Employee Benefits In 2023: The Ultimate Guide
If the Great Resignation climate has taught us anything, it’s that employee benefits are more important now than they’ve ever been. The U.S. Bureau of Labor Statistics reported a record-breaking 47.8 million people quit their jobs in 2021, up 33% from 2020. With 10.1 million job openings as of August 2022, employers are scrambling to find the right employee benefits to attract, engage and retain top talent—all while trying to stay within their budget.
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Does your employer still not offer a retirement plan? They may be running out of time
Every employer with five or more workers in California is required either to sponsor a retirement plan or to sign its workers up for CalSavers, the system of individual retirement accounts set up by the state. And hundreds of employers that haven’t complied will soon get one last chance to avoid being penalized by the state’s tax collectors.
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It’s Official: SECURE 2.0 Is the Law
After many months of debate and concern that SECURE 2.0 might not pass, it has been signed into law by President Biden.
Reported byPaul Mulholland
On Thursday night, President Joe Biden signed the $1.7 trillion omnibus spending package which contains the SECURE 2.0 Act—a package of retirement reform that will have widespread implications for the industry and will increase the savings potential for many Americans. The Senate passed the spending bill 68 to 29 on December 22, and the House 225 to 201 on December 23.
Some of the SECURE 2.0 provisions will take effect on January 1, 2023, such as increasing the required minimum distribution age to 73 and increasing the small business startup tax credit from 50% of administrative costs to 100%, up to $5,000. Still others will take effect years in the future, such as requiring automatic enrollment for new 401(k) and 403(b) plans, starting in 2025.
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5 Important Employer Steps for ACA Compliance Reporting in 2023
The IRS has become stricter regarding reporting errors
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By Carlton C. Pilger © Fisher Phillips September 20, 2022
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Applicable large employers (ALEs)—those with 50 or more full-time or equivalent employees—must adhere to Affordable Care Act (ACA) annual reporting rules to remain compliant regarding group health plan offerings. Below is a checklist of the five most helpful reminders ALEs should take into account as they plan for reporting on their 2022 coverage in the first quarter of 2023.
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