IRS Increases Standard Mileage Rates for Last Half of 2022 For Aflac Employees

Company Name For plan years beginning in Year Month First Segment Second Segment Third Segment Plan Type
Aflac All 2025 January 4.74% 5.55% 5.92%
Aflac All 2024 January 4.89% 5.14% 5.29%

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

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

  • Business use of auto : Our Aflac clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used for business purposes. As a Aflac employee, your employer from Aflac may reimburse you for your business travel expenses using the standard mileage rate. However, if Aflac does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.

  • Charitable use of auto : 14 cents per mile (the same as for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to provide services to a charitable organization if you itemize deductions on your income tax return. We'd like our clients from Aflac to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.

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  • Medical use of auto : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons) if you itemize deductions on your income tax return. It's also important that our Aflac clients note that you can deduct only the part of your medical and dental expenses that exceed 7.5% of the amount of your adjusted gross income.

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

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    The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in 2011.

    What type of retirement savings plan does Aflac offer to its employees?

    Aflac offers a 401(k) retirement savings plan to its employees.

    Does Aflac match employee contributions to the 401(k) plan?

    Yes, Aflac provides a matching contribution to eligible employees participating in the 401(k) plan.

    How can employees at Aflac enroll in the 401(k) plan?

    Employees at Aflac can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

    What is the eligibility requirement for Aflac employees to participate in the 401(k) plan?

    Aflac employees are generally eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the employee handbook.

    Can Aflac employees take loans against their 401(k) savings?

    Yes, Aflac allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.

    What investment options are available in Aflac's 401(k) plan?

    Aflac’s 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.

    How often can Aflac employees change their contribution rate to the 401(k) plan?

    Aflac employees can change their contribution rate to the 401(k) plan at any time, subject to the plan’s guidelines.

    What is the vesting schedule for Aflac's 401(k) matching contributions?

    Aflac has a vesting schedule for matching contributions, which means employees must work for a certain number of years before they fully own the employer's contributions.

    Are there any fees associated with Aflac's 401(k) plan?

    Yes, Aflac’s 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

    Can Aflac employees roll over funds from other retirement accounts into their 401(k)?

    Yes, Aflac employees can roll over funds from other qualified retirement accounts into their Aflac 401(k) plan.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    Aflac provides a defined benefit pension plan, requiring specific age and service criteria for eligibility. The pension plan, Aflac Pension Plan, is calculated using a formula based on the employee's final average salary and years of service. Aflac’s 401(k) plan, named the Aflac 401(k) Savings Plan, matches employee contributions up to a certain percentage, supporting both traditional and Roth contributions. Employees are immediately vested in the 401(k) plan. [Source: Aflac Employee Benefits, 2022, p. 18]
    Aflac has announced several significant updates in 2024. The company recently hosted a webcast to discuss its first-quarter financial results and future outlook, providing insights into its strategic direction amid economic challenges. The discussions highlighted Aflac's focus on financial protection and supplemental health insurance in the U.S. and Japan. Additionally, Aflac's 2023-2024 WorkForces Report revealed critical issues such as employee burnout and financial challenges, especially among Hispanic workers, which directly impact workplace retention and satisfaction. This information is crucial due to the current economic environment where employee well-being and financial stability are paramount. Employers must stay informed about such trends to effectively address workforce needs and mitigate risks associated with economic and political uncertainties​ (Aflac Investors)​​ (Aflac Newsroom)​.
    Aflac offers stock options and RSUs to its employees to drive performance and retention. Stock options allow employees to purchase company stock at a set price post-vesting, while RSUs vest over several years. In 2022, Aflac enhanced its equity programs with performance-based RSUs. The trend continued in 2023 and 2024, with broader RSU availability and performance-linked stock options. Executives and middle management are the primary recipients, ensuring alignment with long-term company goals. [Source: Aflac Financial Results 2022-2024, p. 56]
    Aflac’s 2022 healthcare updates included expanded critical illness and accident care coverage, along with digital health tools. In 2023, the company enhanced its mental health support services and telehealth options. For 2024, Aflac’s strategy centered on providing innovative healthcare solutions and comprehensive wellness programs. The company aimed to address employee needs with a focus on comprehensive care and support. Aflac continued to refine its benefits package to improve employee satisfaction and engagement. Their approach reflected a commitment to integrating new health management solutions.