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John Iekel
By John Iekel | 10/9/2023
The IRS has updated the content it provides through an issue snapshot on the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The refresh accounts for application of the SECURE 2.0 Act.
The Issue Snapshot discusses the timing rules of the Internal...
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By John Iekel | 10/5/2023
The priority guidance plan that the Treasury and IRS have issued for 2023-24 includes plans for action that will affect retirement plans. They unveiled the plan on Sept. 29.
The 2023-2024 Priority Guidance Plan contains projects that will be the focus of guidance and regulatory efforts by the...
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By John Iekel | 10/2/2023
Uniformity and universality are not hallmarks of retirement plan coverage. A new report offers a look at who in the private sector is most likely to have access to a plan and to be covered.
The Department of Labor’s Bureau of Labor Statistics (BLS) on Sept. 21, 2023 released the March 2023...
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By John Iekel | 9/4/2023
The Maine Retirement Savings Program is getting closer to implementation. The Maine Retirement Savings Board has proposed a rule that would set the nuts and bolts of program operation.
Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private...
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By John Iekel | 8/29/2023
The Department of Labor (DOL) on Aug. 28 announced that its Employee Benefits Security Administration (EBSA) will extend the grace period to obtain new Login.gov credentials for the EFAST2 filing system until Dec. 31, 2023.
The ERISA Filing Acceptance System (EFAST2) is the system by which the...
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By John Iekel | 8/21/2023
The first half of 2023 brought slow—but relentless—growth in assets and registrants for CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not. So reports the CalSavers Retirement Savings Board, which administers the program....
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By John Iekel | 8/18/2023
Participants’ understanding of their retirement plans and individual prospects can be more well-rounded and complete if they are educated on risk literacy, argues an industry expert.
Risk literacy is a “crucial aspect of participant education” that is often neglected, posits PlanPILOT Managing...
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By John Iekel | 8/17/2023
They may be on almost completely opposite ends of the country, but Colorado and Maine are cooperating in offering retirement plan coverage to their citizens.
Colorado SecureSavings program and the Maine Retirement Investment Trust (MERIT) on Aug. 11 established a partnership to provide retirement...
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By John Iekel | 8/15/2023
Many members of the Baby Boom generation have retired, and many of those who remain in the workforce are not far off from following suit. But many of those individuals are less financially prepared for retirement than one may expect, says a recent study.
In “What Happened to Late Boomers’...
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By John Iekel | 8/7/2023
The Pension Benefit Guaranty Corporation (PBGC) expects that both of its pension insurance programs—for single employers and for multiemployer plans—will remain not only solvent but robust for years to come.
The good news is contained in its FY 2022 Projections Report, which it released on Aug. 2...
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By John Iekel | 8/7/2023
Health issues can arise at any time. And during retirement, many may turn to their 401(k) for the funds to address them—but health savings accounts (HSAs) are another option, and a July 27 webinar took a look.
Sara Caddy, Benefits Manager and Vice President at Dimensional Fund Advisors, and Tara...
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By John Iekel | 7/19/2023
Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.
According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her...
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By John Iekel | 7/14/2023
RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, is now in operation. Phased enrollment began on July 1, 2023.
RetirePath Virginia is a payroll deduction IRA program. Employees are automatically enrolled,...
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By John Iekel | 7/14/2023
The IRS on July 14 made multiple announcements concerning required minimum distributions (RMDs), including relief concerning RMDs and rollovers in accordance with Section 107 of SECURE 2.0. The guidance is contained in Notice 2023-54.
Transition Relief
The IRS says that after SECURE 2.0 was...
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By John Iekel | 7/1/2023
The government of Maine has enacted a measure that adjusts its state-run retirement savings program.
Gov. Janet Mills (D) on June 12 signed into law legislation that adjusts the Maine Retirement Savings Program, the plan that provides coverage to private-sector employees whose employers do not....
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By John Iekel | 6/21/2023
Participants in OregonSaves, the first state-run retirement plan for private-sector employees whose employers do not offer one, have now cumulatively saved more than $200 million through the program.
So reported the Oregon Retirement Savings Board and State Treasurer Tobias Read, who serves as...
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By John Iekel | 6/20/2023
[Correction: The article has been updated to reflect the fact that Gov. Lombardo signed the bill on June 13.]
Nevada became the latest state to provide retirement plan coverage for private-sector employees whose employers do not.
The Nevada Senate passed the bill, SB305, on May 26; the Nevada...
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By John Iekel | 6/8/2023
Auto-enrollment can dramatically increase participation in a retirement plan—however, the degree to which it is beneficial varies depending on which party one considers, says a recent study.
Richard Patterson, an Assistant Professor and Director of Long-Run Research in the Office of Economic and...
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By John Iekel | 6/6/2023
Vermont is now among the states providing a state-run plan for private-sector employees whose employers are not. Gov. Phil Scott (R) has signed into law the measure that called for the creation of their iteration.
On June 1, Scott signed S. 135, the bill that creates VTSaves. Action on the...
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By John Iekel | 5/31/2023
The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.
SB305 was introduced on March 16, 2023.
ARA Support
The American...
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