IRS Announces 2023 Retirement Plan Contribution, Benefit Limits

American Payroll Association

The IRS announced the changes to the dollar limits on benefits and contributions under qualified retirement plans for tax year 2023

My Take-Aways from Retirement Planning Guidebook

Money Talk

I recently read Retirement Planning Guidebook , a 453-page tome by retirement researcher and American College professor Dr. Wade Pfau, cover to cover. As an age 60+ adult and a CFP® professional, I consider myself fairly well informed about retirement planning topics.

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IRS Announces 2023 Retirement Plan Contribution, Benefit Limits

American Payroll Association

The IRS announced the changes to the dollar limits on benefits and contributions under qualified retirement plans for tax year 2023

When Are Cryptocurrencies Appropriate Investments for Retirement Plans and IRAs?

McDermott Will & Emery Employee Benefits

The US Department of Labor (DOL) recently issued guidance for the first time on the investment of retirement plan assets in cryptocurrencies. The post When Are Cryptocurrencies Appropriate Investments for Retirement Plans and IRAs?

How to Achieve Your Cybersecurity Goals for Employee Data

Speaker: Gallagher

Join our employee benefits compliance experts as they address the current state of cyber, best practices when developing and maintaining a cybersecurity program for employer-sponsored benefits, and resources to help you meet cybersecurity goals for your employee data.

5 Best Retirement Planning Tools and Software 2022

HR Lineup

Retirement planning can be challenging considering that you need to predict what’s to come in the future and assume various factors. Unfortunately, this has led to many individuals failing to take the necessary steps in building and protecting their retirement nest egg.

Employee Focused Retirement Plans

HR Professionals Magazine

As an HR professional, you might read that title and think, “Duh – aren’t all retirement plans focused on employees?” Over the last 30 years, Defined Contribution Plans, or 401(k), plans have become a popular employer benefit option for saving for retirement.

Homework and Deadlines Matter: New IRS Pre-Audit Compliance Program for Retirement Plans

McDermott Will & Emery Employee Benefits

Retirement plan sponsors should be aware of a new Internal Revenue Service (IRS) pilot program, which permits plan sponsors to conduct a pre-examination “check-up” of retirement plan administration before the IRS begins a plan examination.

Save It for a Rainy Day: Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts

McDermott Will & Emery Employee Benefits

The post Save It for a Rainy Day: Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts appeared first on EMPLOYEE BENEFITS BLOG.

Hays offers communication around annuities as part of retirement planning

Employee Benefits

The current Hays pension offering is a 2,600-member group personal pension (GPP) plan provided by Legal and General. Employees can access an at-retirement solution which allows them to divide their money into pots: one for the first 10 years.

Don’t Get Tripped up Over State-mandated Retirement Plans 

Patriot Software

State-mandated retirement plans are here to nudge (erhm, push) employers into helping employees save for their future. But, all the different rules and regulations can cause you to trip on your way to offering retirement plans.

IRS Announces 2023 Increases to Qualified Retirement Plan Limits

Proskauer's Employee Benefits & Executive Compensa

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans.

State Mandated VS Employer Sponsored Retirement Plans 

HR Professionals Magazine

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. Plan types.

Rolling the Dice on Crypto in Retirement Plan

HR Professionals Magazine

Instead of trying to throw a retirement savings lifeline saying, “I can save you! 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.

What Retirement Plans Can You Offer to Your Small Business Employees?

Patriot Software

Have you avoided retirement plans because of the large fees and time-consuming administration? There are more options than ever, including a plan that has no fees or recordkeeping requirements for employers.

How Competitive is Your Company’s Retirement Plan?

HR Professionals Magazine

The post How Competitive is Your Company’s Retirement Plan? appeared first on HRProfessionalsMagazine. Employee Benefits March 2022

Using A PEO Retirement Plan: Is It Worth It?

Genesis HR Solutions

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 the Saver's Credit can bolster retirement plan participation

Employee Benefit News

401(k) Retirement Financial wellness

A BlackRock, ADP and Commonwealth partnership boosted workers' emergency savings by over $1B

Employee Benefit News

Employee benefits Savings accounts Financial wellness Retirement planning

403(b) Retirement Plan: Option for Nonprofits

Patriot Software

Offering employees the opportunity to contribute to a retirement plan is a benefit many for-profit businesses provide. If you run a nonprofit with 501(c)(3) status, you can offer your employees a 403(b) retirement plan. So, what is a 403(b) plan?

