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Effective January 2024, long-term, part-time employees will become eligible to contribute pre-tax earnings to 401(k) plans. Read on to learn more. Facts This is a change from current rules which give employers the option to limit plan participation to employees who have completed a year of service (usually the preceding 12 months), working 1,000 hours […]
By now you’ve read plenty about the looming care crisis in our country. Advances in modern medicine are resulting in people living longer than ever before. At the same time, the costs of long-term care and access to that care are becoming more restrictive. However, another story that doesn’t get quite as much attention in […]
Different employees prioritize different aspects of their financial well-being based upon their personal situations and financial needs. According to recent research, 38% of workers share the top financial goal of saving for retirement while 27% share a top goal of building an emergency savings fund. Additionally, unlike older generations, Gen Z and millennial employees are […]
Miranda was an HR Works Podcast 5-Minute Friday guest, listen to that here. When you hit the market for HR software, it can be an overwhelming process. There are at least hundreds of solutions, many that specialize in one or two specific aspects of HR but then tag on all kinds of additional functionality. Wouldn’t […]
The short-term financial impact of COVID-19 has been swift and damaging to many Americans. While we can’t yet calculate the long-term impact, early indications present a serious financial strain on future retirees’ retirement. We know that COVID-19 has increased the retirement gap, and new data from Kiplinger show the extent of this impact: 60% of […]
Many employers searching for cost savings in the midst of the COVID-19 pandemic naturally have begun scrutinizing their contributions to benefits, such as retirement plans. The rules for making changes to retirement plan terms—and permit reductions in employer contributions—are complex, but new guidance temporarily permits you to reduce or suspend safe harbor contributions midyear.
Recent federal agency guidance includes important information and extensions of various deadlines affecting employee benefit plans to include extensions of continuation coverage notice and election periods under COBRA.
This year’s college graduates are among the luckiest yet—unemployment is at its lowest rate since 1969, and employers plan to hire 11% more graduates, with higher salaries, from the class of 2019 than the class of 2018.
The U.S. economy is the strongest it’s been in decades, but American small business employees are facing a dilemma when it comes to saving for their futures.
The use of 401(k) plan loans in 2018 fell to a 9-year low of 22.5% of participants and continued a steady 6-year decline of nearly 10 percentage points, investment management firm T. Rowe Price said on May 1, drawing on data gathered from nearly 2 million participants for its annual benchmarking report.