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IRS Increases Standard Mileage Rates for Last Half of 2022 Conagra Brands

Healthcare Provider Update: Healthcare Provider for Conagra Brands: For Conagra Brands, the healthcare provider information is typically linked to their employment benefits and can vary based on the location and specific plans offered to employees. Generally, large companies like Conagra may partner with major insurers such as UnitedHealthcare, Anthem (Elevance Health), or Aetna to provide health insurance benefits to their employees. It is advisable for Enrolled members to refer to their HR department or employee benefit documentation for specific provider details. Potential Healthcare Cost Increases in 2026: As we look ahead to 2026, significant increases in healthcare costs are anticipated, largely influenced by the expiration of enhanced federal subsidies under the Affordable Care Act (ACA). Reports indicate that premium rates for ACA marketplace plans could rise by over 60% in certain states due to higher medical expenses and market adjustments. Notably, a staggering 92% of policyholders may face a potential increase in their out-of-pocket premiums by more than 75%, reflecting the compounded effect of expiring subsidies and aggressive rate hikes from leading insurers. This perfect storm may lead to many consumers being priced out of essential healthcare coverage, forcing a reevaluation of their insurance options as financial pressures mount. Click here to learn more

'For Conagra Brands employees, the recent increase in the IRS standard mileage rate presents an excellent opportunity to maximize business-related deductions, offering immediate tax savings for those who rely on their personal vehicles for work-related travel,' said Kevin Landis, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'With the IRS raising the standard mileage rate for business use, Conagra Brands employees should be sure to take advantage of this favorable adjustment, ensuring they capture every possible d eduction while managing the increased costs of vehicle operation,' said Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article we will discuss:

1. The increase in standard mileage rates for business, medical, and moving purposes in 2022.
2. The specific deductions available for Conagra Brands employees based on mileage usage.
3. The IRS’s rare mid-year revision and its impact on vehicle-related tax deductions.

Due to recent increases in the price of petroleum, the Internal Revenue Service has increased the optional standard mileage rates for calculating the deductible costs of operating an automobile for business, medical, and relocating purposes for the second half of 2022. Statutorily established and unaltered, the standard mileage rate used to calculate the deductible costs of operating a vehicle for charitable purposes.

For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows:

Business use of auto : Our Conagra Brands customers may find this to be especially advantageous. If a vehicle is used for business purposes, a deduction of 62.5 cents per mile (increased from 58.5 cents for January 1, 2022 to June 30, 2022) is allowed. As an Conagra Brands employee, your employer may reimburse you for business-related travel expenses at the per-mile rate. Nevertheless, if Conagra Brands does not reimburse you for business-related travel expenses, you cannot deduct these costs as miscellaneous itemized deductions.
Charitable use of auto : 14 cents per mile (the same as for January 1, 2022 through June 30, 2022) may be deducted if a vehicle is used to provide services to a charitable organization if you itemize your deductions on your tax return. Depending on the type of charity, your charitable deduction may be limited to a certain percentage of your adjusted gross income. We would like Conagra Brands customers to be aware of this.
Medical use of auto : 22 cents per mile (increased from 18 cents per mile for January 1, 2022, through June 30, 2022) may be deducted if a vehicle is used to obtain medical care (or for other deductible medical purposes) if you itemize your deductions on your tax return. Also essential for Conagra Brands customers to remember is that you can only deduct the portion of your medical and dental expenses that exceeds 7.5% of your adjusted gross income.

Moving expense : 22 cents per mile (increased from 18 cents per mile for January 1, 2022 to June 30, 2022) may be deducted if an auto is used by an active-duty member of the Armed Forces to move to a permanent change of station pursuant to a military order (unless such expenses are reimbursed). The moving expense deduction is not presently available to other taxpayers.

The IRS typically revises the standard mileage rates in the autumn for the following calendar year. Rarely does the IRS increase the standard mileage rates in the middle of the year; the last time this occurred was in 2011.

