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John Iekel
By John Iekel | 12/14/2020
Employee opt-outs from the CalSavers and Illinois Secure Choice retirement programs for employees whose employers do not offer a retirement plan were down as of the end of November.
Both plans allow employees to opt out of participating if they choose to do so. In both states, the opt-out rates...
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By John Iekel | 12/10/2020
The IRS issued guidance on Dec. 9 that addresses certain provisions of the SECURE Act that increase the automatic enrollment cap percentage and affect safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. The guidance is contained in Notice 2020-86.
Section 102 of the...
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By John Iekel | 12/10/2020
The Pension Benefit Guaranty Corporation reports that the financial condition of its single-employer program continues to improve. And while it still projects that the multiemployer program is on the road to insolvency, it expects that to occur one year later than it had previously.
The data...
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By John Iekel | 12/2/2020
The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS and the Pension Benefit Guaranty Corporation released advance copies of the 2020 Form 5500 and the Form 5500-SF, as well as their schedules, on Dec. 2. They will be used for reporting information pertaining to the...
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By John Iekel | 11/25/2020
At a Nov. 10 meeting of the Oregon Retirement Savings Board (ORSB), the board voted to enter into termination negotiations with Ascensus to end the arrangement under which the firm has been the service provider for OregonSaves.
According to Michael Parker, Executive Director of the Oregon...
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By John Iekel | 11/20/2020
The IRS has issued the 2020 list of required amendments (RA) for individually designed plans qualified under Code Sections 401(a) and 403(b). The list is contained in Notice 2020-83, issued on Nov. 20.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2016-37, in the case of a qualified...
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By John Iekel | 11/13/2020
The American Retirement Association has submitted a comment letter to the IRS about long-term, part-time (LTPT) employees.
The Nov. 2 letter was in response to the IRS invitation in Notice 2020-68 regarding how to reduce potential administrative burdens related to counting years of service...
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By John Iekel | 11/12/2020
In a Nov. 11 webinar, American Retirement Association Director of Legislative Affairs Andrew Remo took at look at where current legislative proposals stand in the wake of the elections.
Currently, Congress is in a “lame duck” session, the period between the election and the end of the 116th ...
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By John Iekel | 11/11/2020
The IRS on Nov. 6 issued final regulations that update the life expectancy and distribution period tables used for purposes of determining required minimum distributions (RMDs).
These regulations affect participants, beneficiaries and plan administrators of these qualified retirement plans and...
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By John Iekel | 11/5/2020
The CalSavers Retirement Savings Board reports that employer registrations and employee participation have increased in CalSavers, the state-run program that provides retirement plan coverage to employees whose employers do not offer a plan.
The numbers reflect the passing of the new deadline by...
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By John Iekel | 10/26/2020
Following a year full of extraordinary change, there will be little of that for contribtion and benefit limits in 2021.
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. The 2021 limits are...
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By John Iekel | 10/23/2020
President Trump on Oct. 22 issued a memorandum directing the heads of three departments to review pension plans the Pension Benefit Guaranty Corporation (PBGC) holds in trusteeship.
The impetus for the memo was the pension plan serving retirees of the Delphi Corporation, but also concerns...
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By John Iekel | 10/22/2020
Rep. Ron Kind (D-WI) has introduced legislation in the House of Representatives that would increase access to retirement savings for employees of nonprofit organizations that have 403(b) plans.
Kind’s “Savings for All Vocations Enhancement (SAVE) Act” legislation would:
allow 403(b) plans to...
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By John Iekel | 10/19/2020
Confidence is alive and well among Baby Boomers regarding their retirement, impervious even to pandemic and economic turbulence, says a recent study.
A strong majority—84% of those who are close to retiring or who have already—in Charles Schwab’s 2020 Modern Retirement Survey said they believe...
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By John Iekel | 10/15/2020
A recent white paper discusses five common misconceptions that have resulted in passive investments becoming more prevalent in DC plans during the global pandemic.
In MFS’ “Back to Reality: The Role of Active Management in Defined Contribution Plans,” Jonathan Barry, Head of Client Solutions –...
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By John Iekel | 10/13/2020
The Social Security Administration (SSA) announced Oct. 13 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.3% in 2021. The change will affect approximately 70 million Americans. This announcement provides an early signal regarding COLA adjustments on...
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By John Iekel | 10/9/2020
The Garden State’s proposed financial transaction tax has not been enacted yet, and a recent study suggests that the measure could cost retirement plans in the state billions of dollars.
“A Case Study on the Effects of a Financial Transaction Tax on Savers in New Jersey,” an October 2020 study by...
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By John Iekel | 10/6/2020
Memory fades. But how fast? Within six months, at least regarding cybersecurity protocols, according to a study of how long employees retained the security measures they had learned.
In “An Investigation of Phishing Awareness and Education Over Time: When and How to Best Remind Users,” researchers...
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By John Iekel | 10/5/2020
There is much to be done about retirement income literacy, says a recent study that found a great lack of understanding about successful planning for a financially secure retirement.
In its 2020 Retirement Literacy Survey, says The American College of Financial Services, respondents got an...
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By John Iekel | 10/5/2020
The American Retirement Association submitted a statement to the Senate Special Committee on Aging in connection with its Sept. 24 hearing, “Women and Retirement: Unique Challenges and Opportunities to Pave a Brighter Future.”
“Women face a series of interconnected issues that make them...
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