Employee Benefits

NOVEMBER 22, 2023

Chancellor of the Exchequer Jeremy Hunt has announced plans to offer a pension pot for life in the Autumn Statement 2023. This will give employees a legal right to require a new employer to pay pension contributions into their existing pot, avoiding the accumulation of multiple pension pots throughout their working life.

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Employee Benefits

SEPTEMBER 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.

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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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Employee Benefits

JULY 6, 2023

But your workplace pension setup could be causing this wastage right under your nose, without you even being aware. Workplace pension contributions are fantastic as a concept, offering long-term financial stability and nurturing a productive and motivated workforce. Remember, your workplace pension is your priciest benefit.

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Money Talk

SEPTEMBER 14, 2023

One place where there is a gap in adult financial education is programs for older adults age 65+. The bulk of community and workplace programs cover financial tasks and decisions to get “to retirement,” not “through retirement." Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g.,

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Taxes 401(k) Retirement Plan Pension 187

HR Bartender

SEPTEMBER 21, 2016

[Aloise] Actuarial science, particularly as it relates to valuing the liabilities of a pension plan, is a critical need in managing the retirement benefit programs for many organizations that sponsor a defined benefit pension plan. You mentioned defined benefits plans.

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Employee Benefits

AUGUST 21, 2023

Almost half (46%) of defined contribution (DC) savers revealed that they do not understand one of the key benefits the scheme brings, according to new research from TPT Retirement Solutions. Philip Smith, DC director at TPT Retirement Solutions, said: “DC pensions put responsibility for a member’s financial future firmly in their own hands.

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Employee Benefits

DECEMBER 11, 2023

Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with.

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Employee Benefits

JULY 31, 2023

But your organisation might be doing just that because the set-up of your workplace pension scheme has kept you blissfully unaware. Pension contributions by employers are great in principle, fostering stability and long-term economic wellbeing for employees. After all, your workplace pension is your most costly perk.

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Employee Benefits

FEBRUARY 16, 2022

At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Because pension forms part of an employee’s finances, tackling the broader topic of finances also increases engagement with pensions.

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Employee Benefits

JANUARY 26, 2022

The Work and Pensions Committee is calling for trials of automatic appointments with the Pension Wise service as part of its new ‘Stronger Nudge’ interventions. For example, we find that about 80% of attendees request a call-back for further guidance or advice following a retirement financial education session.”.

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Employee Benefits

JANUARY 15, 2024

Employers could offer support through a midlife MOT, which provides a health and financial career check to help employees plan for retirement. Pre-retirement coaching can help to educate older employees on how to prepare for life away from work.

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Employee Benefits

JANUARY 25, 2023

The benefits on offer at Wave: Pension A master trust pension scheme for all employees. Age limits are 16 to state pension age. Health cash plan and surgery choices plan: employer paid for all non-leadership team employees, and those who receive PMI due to their Tupe status. Age limits are 16 to state pension age.

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Money Talk

NOVEMBER 11, 2021

As I mentioned in three previous posts , I love learning new things and often attend webinars and podcasts to gain knowledge and/or continuing education credits for my CFP® and AFC® as well as to connect virtually with others. Alternatives to generate cash include savings that is not in a retirement plan (if any), employer assistance (e.g.,

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Employee Benefits

DECEMBER 5, 2023

It also revealed that 17% cite age 55+ employees accessing their pension early as a driver, up from 11% previously. Alongside this, research from WEALTH at work [1] found that one in 10 (10%) working adults have already withdrawn pensions savings earlier than previously intended to supplement their income.

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Employee Benefits

NOVEMBER 2, 2023

Research[1] by WEALTH at work found that 83% of employees are concerned that the cost of-living crisis will mean they will have to work longer before retiring and 33% think they won’t ever be able to afford to retire at all. Understanding what their state pension will be and when they will receive it is also crucial.

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HR Digest

MAY 21, 2023

Pension or retirement savings plan 3. The government and the health care sector are working to create plans that small businesses can afford, but at the same time they want to protect their employees. Retirement Plans Employers usually offer retirement plans. Health insurance 2.

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Employee Benefits

AUGUST 9, 2023

“With national insurance (NI) savings for both the employer and employees, a pensions salary sacrifice arrangement can help employees maintain their pension contributions while putting some extra pounds into their pay packets each month, all at no additional cost,” he says.

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PeopleStrategy

OCTOBER 3, 2023

It starts with understanding your employees’ needs where they are in their lives and educating them on how you will meet their needs during open enrollment and beyond. Offer a Flexible Benefits Package: Consider providing a core set of benefits that meet the basic needs of all employees, such as health insurance and retirement plans.

