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John Iekel

By John Iekel | 5/12/2023
The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not. The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the... READ MORE
By John Iekel | 5/11/2023
The Vermont House of Representatives has passed legislation that would create VTSaves, bringing the state one step closer to becoming the latest to establish a state-run retirement program to provide coverage to private-sector employees whose employers do not. The state Senate had passed S.135 on... READ MORE
By John Iekel | 5/5/2023
A bill that would establish a state-run retirement plan to provide coverage for employees whose private-sector employers do not is working its way through the Pennsylvania legislature. The Commerce Committee of the House of Representatives on May 3 voted in favor of HB 577 in a 12-8, party-line... READ MORE
By John Iekel | 5/3/2023
The Minnesota House of Representatives on May 1 passed a bill that would create the Minnesota Secure Choice Retirement Program, a state-run retirement plan for private-sector employees whose employers do not provide one.  HF 782, introduced by Rep. Jamie Becker-Finn (DFL-Roseville) on Jan. 25,... READ MORE
By John Iekel | 5/1/2023
Warnings that Social Security’s long-term solvency is questionable are not new. But how about a little good news? A recent analysis suggests that maybe all is not lost. The glass is half full, argue Kathleen Romig, Director of Social Security and Disability Policy at the Center on Budget and... READ MORE
By John Iekel | 4/27/2023
Automatic features served retirement plans—and participants—well in 2022, according to a recent report.  In its 2023 Reference Point Annual Benchmarking Report, which concerns developments related to 401(k) plan design and participant behavior in 2022, T. Rowe Price reports that plan features such... READ MORE
By John Iekel | 4/26/2023
Now is the time to act to avoid “draconian” cuts to Social Security benefits, warns a recently released issue brief.   And doing so, continues the Center for Retirement Research at Boston College in “Social Security’s Financial Outlook: The 2023 Update in Perspective,” would be a more equitable... READ MORE
By John Iekel | 4/25/2023
The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 25 issued frequently asked questions (FAQs) on the annual funding notice requirements for multiemployer pension plans that received special financial assistance (SFA) funds under the American Rescue Plan (ARP) Act... READ MORE
By John Iekel | 4/25/2023
A bill has been introduced in the Maine House of Representatives that would prohibit consideration of nonpecuniary factors such as environmental, social and corporate governance (ESG) factors in the investment of Maine Public Employees Retirement System funds.  Rep. Chad Perkins (R-Dover-Foxcroft... READ MORE
By John Iekel | 4/2/2023
Social Security continues to face “significant financing issues,” says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance (OASDI)Trust Funds in its annual report to Congress. It notes that it has arrived at that finding in prior years. The Board calls on... READ MORE
By John Iekel | 3/27/2023
The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to fuel new initiatives to make sure lost benefits go to those to whom they belong.  The DOL seeks $5 million in FY 2024 to establish a program for ensuring that missing participants receive the benefits to... READ MORE
By John Iekel | 3/22/2023
The Department of Labor’s Employee Benefits Security Administration (EBSA) on March 22 announced that it is reopening the comment period for the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption).  The QPAM Exemption The QPAM exemption permits various parties... READ MORE
By John Iekel | 3/13/2023
The American Retirement Association (ARA) has signed on to a joint letter supporting the IRS’ new permanent rules to allow remote notarization of spousal consent forms.  Background During the pandemic, the IRS received requests from stakeholders to permit remote witnessing of spousal consents by... READ MORE
By John Iekel | 3/10/2023
The IRS has issued guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023. The guidance, contained in Notice 2023-23, implements a change to the RMD rules made by the SECURE 2.0 Act, which delayed the required beginning date for RMDs. Under this change, IRA... READ MORE
By John Iekel | 2/27/2023
The U.S. Department of Labor (DOL), the IRS and the Pension Benefit Guaranty Corporation (PBGC) on Feb. 23 released changes to the 2023 Form 5500 and Form 5500-SF. These are the third—and final—revisions that implement a Sept. 2021 regulatory proposal, which included changes related to provisions... READ MORE
By John Iekel | 2/10/2023
OregonSaves, CalSavers, Illinois Secure Choice…call it what you will, they and their counterparts boil down to one basic thing—a retirement plan sponsored by the state government to provide at least some kind of retirement plan coverage for individuals who lack access to one. In most cases, that... READ MORE
By John Iekel | 1/20/2023
The Colorado Department of the Treasury on Jan. 18 announced that the Colorado SecureSavings Program is open for businesses to register with it. The Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan is intended to provide... READ MORE
By John Iekel | 1/4/2023
The Pension Benefit Guaranty Corporation’s (PBGC) Office of the Participant and Plan Sponsor Advocate reports progress in 2022, but adds in its 2022 annual report that there is more to be done.  Payments to Participants  The Office of the Advocate reports that in 2022, the PBGC paid more than $7... READ MORE
By John Iekel | 1/2/2023
The IRS has issued proposed regulations on the use of electronic media to make participant elections and spousal consents. The proposed regulation generally affects sponsors and administrators of, and individuals entitled to benefits under, certain qualified retirement plans. The proposed... READ MORE
By John Iekel | 12/27/2022
Fast away the old year passes! There are plenty of things to occupy an employer, a plan administrator, and a service provider’s time as the year comes to a close — and the IRS offers suggestions regarding year-end considerations concerning a retirement plan. Such a resource is especially helpful... READ MORE

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