IRS Unveils New Pre-Examination Compliance Pilot Program for Retirement Plans

Proskauer's Employee Benefits & Executive Compensa

Or at the very least, predict the timing of a retirement plan audit? Last Friday, the IRS Employee Plans division announced a new pilot program whereby it will notify retirement plan sponsors 90 days in advance that their plan has been selected for upcoming examination.

Can retirement savers afford to save more under the new 401(k) caps?

Employee Benefit News

401(k) Retirement IRS Retirement planning

University of Lincoln supports staff with retirement planning

Employee Benefits

The university acknowledges that in academia, people can, and often do, work into their later years, and often receives requests from staff to either retire fully, or work part time and take flexible retirement.

7 essential retirement plan questions

Insperity

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.

No, seniors won't lose their Social Security if they 'unretire'

Employee Benefit News

Retirement Social Security Retirement planning

How CARES Act Affects Employee Retirement Plan Distributions

Health Consultants Group

How CARES Act Affects Employee Retirement Plan Distributions. That includes compliance with CARES Act Section 2202 , Special Rules For Use of Retirement Funds. CARES Act Retirement Plan Rules.

EPCRS Update Offers New Tools to Correct Retirement Plan Errors

Proskauer's Employee Benefits & Executive Compensa

The IRS recently updated its “Employee Plans Compliance Resolution System” (EPCRS). By way of background, EPCRS is a correction program administered by the IRS for plan sponsors to correct certain retirement plan errors. Plan sponsors and administrators should familiarize themselves with the EPCRS changes, which are generally effective July 16, 2021. New Flexibility to Correct Retirement Plan Overpayments.

Employers Must Respond To Changes In Employee Retirement Plans

Wellable

The traditional goal of retiring at 65 is becoming a thing of the past. According to a recent survey conducted by the National Institute on Retirement Security, about one third of working Americans say their retirement plans have changed as a result of the pandemic.

To the Moon After All? DOL Targets Cryptocurrency in Retirement Plans

Snell & Wilmer Benefits

2022-01 (the “Release”), the Department of Labor (the “Department”) signaled its intention to scrutinize inclusion of cryptocurrency assets and crypto-derivative products as investments in ERISA-covered retirement plans. In particular, the Release articulates the Department’s view that offering exposure to this asset class – either in a plan’s investment lineup or via a brokerage window – may run contrary to ERISA’s fiduciary principles. In Compliance Assistance Release No.

Americans don’t have access to retirement plans

HR Digest

For the first time, Americans as a whole aren’t saving nearly enough for retirement. According to data from Northwestern Mutual’s 2019 Planning & Progress Study, fifteen percent Americans have no retirement savings at all. For both Gen X-ers and baby boomers, 14% of survey respondents in each group have absolutely nothing put away for retirement years. Furthermore, only 10% of respondents are confident that they’ll have enough earmarked for retirement.

What is a State-Sponsored Retirement Plan? | BerniePortal

BerniePortal

employees are on the verge of a retirement crisis. working adult population has nothing saved for retirement and only Social Security to look forward to.” As a result, states are stepping in to provide state-sponsored retirement plans. Many U.S.

The Silver Tsunami Is Coming – Here’s How ESOPs Can Help

McDermott Will & Emery Employee Benefits

How can employee stock ownership plans (ESOPs) help business owners ensure their businesses remain locally owned? In this article published in The Gazette, McDermott Partner Ted Becker provides insight into this popular type of employee benefit plan.

Employee Well-being Needs to Include Retirement Plans

HR Bartender

He’s responsible for leading the retirement, investment counseling, and risk management teams in the U.S. 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. I know one of your areas of expertise is in the area of retirement planning.

Aiding Employees With Retirement Planning Boosts Retention

Hppy

Retirement doesn’t feel like a realistic goal for many employees today. workers, 79 percent expect they will need to supplement retirement income by working. Workers of all generations now push their retirement date farther away, and the outlook isn’t promising for millennials and future generations. Helping employees plan for their retirement relieves a major burden and will keep them around in the long-term. Address Employee Financial and Retirement Concerns.

New IRS SECURE Act Guidelines for Retirement Plans | BerniePortal

BerniePortal

The IRS announced new SECURE Act guidance in early September 2020 to expand retirement savings access and eligibility for part-time workers and new parents. Find out what you need to know and how these changes could impact your workplace. HR Compliance