According to a recent announcement by the Internal Revenue Service (IRS) on September 20, 2022, it's worth noting that the standard mileage rate for business use of an automobile has increased to 62.5 cents per mile for the second half of 2022. This rate can be particularly advantageous for Conagra Brands workers who frequently use their personal vehicles for business-related purposes. It allows them to potentially claim higher deductions for their mileage expenses when calculating their tax returns. This increase reflects the rising costs of fuel and vehicle operation, offering some relief to individuals who rely on their vehicles for work-related travel. (Source: Internal Revenue Service, 'IRS Issues Standard Mileage Rates for Last Half of 2022,' September 20, 2022)

Imagine you're navigating a road trip to financial well-being in retirement. Along the way, you encounter different toll booths that determine the deductions you can claim for your vehicle expenses. For the second half of 2022, the toll booth operated by the Internal Revenue Service (IRS) has raised its rates, allowing you to enjoy more deductions for business-related mileage. It's like finding a new, more affordable route that saves you money on toll fees. As a Conagra Brands traveler, this can be especially advantageous, as you can now claim 62.5 cents per mile for business use, up from the previous rate. Just as a savvy driver selects the most cost-effective path, taking advantage of the increased standard mileage rates can steer you closer to your financial destination, providing you with added tax benefits for the miles you travel on your professional journey.

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Sources:

1. Internal Revenue Service. IRS Issues Standard Mileage Rates for 2022 . U.S. Department of the Treasury, 17 Dec. 2021, irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2022 .

2. Internal Revenue Service. IRS Increases Mileage Rate for Remainder of 2022 . U.S. Department of the Treasury, 9 June 2022, irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022 .

3. Miller, Stephen. IRS Raises Standard Mileage Rate for Final Half of 2022 . SHRM, 9 June 2022, shrm.org/topics-tools/news/benefits-compensation/irs-raises-standard-mileage-rate-final-half-2022 .

4. 'IRS Releases 2022 Mileage Rates and Vehicle Values.' NFP , 17 Dec. 2021, nfp.com/insights/irs-releases-2022-mileage-rates-and-vehicle-values .

5. 'IRS Revises Optional Standard Mileage Rates.' NFP , 22 June 2022, nfp.com/insights/irs-revises-optional-standard-mileage-rates .

How does Conagra Brands, Inc. ensure that employees understand their retirement benefits, particularly the nuances of the Conagra Foods Inc. Pension Plan and the historical obligations from the Beatrice Retirement Income Plan (BRIP)? Are there specific communication strategies or resources provided to employees to navigate their eligibility and benefits?

Conagra Brands has not provided consistent documentation of the Beatrice Retirement Income Plan (BRIP), as evidenced by a lost BRIP Plan document, which has created confusion among former Beatrice employees. Conagra relies on internal committees like the Conagra Brands Employee Benefits Administrative Committee to oversee the administration of the Conagra Foods Inc. Pension Plan and the historical obligations from BRIP. However, there are allegations in the class action that Conagra has failed to communicate certain benefit entitlements, particularly the age at which unreduced benefits should commence(Conagra_Brands_Inc_02-1…).

In light of regulatory compliance, what measures does Conagra Brands, Inc. take to maintain the integrity and security of pension plan documents, especially considering the historical loss of the BRIP Plan document? How do the missing documents impact employee knowledge of their benefits?

The loss of the BRIP Plan document represents a significant failure in document retention and regulatory compliance. Under ERISA, Conagra is required to maintain and distribute these documents upon request. The missing BRIP documents have caused discrepancies in the administration of retirement benefits, particularly regarding the age of eligibility for unreduced benefits. Conagra has been criticized for not informing employees that these documents were lost, leading to confusion and underpayment of benefits(Conagra_Brands_Inc_02-1…).

What resources does Conagra Brands, Inc. offer to its employees who have questions about their pension benefits or discrepancies that may arise from the transition from the Beatrice Retirement Income Plan to the Conagra Foods Inc. Pension Plan? How can employees best utilize these resources?

Conagra directs employees to contact the Plan service center for inquiries related to their pension benefits. However, based on the complaints filed in court, there have been issues with transparency and the accessibility of important plan documents, including the BRIP. Employees have had to appeal their benefit decisions and deal with insufficient guidance on navigating the discrepancies between the old BRIP and the Conagra Plan. Resources like benefit calculators and service centers have sometimes provided inaccurate or incomplete information(Conagra_Brands_Inc_02-1…).

How does Conagra Brands, Inc. handle the potential discrepancies regarding the pension benefits related to the age eligibility for receiving unreduced benefits in the context of both the Conagra Plan and the Beatrice plan? What steps have been taken to prevent similar issues in the future?

