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John Iekel
By John Iekel | 11/13/2019
The 457(b) market may not draw as much attention as its flashier DC plan cousins, yet its market includes millions of people and entails nearly $1 trillion in assets. A recent webinar offered a look at the 457(b) market’s unique features and potential.
In “Understanding the $1 Trillion 457(b)...
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By John Iekel | 11/11/2019
The IRS has issued proposed regulations updating the life expectancy tables that apply for purposes of computing required minimum distributions (RMDs) from qualified retirement plans. The proposed rules under Code Section 401(a)(9) were published in the Oct. 8 Federal Register.
The life expectancy...
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By John Iekel | 11/6/2019
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. The 2020 limits are contained in Notice 2019-59, released Nov. 6. The limits for 2020 are as follows; for a side-by-side look at selected 2019 and...
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By John Iekel | 11/6/2019
The retirement plan industry is in transition on multiple fronts. At this year’s SPARK National Conference on Nov. 4, industry experts recently offered their take on meeting the challenges posed by today’s changes.
In the opening session of the conference in Palm Beach, FL, Philip Chao, Principal...
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By John Iekel | 11/4/2019
Group dynamics exert a powerful influence when a retirement plan committee is making a decision. An industry expert recently offered his take on the consequences of that phenomenon.
At an Oct. 28 session of the meeting of the Plan Sponsor Council of America (PSCA) Leadership Council,Warren Cormier...
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By John Iekel | 10/31/2019
The American Retirement Association has submitted a comment letter recommending that the Department of Labor amend its regulations under Section 3(5) of ERISA in order to facilitate the sponsorship of DC plans maintained on behalf of multiple unrelated employers – open MEPs.
The Oct. 29 letter...
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By John Iekel | 10/29/2019
Group dynamics exert a powerful influence when a retirement plan committee is making a decision. An industry expert recently offered his take on the consequences of that phenomenon.
At an Oct. 28 session during a two-day meeting of the Plan Sponsor Council of America's Leadership Council, Warren...
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By John Iekel | 10/27/2019
The retirement plan world of 2019 is not that of 1995, or 1983, or 1974. And yet, there are important features of years past that laid the groundwork for where we are now – or perhaps, are even making an impact today.
In a workshop session at last week’s ASPPA Annual Conference, ASC's John P....
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By John Iekel | 10/22/2019
The SECURE Act, one of the most important bills concerning retirement security in many years, was front and center at the Oct. 20 Washington Update general session kicking off this year’s ASPPA Annual Conference.
The Setting Every Community Up for Retirement (SECURE) Act’s sponsors hail from both...
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By John Iekel | 10/22/2019
TPAs and advisors can and should collaborate, argued Jeffrey Acheson, Chief Business Development Officer/Divisional President, Independent Financial Partners, at an Oct. 21 session of the ASPPA Annual Conference.
Acheson stressed the importance of “cross-pollination,” telling attendees, “People...
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By John Iekel | 10/15/2019
The American Retirement Association in an Oct. 8 letter to IRS Employee Plans Division Director Robert Choi reiterated its concern over aspects of the final hardship distribution regulations. Those regulations were issued in September.
Terming it an “urgent matter,” the ARA told Choi that “the...
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By John Iekel | 10/11/2019
The Social Security Administration (SSA) on Oct. 10 announced that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.6% in 2020. The change will affect nearly 69 million Americans.
The 1.6% cost-of-living adjustment (COLA) will begin with benefits payable...
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By John Iekel | 10/3/2019
The New York Department of Financial Services (NYDFS) is seeking information regarding the way that 403(b)s are being marketed to teachers.
According to The Wall Street Journal (subscription required), on Oct. 1 the NYDFS sent letters to “a dozen major insurers” requesting details regarding how...
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By John Iekel | 9/26/2019
The Congressional Budget Office has issued an update to its long-term projections concerning Social Security.
The CBO provides such updates annually. The latest update follows the format CBO used in 2016 when it published such information in a separate report, “Long-Term Projections for Social...
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By John Iekel | 9/19/2019
At a recent meeting of the Department of Labor’s 2019 Advisory Council on Employee Welfare and Pension Benefit Plans, American Retirement Association Chief Content Officer Nevin Adams offered a look at a new ARA effort to help plan sponsors better understand and fulfill their obligations as sponsor...
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By John Iekel | 9/16/2019
Oct. 1, 2019 will bring more than just a new month — it also will herald changes at the DOL’s Employee Benefits Security Administration.
According to the Groom Law Group, the changes will increase the number of deputy assistant secretaries who report to EBSA head Preston Rutledge from two to...
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By John Iekel | 9/11/2019
The Office of Management and Budget is now reviewing updated life expectancy and distribution period tables for purposes of the required minimum distribution rules.
The Treasury Department sent the updated tables to the OMB in response to President Trump’s Aug. 31, 2018 executive order, which...
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By John Iekel | 9/6/2019
The cost of health care and the effect it could have on their retirement is a top concern for a strong majority of older adults, according to a new study.
Nationwide Retirement Institute’s Health Care Costs in Retirement Consumer Survey found that 69% of 1,462 U.S. adults age 50 or older with...
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By John Iekel | 9/4/2019
Phishing– sending scam emails – is still the most common way cybercriminals try to steal sensitive data. The IRS has issued some tips to help tax and other professionals from falling prey to such phishing expeditions.
In Tax Tip 2019-120, the IRS says that more than 90% of data thefts start from...
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By John Iekel | 8/23/2019
Michael Parker, Executive Director of the Oregon Savings Network – whose charge includes OregonSaves – recently provided a closer look at the state-sponsored retirement plan for private-sector workers.
OregonSaves has been open to participation since July 2017. Since then, it has been made...
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