to communicate the news to an employee in a clear and compassionate manner. Firstly, it provides a clear and formal record of the decision to terminate an employee’s employment.

Employment 98

Employment IT 98

Qandle

NOVEMBER 29, 2023

This blog will delve into the definition of electronic records, explore the reasons for their necessity, and elucidate how they work to revolutionize data organization and accessibility. This fosters seamless teamwork, enabling multiple users to contribute to and access information simultaneously.

Electronics 98

Electronics Management Software Technology 98

Qandle

JANUARY 22, 2024

Understanding the Significance of a Joining Letter The joining letter, also known as the appointment letter, is a crucial document in the recruitment process that holds significant importance for both the employer and the newly hired employee. It reassures them that the organization is committed to its promises and values their contribution.

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Salary Software Bonuses Employment 105

WEX Inc.

SEPTEMBER 12, 2023

In the second blog post in our three-part series to educate first-time participants, we walk through a few factors you should consider when choosing among employee benefits accounts for the first time. Click here for the first blog post in our series on choosing a health plan for the first time.

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Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

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. Why Should Employers Care? Tax-Efficient Savings In retirement, healthcare expenses tend to increase.

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401(k) Retirement Plan Benefits Package Deductions 52

Achievers

MAY 20, 2021

In fact, employers may soon see a turnover “tsunami” —a mass exodus of employees quitting their jobs after the pandemic ends. They want more opportunities to balance work and personal lives, work in organizations that see and value them, and recognize their contributions.

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Employee Recognition Management Employment IT 225

WEX Inc.

FEBRUARY 15, 2023

They are employer-owned accounts. How a medical FSA works After you’ve enrolled in a medical FSA through your employer, you then chose how much to contribute to your FSA. The 2023 contribution limit for medical FSAs is $3,050 per year. The information in this blog post is for educational purposes only.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

JUNE 5, 2023

If you’re a small business owner, the qualified small employer health reimbursement arrangement (QSEHRA) might be the benefits plan you’re looking for. A QSEHRA is a tax-advantaged benefits plan funded by the employer that employees can tap into to pay for eligible expenses. What employers are eligible to offer one?

Health Insurance 94

Health Insurance Healthcare Taxes Insurance 94

Benefit Resource Inc.

MARCH 28, 2024

Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free. Understand Contribution Limits Each type of pre-tax benefit has specific contribution limits set by the IRS. The funds you contribute can be invested, similar to a 401(k) or IRA, allowing them to potentially grow over time.

Flexible Spending Account 52

Flexible Spending Account 401(k) Health Savings Account Flexible Spending 52

Qandle

NOVEMBER 27, 2023

Employers must accurately calculate and withhold taxes from employee paychecks, including income tax, social security, and Medicare. These may include health insurance, retirement contributions, and other perks. Employers must accurately track and manage these benefits to ensure they align with company policies and legal requirements.

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Payroll Manager Payroll Gross Pay Payroll Software 98

WEX Inc.

OCTOBER 4, 2023

For example, personalized outreach through our My HSA Planner tool at WEX resulted in a 22 percent increase in participant usage and a contribution of an additional $470 annually to their HSAs. Open enrollment is a great opportunity for this communication, allowing employers to personalize the message to each employee's needs.

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Health Savings Account Healthcare Education Taxes 64

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Also, employees will be able to carry over up to $640 next year into 2025 if they have funds left over in their account, if their employer allows it (it’s optional).

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Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 93

Qandle

DECEMBER 16, 2023

Payroll refers to the process by which employers calculate and distribute compensation to their employees for the work they have completed. Deductions: These include taxes, insurance premiums, retirement contributions, and other withholdings. Social Security and Medicare: Employers and employees contribute to these federal programs.

Payroll 105

Payroll Payroll Software Payroll System Gross Pay 105

Snell & Wilmer Benefits

AUGUST 28, 2023

requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. requires catch-up eligible participants who received more than $145,000 in wages from their employer in the prior year to make catch-up contributions on a Roth basis. This SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

Qandle

OCTOBER 5, 2023

In this blog post, we will explore the key HR procedures and how Qandle, as a leading brand in HR technology, is transforming the landscape. This streamlined approach to training enhances the skills and knowledge of employees, contributing to their professional growth and the overall success of the organization.

Management 98

Management Human Resources Software Payroll 98

WEX Inc.

APRIL 12, 2023

Health saving accounts (HSAs) offer an excellent opportunity for participants to save money on healthcare expenses and for employers to support their employees’ wellness needs in a cost-efficient way. Providing your employees with a simple and personalized HSA experience can help prevent contribution mistakes from happening.

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Health Savings Account Deductions Deductible Flexible Spending Account 52

Employee Benefits

NOVEMBER 15, 2022

In its blog published 4 November, AE has come a long way, but we all have further to go, the Pensions Regulator (TPR) recognises the successes of automatic-enrolment in encouraging retirement saving. It also acknowledges that it could do more to enforce employer compliance with AE obligations. Eligibility. Engagement.

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Pension Government Employment Employee Benefits 98

WEX Inc.

OCTOBER 4, 2023

Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.

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