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John Iekel
By John Iekel | 6/8/2020
How about a little good news? A recent analysis that draws on data from two sources offers insights on retirement savings over nearly 30 years and prospects for the future that bode well.
In “Changes to Household Retirement Savings Since 1989,” American Enterprise Institute Resident Scholar Andrew...
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By John Iekel | 6/5/2020
A recession creates an array of challenges for an employer, including its effects on a retirement plan. A May 28 Plan Sponsor Council of America (PSCA) webinar examined what plan sponsors and participants should consider as the economy recovers.
“Guiding Your Organization's Retirement Plan Through...
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By John Iekel | 6/5/2020
Colorado is poised to join the states that have a state-sponsored retirement savings plan for private sector workers—including a mandate for employers with more than five employees that do not offer a retirement plan. The state Senate is considering a bill that would create an IRA-based program....
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By John Iekel | 5/29/2020
The California Secure Choice Retirement Savings Investment Board has issued a Request for Proposals for program consulting services for CalSavers, the state-sponsored program for employees whose employers do not offer a retirement plan.
The Board is seeking consulting services to help it select a...
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By John Iekel | 5/29/2020
While there's still no Form 5500 filing relief, Notice 2020-35, issued May 28, provides additional administrative relief regarding deadlines applicable to employment taxes, employee benefits and exempt organizations affected by the pandemic.
Under Code Section 7508A, the IRS is postponing...
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By John Iekel | 5/27/2020
Unfortunately, the effects of the COVID-19 pandemic include layoffs. A recent post on the ForUsAll blog discusses how layoffs will affect 401(k) plan audits.
In the post, author Kimberly Moore, Director of Auditing at Summit CPA Group, calls it “imperative” that an employer that has a 401(k) plan...
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By John Iekel | 5/18/2020
New Mexico has joined the list of states that provide a state-run retirement plan safety net. But while the legislation creating the New Mexico Work and Save program has been enacted, the state body that will implement it has some time to get it up and running.
Gov. Michelle Lujan Grisham (D)...
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By John Iekel | 5/18/2020
The American Retirement Association in a May 11 letter to Eric Slack, Director of the IRS Office of Employee Plans, recommended improvements in the interim amendment process for pre-approved plan documents.
In December 2019, the letter notes, during a conference call relating to the amendment...
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By John Iekel | 4/28/2020
There are many consequences when an economic downturn happens, and a recent analysis warns that accelerated depletion of the Social Security trust funds may result from this one.
In “COVID-19 May Deplete Social Security Trust Funds This Decade,” the Bipartisan Policy Center argues that the...
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By John Iekel | 4/23/2020
Recordkeepers have acted quickly to incorporate social distancing and follow stay-at-home orders in response to the Coronavirus pandemic—including a whopping 98% of staffers working at home—a new survey finds.
That’s a huge jump from the 20% reported three months ago, according to a summary of the...
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By John Iekel | 4/3/2020
The challenges surrounding missing participants are growing. A recent Plan Sponsor Council of America (PSCA) webcast outlined what that means for plans and what plan sponsors and administrators can do to meet those challenges.
In “Missing Participants: Latest on DOL Audits of Retirement Plans,”...
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By John Iekel | 3/31/2020
The American Retirement Association (ARA) on March 30 requested relief from the Department of Labor’s Employee Benefits Security Administration (EBSA) on certain ERISA notice and disclosure requirements. The ARA made the request in a March 30 letter to the Honorable Preston Rutledge, DOL Assistant...
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By John Iekel | 3/30/2020
The lag between registration in the OregonSaves program and submission of payroll deductions is longer than originally anticipated, but the rollout is accelerating, says a new study.
Meanwhile, the Oregon Retirement Savings Board (OSRB), which administers the state-run plan that offers a way to...
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By John Iekel | 3/26/2020
The spread of the Coroinavirus, and the measures to keep it under control, have caused dramatic changes in the financial environment underpinning retirement plans. A recent Plan Sponsor Council of America webinar discussed what it means for plans and participants.
In “COVID-19 Market Impact...
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By John Iekel | 3/26/2020
The Advisory Council on Employee Welfare and Pension Benefit Plans has released a report that addresses improving the financial statement audit process.
The report comes after review by the Council of many aspects of the audit process; that included hearing included hearing testimony from...
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By John Iekel | 3/23/2020
A bill has been introduced in the U.S. House of Representatives that would make it possible for 403(b) plans to invest in a broader array of forms of investment than they can currently.
The Public Service Retirement Fairness Act, introduced by Rep. Jimmy Panetta (D-CA), would allow 403(b)s to...
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By John Iekel | 3/18/2020
The challenges surrounding missing participants are growing. A recent Plan Sponsor Council of America (PSCA) webcast outlined what that means for plans and what plan sponsors and administrators can do to meet those challenges.
In “Missing Participants: Latest on DOL Audits of Retirement Plans...
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By John Iekel | 3/18/2020
The American Retirement Association (ARA) is pressing the IRS to extend the remedial amendment period for 403(b) plans by one year.
The ARA made the recommendation in a March 16 letter to Cathy Jones, Director of the IRS Office of Employee Plans, in which it comments on the 403(b) plan remedial...
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By John Iekel | 3/16/2020
The DOL’s Advisory Council on Employee Welfare and Pension Benefit Plans has released a report addressing transfers of uncashed distribution checks that ERISA plans issue to state unclaimed property programs.
In “Voluntary Transfers of Uncashed Checks from ERISA Plans to State Unclaimed Property...
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By John Iekel | 3/13/2020
The IRS announced on March 11 that high-deductible health plans (HDHPs) can pay for Coronavirus (COVID-19)-related testing and treatment without jeopardizing their qualified status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health...
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