Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 3, 2023

On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant increases.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

WEX Inc.

JUNE 13, 2023

And baby boomers are actually the highest percentage of retirement-account holders among any group segmented in a 2021 survey by the U.S. This lack of retirement planning by large segments of employees is leading to more stress for them and less productivity at work. First, offer retirement plans. Census Bureau.

Retirement Plan 98

Retirement Plan 401(k) IT Healthcare 98

International Foundation of Employee Benefit Plans

MAY 23, 2023

On February 27, 2023, the Internal Revenue Service (IRS) issued a proposed rule to clarify the use of forfeitures in qualified defined contribution (DC) and defined benefit (DB) retirement plans.

Retirement Plan 81

Retirement Plan Employee Benefits 81

Employee Benefits

JUNE 3, 2024

This was accompanied by a concerted communications drive, designed to improve understanding of pensions among its employees, boost appreciation of the enhanced employer contribution and ensure staff were fully engaged in their own retirement planning. The organisation runs regular sessions with employees, both in-person or online.

Retirement Plan 63

Retirement Plan Pension Manufacturing Consulting 63

McDermott Will & Emery Employee Benefits

AUGUST 22, 2023

The US Department of the Treasury and the Internal Revenue Service recently issued proposed regulations on the use of forfeitures by tax-qualified retirement plans. The proposed changes provide welcome clarity for plan sponsors but may require revisions to plan administration and legal plan documents.

Retirement Plan 87

Retirement Plan Taxes Employee Benefits 87

Employee Benefit News

SEPTEMBER 18, 2023

Mindy Zatto, founding principal of Strategic Benefits Advisors, is on a mission to simplify and demystify retirement plans.

Retirement Plan 103

Retirement Plan Employment 103

HR Lineup

MARCH 13, 2022

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. In a defined benefit plan, an employer pays a predetermined amount at either termination of employment or retirement.

Retirement Plan 91

Retirement Plan 401(k) Gross Pay Profit Sharing Plan 91

International Foundation of Employee Benefit Plans

JANUARY 17, 2024

Department of […] The post How the DOL’s Proposed Fiduciary Rule Would Affect Retirement Plans appeared first on Word on Benefits. Fiduciary investment advice rules have had a long history filled with ups, downs and mixed support. On October 31, 2023, the U.S.

Retirement Plan 74

Retirement Plan Employee Benefits 74

HR Lineup

NOVEMBER 28, 2021

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. Vanguard Retirement Nest Egg Calculator.

Retirement Plan 86

Retirement Plan Software Technology Management 86

Proskauer's Employee Benefits & Executive Compensa

JANUARY 3, 2023

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

Retirement Plan 106

Retirement Plan Taxes Utilities Employment 106

Proskauer's Employee Benefits & Executive Compensa

JUNE 6, 2022

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.

Retirement Plan 110

Retirement Plan Taxes IT 110

International Foundation of Employee Benefit Plans

MAY 25, 2023

The Treasury Department and the Internal Revenue Service (IRS) temporarily allowed, in light of COVID-19 pandemic restrictions, electronic alternatives to physical presence requirements for retirement plan participants’ elections that required spousal consent.

Retirement Plan 89

Retirement Plan Electronics Employee Benefits 89

McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

Retirement Plan 88

Retirement Plan Taxes Pension Utilities 88

Employee Benefits

APRIL 10, 2023

Retirement planning Freedom of access to pension savings has impacted retirement strategies. That will shape the behaviours of employers and employees, both of whom will have to adapt their working practices, balancing the desire for greater flexibility in work with responsible retirement planning.”

Retirement Plan 64

Retirement Plan Pension Taxes Education 64

Employee Benefits

FEBRUARY 26, 2024

Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis , according to new research by the Pensions Management Institute. It found that 24% of respondents have delayed their retirement, 23% reduced their pension contributions, and 5% admitted to stopping contributions entirely.

Retirement Plan 59

Retirement Plan Pension Pension Benefit Government 59

HR Professionals Magazine

MAY 24, 2022

The guidance asks fiduciaries of retirement plans to remember their main responsibility: act solely in the financial interests of plan participants and adhere to an exacting standard of professional care. The post Rolling the Dice on Crypto in Retirement Plan appeared first on HRProfessionalsMagazine.