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Griffin Benefits

JUNE 29, 2023

contains dozens of changes to retirement plans, but perhaps none bigger than these two: New 401(k) and 403(b) plans will be required to automatically enroll participants in the respective plans, and employee salary deferral rates will automatically escalate each year. The SECURE Act 2.0 SECURE ACT 2.0

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Vantage Circle

SEPTEMBER 23, 2023

Meeting Legal And Ethical Obligations: Certain benefits, such as health insurance, retirement plans, and paid time off, may be required by law in many jurisdictions. If you establish a 401(k) plan, you: Can have other retirement plans. A 401(k) plan can be as simple or as complex as you want to make it.

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Employee Benefits

SEPTEMBER 27, 2023

44% say that they plan to offer targeted support for the over 55s during the same period – which has grown from 17% and represents a 159% increase in the past two years. Specifically, pre-retirement planning is set for a 68% boost with of employers either currently offering or planning to do so.

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InterWest Insurance Services

AUGUST 30, 2022

401(k)s or other retirement plans. Defined benefit pension plans. Financial planning and education workshops. Beef up your communication and education efforts, both in person and via technology. Integrate financial wellness into your employee wellness plan. Dental insurance. Life insurance.

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AssuredPartners

OCTOBER 22, 2019

The DOL (US Department of Labor) is proposing in this document a new, additional safe harbor for the use of electronic media by Retirement plans to furnish information to participants and beneficiaries of plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).

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Best Money Moves

MARCH 28, 2022

Closing the gender retirement gap: How financial wellness can help. Female employees still face workplace disparity when it comes to retirement planning. Here’s what employers can do to close the gender retirement gap. . Less money now means even less during retirement. .

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Business Management Daily

APRIL 29, 2024

Fringe benefits generally cover needs such as: Health and wellness Retirement planning Time off and vacation Financial offerings Work-life balance Company-sponsored fixtures and events Professional development Let’s take a look at what’s included in each category. However, there are a few categories into which they usually fall.

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Business Management Daily

FEBRUARY 18, 2022

What actions can EBSA take to protect the life savings and pensions of employees and their families from the threats of climate-related financial risk? What are the most significant climate-related financial risks to retirement savings and why? What role should EBSA play in sponsoring and providing this education?

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Employee Benefits

APRIL 10, 2023

Need to know: Increasing education about pensions is key to helping employees make the right decisions about accessing their pension savings early. The ability to access pension funds early could prompt changes to the way that pension providers invest for their members.

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Money Talk

OCTOBER 7, 2021

I recently attended several webinars and listened to several podcasts about issues related to retirement planning and personal finance issues in later life. Waiting to Retire Has Benefits - In addition to providing more time to save money (e.g.,

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Insperity

FEBRUARY 10, 2011

A retirement plan isn’t just for the benefit of your employees. A good retirement plan can spruce up your business and help you reel in those top-tier professionals. But if not chosen carefully, your retirement plan could be viewed as completely useless, becoming more of a burden than a benefit.

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Best Money Moves

SEPTEMBER 5, 2018

On August 21st the Senate Health, Education, Labor and Pensions Subcommittee (HELP) held a hearing on Primary Health and Retirement Security. Lynn Dudley, SVO, Global Retirement & Compensation Policy at the American Benefits Council noted the areas in which companies are seeking to help their employees.

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Abel HR

DECEMBER 7, 2020

The act is now the most extensive reform to impact the economy since the Pension Protection Act of 2006. It aims to improve the private employer-based retirement system’s success by making it easier for companies to provide retirement plans. Small business owners can help their employees get ready for retirement.

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Abel HR

DECEMBER 7, 2020

The act is now the most extensive reform to impact the economy since the Pension Protection Act of 2006. It aims to improve the private employer-based retirement system’s success by making it easier for companies to provide retirement plans. Small business owners can help their employees get ready for retirement.

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Insperity

FEBRUARY 3, 2011

If only finding a retirement plan to offer your employees were as easy as retiring itself. Do they offer the type of plan you’re looking for? Do they offer the type of plan you’re looking for? . From Simplified Employee Pension plans to 401(k)s to defined benefit plans, retirement plans come in many forms.

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Employee Benefits

FEBRUARY 8, 2022

Pensions are still ticking the long-term box for many employers, so now the focus is switching to areas like education and salary-deducted savings – bridging short with long-term financial wellbeing, for example, by making it simple for employees to build up savings pots. And financial education underpins everything.

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The Teacher's Advocate

SEPTEMBER 6, 2019

The New York Times wrote an excellent piece this weekend on some of the problems facing public school 403(b) retirement plans. Michael Callahan of Ocean City, NJ on October 22, 2016 commented: "I am supposed to feel bad for people who get pensions for which they personally do not pay in ONE DIME? again, pure ignorance.

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Vantage Circle

JANUARY 30, 2022

Educational assistance. Retirement planning services. Most taxable benefits are subject to Canada Pension Plan, Employment Insurance, and income tax deductions. Athletic facilities. De minimis (minimal) benefits. Dependent care assistance. Employee discounts. Employee stock options. Employer-provided cell phones.

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