Conagra has been handling discrepancies poorly, particularly around the age at which participants in the BRIP are entitled to receive unreduced benefits. The company's adjustment of the eligibility age from 60 to 65 without properly consulting or notifying employees has led to underpayment of benefits. The ongoing class action lawsuit seeks to address these discrepancies and prevent future issues by clarifying benefit entitlements under the terms of both plans(Conagra_Brands_Inc_02-1…).

Can you elaborate on the process that Conagra Brands, Inc. utilizes to communicate with employees about plan amendments and to clarify their rights under the Conagra Foods Inc. Pension Plan? What specific improvements have been made to this communication strategy in recent years?

The communication process regarding plan amendments at Conagra has been criticized as insufficient, particularly concerning the transition from the BRIP to the Conagra Plan. Employees have filed complaints about not receiving adequate notice of important changes, such as the shift in eligibility age for unreduced benefits. Conagra has failed to provide clear documentation, leading to confusion among employees. There is no evidence of significant improvements in recent years(Conagra_Brands_Inc_02-1…).

How does Conagra Brands, Inc. ensure compliance with the Employee Retirement Income Security Act (ERISA), especially regarding the fiduciary duties of the Conagra Brands Employee Benefits Administrative Committee? What protocols are in place to guarantee that employeesâ€™ rights are consistently protected?

Conagra's compliance with ERISA has been challenged in court, with allegations of fiduciary breaches related to the loss of critical plan documents like the BRIP. The Conagra Brands Employee Benefits Administrative Committee is responsible for maintaining the integrity of the pension plan, but the loss of documents and failure to notify employees of their rights raise questions about the adequacy of these protocols. The lawsuit highlights a need for improved oversight and adherence to ERISA's fiduciary requirements(Conagra_Brands_Inc_02-1…).

What options are currently available for former Beatrice employees and other participants in the Conagra Foods Inc. Pension Plan to claim benefits they believe they are entitled to? How does Conagra Brands, Inc. facilitate this process?

Former Beatrice employees can contact the Pension Service Center to inquire about their benefits and initiate claims. However, the process has been complicated by missing documentation and conflicting information about eligibility. Some employees have been forced to file legal claims to recover benefits owed to them, as in the case of the ongoing class action lawsuit. The lack of clear and accessible resources has made it difficult for employees to navigate the process effectively(Conagra_Brands_Inc_02-1…).

In what ways does Conagra Brands, Inc. provide support or guidance for employees approaching retirement, particularly in understanding the timelines and responsibilities associated with electing benefits from the Conagra Foods Inc. Pension Plan?

Conagra provides online calculators and service center assistance for employees approaching retirement, but these tools have proven unreliable for some participants. Employees have reported being unable to calculate their benefits accurately or being told they were ineligible for benefits before age 65, despite the terms of the BRIP allowing benefits to begin at age 60. The class action complaint highlights deficiencies in the guidance provided to employees regarding their benefits(Conagra_Brands_Inc_02-1…).

How can employees at Conagra Brands, Inc. contact the Employee Benefits Administrative Committee for inquiries related to their benefits? What are the most efficient avenues for addressing concerns about the Conagra Foods Inc. Pension Plan or the transitions from the Beatrice plan?

Employees can contact the Plan service center for inquiries related to their benefits, but accessing the Employee Benefits Administrative Committee directly appears to be more challenging. The lawsuit indicates that employees seeking to address discrepancies with their benefits have not received timely or effective communication from the committee, often requiring legal action to resolve their concerns(Conagra_Brands_Inc_02-1…).

How does Conagra Brands, Inc. evaluate its pension plan's performance and benefits offerings in relation to industry standards? What methods are used to ensure the company remains competitive while protecting employee benefits under the Conagra Foods Inc. Pension Plan?

There is little publicly available information regarding how Conagra evaluates its pension plan's performance against industry standards. The company's handling of historical pension obligations, particularly from the Beatrice acquisition, suggests that its methods for protecting employee benefits have been insufficient. Ongoing litigation regarding underpayment of benefits and loss of critical documents indicates that the company may need to improve its evaluation methods and compliance efforts to remain competitive(Conagra_Brands_Inc_02-1…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Conagra Brands announced a restructuring plan aiming to streamline operations and reduce costs. This includes layoffs impacting various departments and potential changes to employee benefits.

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For more information you can reach the plan administrator for Conagra Brands at 222 W. Merchandise Mart Plaza Chicago, IL 60654; or by calling them at (312) 549-5000.