Employee Benefits

MARCH 4, 2024

Much like a classic transformation trick, LTA is disappearing but enter stage left, the lump sum allowance, and the lump sum and death benefit allowance. The lump sum allowance is a cumulative limit of £268,275 on the tax-free elements of someone’s pension benefits. appeared first on Employee Benefits.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 27, 2023

The participant filed suit after his administrative appeal was denied, arguing that the plan should be equitably estopped from reducing his benefit because he relied on the plan’s benefit estimate when he decided to begin collecting his pension benefits. App’x 588 (6th Cir.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”).

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Pension Pension Benefit Employment IT 98

International Foundation of Employee Benefit Plans

FEBRUARY 28, 2023

For the first time since the Employee Retirement Income Security Act of 1974 (ERISA) introduced the concept of withdrawal liability, the Pension Benefit Guaranty Corporation (PBGC) has announced a proposed.

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Employee Benefits

JANUARY 18, 2022

Many employers realise how important it is to prepare employees for life after work. appeared first on Employee Benefits. Whatever the reasons, people may still worry about their preparedness for retirement.

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International Foundation of Employee Benefit Plans

MARCH 14, 2023

A new rule proposed by the Pension Benefit Guaranty Corporation (PBGC) would increase the certainty of withdrawal liability determinations for multiemployer benefit plans and likely help prevent withdrawal liability disputes from going to arbitration and litigation, PBGC officials say.

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International Foundation of Employee Benefit Plans

MAY 9, 2023

The American Rescue Plan Act (ARPA) of 2021 authorized special financial assistance (SFA) through the Pension Benefit Guaranty Corporation (PBGC) to eligible severely underfunded multiemployer plans. ARPA added section 4262 to Title IV of the Employee Retirement Income Security Act (ERISA).

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Employee Benefits

JULY 24, 2023

Finn Brennan, Aslef’s Underground organiser, said: “After a week of intense negotiations, we have made real progress in making sure our members’ working conditions and pensions are protected from the impact of the Tory government cuts to TFL funding. There will be no changes to pension benefits before the next general election.

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International Foundation of Employee Benefit Plans

JULY 8, 2022

Changes to the Special Financial Assistance (SFA) Program announced Wednesday by the Pension Benefit Guaranty Corporation (PBGC) will improve the ability of underfunded multiemployer defined benefit (DB) pension plans to.

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Employee Benefits

MAY 9, 2023

There were 12,693 members in total, consisting of 8,421 deferred members, 3,847 pensioner members and 425 dependant pensioners. The deal aimed to create a better outcome for the majority of members, providing pension benefits at or in excess of Pension Protection Fund (PPF) compensation levels with no reductions.

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Employee Benefits

SEPTEMBER 6, 2023

Pre-retirement – retiring well: In the years before retirement, support should be provided to help with planning for retirement and understanding retirement income options, clearing debt, and maximising pension benefits and other savings in a tax efficient way.

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Employee Benefits

JANUARY 17, 2024

With ageing workforces, employers are cognisant of the fact that they will need to recruit and retain people over 50, where pension benefits are a key focus,” he explains. “Employers [that] have paternalism around benefits generally, including pensions, will be looking to have the right level of contributions.”

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Proskauer's Employee Benefits & Executive Compensa

OCTOBER 17, 2022

A hotly debated (and litigated) issue for multiemployer pension plans in recent years has been the appropriate interest rate to determine a multiemployer pension plan’s liabilities when calculating the plan’s underfunding for withdrawal liability purposes.

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Employee Benefits

NOVEMBER 8, 2022

Trott has taken over responsibility for pensioner benefits including state, private and occupational provisions, as well as oversight of bodies such as The Pensions Regulator (TPR). The post Laura Trott appointed minister for pensions appeared first on Employee Benefits.

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Employee Benefits

DECEMBER 16, 2021

“This is in addition to supporting the defined benefit pension scheme to meet the cost of pension benefits already earned.” The post Aston Martin staff threaten to strike in pensions row appeared first on Employee Benefits.

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 21, 2021

Many multiemployer plans and their participants, contributing employers and unions certainly hope so, as they eagerly anticipate the issuance of a Pension Benefit Guaranty Corporation (“PBGC”) final rule that may answer the question for them. Fast forwarding to the year 2022, will it be a happy new year?

