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John Iekel

By John Iekel | 3/28/2024
UPDATE: Washington Gov. Jay Inslee did, in fact, sign into law on March 28 the retirement savings bill, becoming the 16th state to enact a state-run auto-IRA program. Washington Gov. Jay Inslee (D) is scheduled to sign into law legislation that will create Washington Saves, a state-run auto-IRA... READ MORE
By John Iekel | 3/26/2024
If bills before both chambers of the Wisconsin legislature are enacted, America’s Dairyland will have a retirement plan marketplace to connect individuals and small employers with retirement plans offered by private financial services firms. ​ Sen. Melissa Agard (D-Madison) introduced SB 1035 in... READ MORE
By John Iekel | 3/25/2024
Automatic enrollment of eligible employees in the Hawaii Retirement Savings Program is closer to being put in place.  Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024. Under the bill, employees would no longer be required to opt in to participate in the Hawaii Retirement Savings... READ MORE
By John Iekel | 3/21/2024
Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis defended PBGC actions and said that it is “providing crucial pension relief” in a March 20 appearance before the House Subcommittee on Health, Employment, Labor, and Pensions. The subcommittee, part of the House Education and... READ MORE
By John Iekel | 3/14/2024
The IRS has confirmed that they expect to fix a system-wide glitch that has resulted in improperly withheld refunds of erroneous penalties related to Form 8955-SSA filings.  Kelsey Mayo, the American Retirement Association’s Director of Regulatory Policy, reports that some plan sponsors’ refunds... READ MORE
By John Iekel | 3/12/2024
Add the Evergreen State to those that provide retirement plan coverage for private-sector employees whose employers do not. Well, soon.  Sen. Mark Mullet (D-Issaquah) introduced SB 6069, the measure creating Washington Saves, on Jan. 9, 2024. The Senate passed it on Feb. 12; the House initially... READ MORE
By John Iekel | 3/8/2024
The solvency of Social Security is not a new concern. It’s been on a slow—or, at times, high—burn for more than 40 years. Proposals to address the problem are almost as numerous as the warnings about it; in a recent report, the Congressional Research Service takes a look at the potential impact of... READ MORE
By John Iekel | 3/7/2024
It is now possible to offer plan participants in 401(k), 403(b), and 457(b) plans the option to treat employer contributions as Roth contributions, under the SECURE 2.0 Act.  More precisely, it is Section 604 of the SECURE 2.0 Act that allows plan participants to elect to have any fully vested... READ MORE
By John Iekel | 3/4/2024
Sometimes the most mundane details can be overlooked—which, for a plan, entails risk. In fulfilling the myriad responsibilities attendant to offering and running a plan, a retirement plan committee can be a great help.  Navigating increasingly complicated benefits administration—and against a... READ MORE
By John Iekel | 3/1/2024
A bill currently before the Georgia legislature would affect the exercise of fiduciary duty regarding the investment of retirement plan assets. The legislation includes a provision that would require a fiduciary to put the interests of participants and their beneficiaries ahead of “nonpecuniary... READ MORE
By John Iekel | 2/26/2024
The plan document is not a suggestion; it’s a roadmap to compliance and competent and effective administration. But it’s not always given the regard it deserves—which can imperil a plan and those whom it ultimately was written to serve.  Oops Robert M. Kaplan, Director of Technical Education at... READ MORE
By John Iekel | 2/16/2024
Greater longevity than in the past is a good thing, as is concurrent big-picture improvement in finances. But periodic economic challenges do take place, which can spell trouble—especially for retirees who did not save enough.  A substantial majority of retirees in a study by Clever Real Estate—68... READ MORE
By John Iekel | 2/13/2024
Student loan debt has long been said to be a drag on retirement saving, and a just-released report adds fuel to the fire.  Not only is student loan debt an immediate and long-term financial burden, but it also has a “statistically significant” effect on retirement accounts, says a new issue brief... READ MORE
By John Iekel | 2/2/2024
Loans to pay for an education: an investment in the future, but also a drag on it. Research and recent insights suggest that while loans help fund steps intended to improve one’s position, in some ways they can threaten future security by affecting retirement saving. It’s a debt whose effects... READ MORE
By John Iekel | 1/29/2024
The IRS has made the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans available. The new list, contained in Notice 2024-3, provides updated listings of required modifications and information packages for DC plans.  The 2023... READ MORE
By John Iekel | 1/24/2024
The Pension Benefit Guaranty Corporation (PBGC) on Jan. 19 announced that it has chosen the firms that will participate in its Smaller Asset Managers Program (SAMP).  SAMP is intended to reduce barriers to competition and create opportunities for smaller asset investment management firms. SAMP... READ MORE
By John Iekel | 1/22/2024
Rhode Island is on the road to possibly becoming a member of the Secure Choice Club. A bill has been introduced in the state’s House of Representatives that would establish a state-run retirement program that would cover those whose employers do not offer one. Rep. Evan P. Shanley (D-East... READ MORE
By John Iekel | 1/5/2024
The Pension Benefit Guaranty Corporation (PBGC) has work to do in order to accomplish its mission and better serve plans and participants, says a newly released report by the PBGC Participant and Plan Sponsor Advocate.  The 2023 Annual Report of the Participant and Plan Sponsor Advocate Pension... READ MORE
By John Iekel | 1/4/2024
The IRS has updated Form 8881, Credit for Small Employer Pension Plan Startup Costs, Auto-Enrollment, and Military Spouse Participation, for 2023 filing to reflect provisions in SECURE 2.0 intended to expand coverage and increase retirement savings.  The revisions to Form 8881 under the SECURE 2.0... READ MORE
By John Iekel | 1/3/2024
New year, new forms. The Department of Labor’s Employee Benefits Security Administration (EBSA) on Jan. 1 released the Form 5500, Form 5500-SF, and Form 5500-EZ for reporting concerning the 2023 plan year.  The DOL released informational copies of these forms on Nov. 17; they were intended to... READ MORE

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