John Iekel

IRS Okays Amending a 401(k) Plan to Include a Student Loan Benefit Program

By John Iekel | 8/21/2018

The IRS has said that a 401(k) plan can be amended to include a student loan benefit program.In private letter ruling (PLR) 201833012, dated May 22 and released Aug. 17, the employer in question had asked the IRS for a ruling on whether its proposal to amend the plan to provide student loan... READ MORE

CalSavers Set to Hire Administrator, Investment Manager

By John Iekel | 8/15/2018

The California Secure Choice Retirement Savings Board is set to approve the execution of contracts for program administration and investment management for the California Secure Choice Retirement Savings Program (CalSavers), California’s state-run retirement plan for private-sector employees whose... READ MORE

OregonSaves Options May Expand

By John Iekel | 8/6/2018

OregonSaves, the state-sponsored auto-IRA program for private-sector workers in the Beaver State, may expand the savings options available to those workers.A report issued Aug. 1 by the office of Oregon State Treasurer Tobias Read indicates that on July 18 the state Treasury began a new round of... READ MORE

Bill to Create Auto-IRA Savings Program Before NJ Legislature

By John Iekel | 8/3/2018

The New Jersey Secure Choice Savings Program Act, a measure that would create an automatic enrollment payroll deduction IRA in the Garden State, is before the state Assembly and the state Senate. It is intended to promote “greater retirement savings for private sector employees in a convenient, low... READ MORE

Are TDFs Subject to Unrealistic Expectations?

By John Iekel | 7/31/2018

While it’s easy to find a plan that has adopted target-date funds, it's hard to find assessments that ask hard questions about them. A recent white paper fills that void.In “Are Target-Date Funds Enveloped by Unrealistic Expectations?” Richard Glass of Investment Horizons asserts that little has... READ MORE

Fixing Financial Education

By John Iekel | 7/30/2018

Student loans, credit debt, mortgages, inflation, and somehow also trying to sock money away for retirement in the process — is it any wonder workforces are rife with financial stress?Providing financial education at the workplace — where so many employees spend most of their waking hours — seems... READ MORE

Extra Employer Contribution Helps Workers with Student Debt Save More

By John Iekel | 7/5/2018

For younger employees, setting aside money for retirement can take a back seat to the more immediate need to pay off student loan debt — a choice that can have long-term consequences. But at Abbott Laboratories, a new benefit provides some relief from that uncomfortable position.Abbott announced on... READ MORE

PSCA Makes Recommendations for Missing Participant Guidance

By John Iekel | 7/2/2018

The Plan Sponsor Council of America (PSCA), a part of the American Retirement Association (ARA), has submitted written recommendations for guidance on missing participants to several agencies, including the Department of Labor (DOL), the Treasury Department and IRS.The PSCA provided this guidance... READ MORE

ARA Comments on Revised Pre-Approved Plan Document Program

By John Iekel | 6/28/2018

The American Retirement Association has submitted a comment letter to the IRS asking for clarification on certain provisions of the new procedures for the pre-approved plan document program, recommending further enhancements to it and requesting a five-month extension of the submission deadline for... READ MORE

Cyber Fraud: Real Ideas to Address Virtual Crime

By John Iekel | 6/18/2018

One ordinarily would not leave a pile of cash unattended on a table in a public place — it may not be there long. But the advent of electronic banking, plan administration and account information makes it possible for cyber criminals to plunder assets on a virtual picnic table, absent protections.... READ MORE

ARA Seeks IRS Action on EPCRS, Determination Letters and More

By John Iekel | 6/15/2018

The American Retirement Association has submitted a comment letter to the IRS concerning the IRS’ 2018-2019 Priority Guidance Plan.In the June 15, 2018, comment letter, the ARA says it “believes that each and every item” on the IRS’ plan for 2018-2019 “is important to provide clarity and guidance... READ MORE

OregonSaves Implementing, Refining Interactive Procedures

By John Iekel | 6/15/2018

The Oregon Retirement Savings Board has provided an update on recent activities, implementation and future steps concerning the OregonSaves state-sponsored savings program for private sector employees.Where Things StandMay 15 was the deadline for employers with 50-99 employees to either register to... READ MORE

Oregon Treasury Delays PERS Member Investment Choice

By John Iekel | 6/11/2018

The Oregon State Treasury has announced that it is delaying the implementation of a new state law that allows members of the Oregon Public Employees Retirement System (PERS) to exercise some choice in how their plan funds are invested.The recently enacted House Bill 4159 directs the Oregon Public... READ MORE

ARA Recommends Expanding Determination Letter Program

By John Iekel | 6/6/2018

In a June 4, 2018, comment letter to the IRS, the American Retirement Association (ARA) recommended that the IRS expand its determination letter program to cover specific situations, which the ARA believes “would resolve the most critical open issues that impact the qualified status of the form of... READ MORE

Bill Would Create Commission on Retirement Security

By John Iekel | 5/29/2018

A measure before the U.S. Senate would create a new federal commission to recommend ways to improve Americans' retirement security.The Commission on Retirement Security Act of 2018 (S. 2753) would establish the Commission on Retirement Security to review private retirement benefit programs and... READ MORE

LIMRA: Delaying Retirement Good for Employees and Employers

By John Iekel | 5/21/2018

There are those who argue for encouraging older workers to not prolong their career longevity so as to reduce costs for employers and facilitate upward mobility for younger generations. But a recent study suggests the exact opposite — that employers actually should encourage employees to delay... READ MORE

Reish: Fiduciary Best Practices Key to Compliance

By John Iekel | 5/15/2018

Plan sponsors should “embrace best practices” regarding their fiduciary duty, ERISA attorney Fred Reish told attendees at the Plan Sponsor Council of America’s 2018 annual conference.In his presentation, “The New Fiduciary Rule – Compliance and Best Practices for Plan Sponsors,” Reish, a partner at... READ MORE

Plan Distribution Options Matter, DCIIA Study Says

By John Iekel | 5/11/2018

Plan design can influence and equip plan participants to make better choices regarding distribution, a recently released report concludes.In “Design Matters: Plan Distribution Options,” the Defined Contribution Institutional Investment Association (DCIIA) examines distribution options and discusses... READ MORE

Financial Wellness: Prescription for the Bottom Line

By John Iekel | 5/11/2018

Financial wellness programs' benefits to employees are obvious, but a session at the recent PSCA annual conference offered proof that they boost an employer’s financial wellness too.In his “Calculating ROI: Measuring the Benefits of Workplace Financial Wellness” workshop session, Greg Ward,... READ MORE

Your Reputation Has Transcendent Value

By John Iekel | 5/9/2018

Professional reputation is “usually something we’re constantly working on in the background," says Fi360 Executive Chairman Blaine Aikin. Building, maintaining and living it permeates everything from meeting regulatory requirements to the finer points of interacting with and serving clients.At a... READ MORE

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