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Pension Pension Benefit Executive Compensation Employee Benefits 98

Proskauer's Employee Benefits & Executive Compensa

AUGUST 20, 2021

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA). Listen to the podcast. .

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Employee Benefits

FEBRUARY 17, 2023

There are some options that employees should be aware of to either avoid or reduce the impact of the LTA: 1. Review their current situation – If they have already taken some pension benefits, they should start by looking at a current pension valuation and assessing how much of their LTA they have used.

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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. This means ensuring they are not only relevant but that employees are engaged with what is available to them.

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Employee Benefits

JANUARY 20, 2023

For example, if legislation such as the current Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000 were to be amended or removed, this could result in part-time workers receiving less favourable treatment than their full-time peers when it comes to areas such as pensions , benefits, pay and leave, to name but a few.

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 3, 2021

This episode of The Proskauer Benefits Brief is the first of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA). Listen to the podcast. .

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Employee Benefits

JANUARY 26, 2022

Then in the years before retirement, support should be provided around tax efficiency, planning for retirement and understanding retirement income options, clearing debt and maximising pension benefits and other savings. The post Early and multiple interventions will improve pensions engagement!

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Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 13, 2021

This episode is the final installment of our three-part series on a new special financial assistance program created by the American Rescue Plan Act of 2021 for troubled multiemployer plans and the interim guidance issued by the Pension Benefit Guaranty Corporation regarding the program. Listen to the podcast. .

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Pension Pension Benefit Executive Compensation Employment 52

HR Professionals Magazine

JANUARY 31, 2022

defined contribution (DC) plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans. The benefits in most defined benefit plans are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC). Examples of.

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Employee Benefits

JANUARY 21, 2022

There are some options that employees should be aware of to either avoid or reduce the impact of the LTA: Review current situation – If they have already taken some pension benefits, they should start by looking at a current pension valuation and assessing how much of their LTA they have used.

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Business Management Daily

MARCH 14, 2022

In 1986 an amendment was added to the ADEA banning mandatory retirement at any age, regardless of any early retirement provisions in applicable employee benefit plans or seniority systems. This amendment does not preclude provisions permitting employees to elect early retirement at a specified age.

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International Foundation of Employee Benefit Plans

OCTOBER 25, 2022

The post PBGC Special Financial Assistance Final Rule: Permissible Investments appeared first on Word on Benefits. The PBGC final rule details permissible investments for SFA assets. Get key takeaways in our latest blog.

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International Foundation of Employee Benefit Plans

NOVEMBER 8, 2022

Multiemployer pension plans that intend to apply for SFA from the PBGC should note the schedule for reviewing applications and may want to consider submitting a lock-in application. The post PBGC Special Financial Assistance “Lock-In” Application for Nonpriority Plans appeared first on Word on Benefits.

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Employee Benefits

OCTOBER 4, 2023

There is the potential for a tribunal to award up to six years back pay, plus interest; an award may also result in liabilities for pay-as-you-earn (PAYE) and pension benefits or pension loss. Audrey Williams is an employment partner at Keystone Law The post Audrey Williams: How can EU equal pay regulation benefit UK workers?

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Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 22, 2022

As noted below, SRCs need not include any amount for pension benefits.). This calculation excludes the impact of changes to actuarial assumptions ( g. changes in interest or mortality assumptions) and compensation; and there is no adjustment for vesting conditions. (As

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HR Digest

FEBRUARY 20, 2020

Employers who stay out of giving retirement benefits misses the real talent and suitable candidates. 60% of people would instead opt for a job with lower pay but excellent retirement benefits. All they need is the right employee benefits and good perks at work, which will automatically earn talent.

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Proskauer's Employee Benefits & Executive Compensa

JULY 11, 2022

On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”).

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

please see our other blog posts or contact a member of Proskauer’s Employee Benefits and Executive Compensation group. Those rates are currently set at $96 per participant and $35 per participant, respectively. For more information about SECURE 2.0,

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Vantage Circle

MAY 27, 2021

They can be pension benefits, paid leaves, etc. They are benefits that enhance an employees' work life, such as health benefits, club benefits, etc. Also read: 50 Rewards and Recognition Ideas to Boost Employee Recognition [2021 Updated]. It helps in the workplace too! A Word of Praise.

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 14, 2023

ERISA Section 4010 requires a contributing sponsor of certain single-employer pension plans, as well as the sponsor’s controlled group members, to provide controlled group, financial, and actuarial information to the PBGC each year.

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