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John Iekel
By John Iekel | 5/12/2022
The Show Me State is on the verge of committing to a state-run retirement plan for private-sector employees.
Legislation that would create the Missouri Workplace Retirement Savings Plan has passed the state House of Representatives, and the Senate is poised to take up its version.
The Missouri...
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By John Iekel | 5/11/2022
Arizona is set to study public-private partnerships in retirement savings programs. Gov. Doug Ducey (R) on May 2 signed a measure to create a committee to do so.
Senate Bill 1375 was introduced on Jan. 25 in the state Senate and on March 8 in the House of Representatives.
The study committee...
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By John Iekel | 5/6/2022
The Aloha state is poised to set in motion a state retirement plan that would be unique among its counterparts—employees would have to opt in, and a retiree would be among the members of the board administering the program.
On May 3, the Hawaii Senate and House of Representatives both voted in...
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By John Iekel | 5/2/2022
The fintech firm has been selected as the vendor that will administer the first multi-state retirement plans that provide retirement plan coverage for employees whose employers do not. Vestwell announced April 28 that it won a competitive bid process to serve as the administrator of the plans.
In...
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By John Iekel | 4/29/2022
The IRS has announced the health savings account limits for 2023. The announcement came in Revenue Procedure 2022-24, dated April 29.
HSA Limits
For calendar year 2023, the annual limitation on deductions under Code Section 223(b)(2)(A) for an individual with self-only coverage under a high...
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By John Iekel | 4/26/2022
OregonSaves, the state-run program which provides employees in the Beaver State with retirement benefits if their employers do not, was the first such program to begin operating in the United States. A recent study assessed how well it is doing, including some good news for its advocates.
In...
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By John Iekel | 4/6/2022
The House Education and Labor Committee reported the Protecting America’s Retirement Security Act April 5, sending the bill to the House floor for a vote.
The committee voted 29-21 to report the bill to the House. No Republicans voted for the bill, and no Democrats voted against it. The ...
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By John Iekel | 4/6/2022
The American Retirement Association expressed its opposition to the Protecting America’s Retirement Security Act (PARSA) in an April 5 letter to lawmakers. “Our opposition to this legislation is based on both its substance and its process,” writes ARA CEO Brian Graff.
The PARSA legislation was...
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By John Iekel | 3/29/2022
Connecticut Comptroller Natalie Braswell announced March 24 the launch of MyCTSavings, the state-run retirement savings program intended to provide coverage for private-sector employees whose employers do not offer them a plan. A pilot program was launched in September 2021.
MyCTSavings is...
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By John Iekel | 3/18/2022
After passing in the state House of Representatives, legislation that would affect retirement plan professionals and participants in a variety of ways is now before the state Senate.
H.B. 8, whose primary sponsor is Rep. Jason Petrie (R-Logan), passed the House by a 67-23 margin on March 4, just...
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By John Iekel | 2/23/2022
The IRS on Feb. 23 issued a proposed rule addressing the required minimum distribution (RMD) requirements for plans qualified under Code Section 401(a) that will update applicable regulations to reflect provisions of the SECURE Act.
The proposed rule will affect RMDs from qualified plans, 403(...
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By John Iekel | 2/18/2022
The CalSavers Retirement Savings Board, the body that runs CalSavers, the state-provided retirement plan for employees whose employers do not provide one, on Feb. 18 issued a request for proposal (RFP) for a new investment option focused on ESG factors.
The Board seeks proposals from qualified...
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By John Iekel | 2/15/2022
Employer payroll deduction IRAs are coming back into vogue, an expert at last week’s NTSA Summit argued.
“Employer IRAs are not new—they’re just getting a resurgence because of the MEP and PEP rules,” said Sue Diehl, President of PenServ Plan Services, a Pennsylvania-based TPA and recordkeeper...
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By John Iekel | 2/7/2022
This could be a busy year for lawmakers on a number of matters relevant to the retirement industry, American Retirement Association CEO Brian Graff suggested at a Feb. 6 session of the NTSA Summit in Phoenix, AZ.
What Could Have Been
There was an effort late in 2021 to pass the Build Back...
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By John Iekel | 2/2/2022
A recent report suggests that assuming that decumulation is the only approach retirees take regarding their accumulated funds is as inaccurate as it is simplistic.
In a recent report, T. Rowe Price says that it found that retirees are not monolithic in their management of retirement funds. To be...
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By John Iekel | 1/14/2022
In the first six days of 2022, measures were introduced in three state legislatures that would establish retirement plans run by the state, or by third parties with which the state establishes a contract. Shortly after, a fourth measure was introduced to bolster a recently established state plan...
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By John Iekel | 1/12/2022
The Pension Benefit Guaranty Corporation (PBGC) has more work to do with its Missing Participants Program, says the agency’s Office of the Inspector General.
In order to determine the effectiveness of the program in locating missing participants, the OIG conducted a study and published the...
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By John Iekel | 1/10/2022
The New Mexico State Treasurer’s Office has announced that it is developing protocols by which financial service providers will be approved to offer retirement savings plans to individuals, small businesses and employees through the Work and $ave Retirement Plan Marketplace.
It is doing so on...
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By John Iekel | 12/30/2021
The Department of Labor, IRS and Pension Benefit Guaranty Corporation (PBGC) on Dec. 29 released information copies of the Form 5500, Form 5500-SF and Form 5500-EZ for use in reporting about the 2021 plan year, as well as their accompanying instructions.
Information copies are not to be used for...
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By John Iekel | 12/29/2021
A new report from the Congressional Research Service (CRS) provides an illustration of the shift from defined benefit plans to defined contribution plans that has taken place in the last 40 years.
“One of the notable trends in the U.S. retirement system over the past five decades is that private-...
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