Retirement Plan 98

Retirement Plan 401(k) Banking Education 98

Patriot Software

APRIL 3, 2023

Offering a retirement plan comes with a host of benefits, including generous 401(k) tax credits, while also serving as a potent tool for recruiting and retaining top talent. There are also unique benefits that come from integrating your 401(k) plan with your payroll provider.

Retirement Plan 65

Retirement Plan 401(k) Payroll Taxes 65

McDermott Will & Emery Employee Benefits

JUNE 7, 2022

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? Compliance Assistance Release No. Compliance Assistance Release No.

Retirement Plan 77

Retirement Plan 401(k) Employee Benefits Commissions 77

Patriot Software

AUGUST 31, 2022

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. Don’t get tripped up. We’re here to help you understand your responsibilities.

Retirement Plan 70

Retirement Plan Employment Payroll 70

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.

Retirement Plan 52

Retirement Plan roth 401(k) 401(k) Taxes 52

McDermott Will & Emery Employee Benefits

JUNE 16, 2022

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.

Retirement Plan 79

Retirement Plan Employee Benefits IT 79

Employee Benefit News

MAY 13, 2024

Although new guidance expands the ability to self-correct, plan sponsors and administrators should promptly correct errors in accordance with EPCRS principals.

Retirement Plan 94

Retirement Plan 94

Patriot Software

OCTOBER 14, 2022

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. If so, I’m happy to tell you that things have changed.

Retirement Plan 80

Retirement Plan Employment Payroll 80

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.

Retirement Plan 52

Retirement Plan 401(k) Employment Deductions 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

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. Qualified Defined Benefit Plans.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

Business Management Daily

AUGUST 30, 2023

brings to your retirement plans in 2023. It used to be that all employees eligible for the company’s retirement plan would have to receive notices; now that requirement is reduced to only enrolled employees. already made to your retirement plans appeared first on Business Management Daily.

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

Wellable

JULY 12, 2021

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.

Retirement Plan 86

Retirement Plan Employment 86

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? A Checklist: What To Look For In A PEO Retirement Plan. ?

Retirement Plan 52

Retirement Plan 401(k) IT Electronics 52

McDermott Will & Emery Employee Benefits

SEPTEMBER 21, 2022

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.

Retirement Plan 91

Retirement Plan IT Employee Benefits Executive Compensation 91

Employee Benefits

APRIL 10, 2023

” Read more: How have the pension freedoms impacted retirement planning? The post Flaunt Digital raises awareness of retirement planning through pensions communication appeared first on Employee Benefits.

Retirement Plan 52

Retirement Plan Pension Taxes Education 52

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. Final thoughts.

Retirement Plan 62

Retirement Plan 401(k) Payroll Employment 62

Employee Benefit News

APRIL 24, 2024

Treating student loan payments as eligible for a 401(k) match will help young employees save for retirement while staying on top of their debt.

401(k) 98

401(k) Retirement Plan Employee Benefits 98

HR Professionals Magazine

JANUARY 25, 2023

Vaughn, FSA, MAAA, EA McGriff Retirement Practice Leader The post Borrowing Considerations to Fund Retirement Plan Liabilities appeared first on HRProfessionalsMagazine. It can lead to lower cash flow commitments for the near future, a balance-sheet-neutral transaction, and improved earnings.

Retirement Plan 52

Retirement Plan Pension Finance Engineering 52

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 21, 2021

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. New Flexibility to Correct Retirement Plan Overpayments.

Retirement Plan 74

Retirement Plan 401(k) Utilities Employment 74

HR Digest

JULY 19, 2019

One way to get started is by contributing a part of your paycheck directly into your employer’s 401(k) plan. If they don’t offer one, then you look into other retirement savings vehicles such as Roth IRA or traditional IRA. The post Americans don’t have access to retirement plans appeared first on The HR Digest.

Retirement Plan 87

Retirement Plan 401(k) IT 87

Employee Benefit News

SEPTEMBER 6, 2023

Roth contribution options and pension-linked emergency savings accounts, among other promising provisions, will require extensive clarification.

Retirement Plan 97

Retirement Plan Pension 97

Health Consultants Group

APRIL 1, 2021

How CARES Act Affects Employee Retirement Plan Distributions. That includes compliance with CARES Act Section 2202 , Special Rules For Use of Retirement Funds. Employees who met these coronavirus-related conditions qualified for retirement plan distributions under the special rules. CARES Act Retirement Plan Rules.

Retirement Plan 52

Retirement Plan 401(k) Taxes Pension 52