John Iekel

Silver State Senate Smiles on Savings Program

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... READ MORE

IRS Issues Guidance on Expansion of EPCRS

By John Iekel | 5/26/2023

The IRS has issued guidance on Section 305 of SECURE 2.0 regarding the expansion of the Employee Plans Compliance Resolution System (EPCRS). The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30. The issues... READ MORE

IRS Determination Letter Program Expands to Include 403(b)s June 1

By John Iekel | 5/25/2023

Beginning June 1, 2023, the IRS is expanding its determination letter program to include certain 403(b) plans. The IRS issued a reminder May 24. The IRS had announced on Nov. 7, 2022 in Revenue Procedure (Rev. Proc.) 2022-40 that it would allow 403(b) retirement plans used by certain public... READ MORE

PA House Passes Keystone Saves Bill

By John Iekel | 5/25/2023

The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program. The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,... READ MORE

CT House Gives Nod to Adjusting Connecticut Retirement Security Program

By John Iekel | 5/24/2023

The Nutmeg State’s House of Representatives has voted in favor of a bill that would make a variety of adjustments to the Connecticut Retirement Security Program, the state-run program that provides coverage for private-sector employees whose employers do not. Rep. Henry Genga (D-East Hartford)... READ MORE

CalSavers: Growth in Assets Outstrips New Registrations

By John Iekel | 5/18/2023

CalSavers, the state-run retirement plan that covers private-sector employees whose employers don’t offer a plan, is growing—but so far this year, the expansion in assets is outstripping that of registrations. Registrations Month-to-month growth in employer registrations was still relatively... READ MORE

Minnesota Secure Choice Passes, Heads to Governor’s Desk

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

Green Mountain State Poised to Join State Plan Club

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

Keystone State Nudging Toward State-Run Plan

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

Minnesota House Gives a Nod to Minnesota Secure Choice

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

Social Security Solvency: Is it Really That Bad?

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

Retirement Plan Auto Features Delivered (Serious) Results in 2022

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

‘Draconian’ Social Security Cuts Are Price of Inaction, Brief Warns

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

DOL Issues FAQs on Notice Requirements for Multiemployer Plans that Received SFA Funds

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

No ESG in Maine Public Employees Retirement System Investments?

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

Implement Social Security Changes ‘Sooner Rather than Later,’ Say Trustees

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

DOL Seeks Funds for New Efforts on Lost Benefits

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

DOL Reopens Comment Period for QPAM Exemption Proposal

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

ARA Supports New Rules on Remote Notarization of Spousal Consent

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

IRS Issues Guidance on RMDs for 2023

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

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