Get ready for an update because the Internal Revenue Service (IRS) released its cost-of-living adjustment caps for pension plans and other retirement-related items for 2023. One adjustment made was a big one. For 2023, employees can contribute $22,500 to their 401(k), 403(b) and 457 plans, as well as the federal government’s Thrift Savings Plan. That’s…
Fifty-three percent of employees say they’re actively looking for new opportunities or at risk of leaving, according to a new study. And if you want to keep them it’s going to take boosting two benefits. The two key benefits to attract and keep employees: health and retirement benefits, according to a study by WTW, a…
Here’s an interesting lawsuit that the Colorado Supreme Court recently ruled on concerning ex-spouses and retirement benefits. It ruled that retired public employees can’t unilaterally change their retirement plan to stop an ex-spouse from receiving benefits. Yes, it happened in Colorado, but it may set a precedent for other states. And if it does, it’s…
On March 29, by a vote of 414 to 5, the U.S. House of Representatives voted in favor of the Securing a Strong Retirement Act of 2022 (SECURE Act 2.0). Now, the legislation heads to the Senate. That means it’s closer to becoming law, and changes could be in the not-too-distance future for retirement plans. SECURE…
Are you ready for some retirement plan changes when it comes to taxes? As part of the push to make tax codes more equitable, the House Ways and Means Committee proposed changes for retirement plan rules. The proposed plan conjures images of Robin Hood – stealing from the rich and giving to the poor. The…
2021 dollar limits on health savings accounts and retirement accounts
Rule is meant to offer retirement readiness to plan participants
You understand HR programs inside and out. But employees find them complicated – and that’s why it can be difficult to communicate them. Whether employees are on-site or working remotely, they often don’t even bother to try to understand your HR policies and plans. But HR needs employees to understand – so you can avoid…
Financial wellness programs are more important than ever. Why? Because happy employees create happy customers – in fact, according to Gallup, organizations that excel in engaging their employees achieve average earnings-per-share growth that is more than four times that of their competitors. Meanwhile, researchers are telling us that financial stress has emerged as the number…
