John Iekel

DC Considers Retirement Program for Certain Private-Sector Employees

By John Iekel 7/25/2023

Washington is discussing a bill that would provide retirement plan coverage for private-sector employees whose employers do not. No, not Washington state. And not Washington, as in the federal government. This measure is before the City Council of Washington, DC—the District of Columbia. At-Large... READ MORE

Hawaii Retirement Savings Board Seeks Exec. Director

By John Iekel 7/24/2023

Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21. The executive director will provide... READ MORE

State Saving Initiatives: Insider Insights

By John Iekel 7/21/2023

By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ... READ MORE

Teykaerts Tapped to Serve as CalSavers Executive Director

By John Iekel 7/20/2023

California State Treasurer Fiona Ma on July 20 announced that David Teykaerts has been appointed to serve as the executive director of CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not offer one. Teykaerts previously spent... READ MORE

IRS Refreshes Discussion of Post-Tax Year Employer Contributions to a 401(k) Plan

By John Iekel 7/19/2023

The IRS has updated content it provides concerning the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The material now reflects the application of the SECURE Act as well as discussion of the use of up-to-date forms. The content is contained in the IRS... READ MORE

EBSA Reviews Pension Risk Transfer Interpretive Bulletin

By John Iekel 7/18/2023

The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a consultation paper on its review of Interpretive Bulletin (IB) 95-1, which concerns fiduciary standards applicable when selecting an annuity provider for a pension plan. SECURE 2.0 requires the DOL to review IB... READ MORE

States Ramp Up the Pressure on WEP

By John Iekel 7/18/2023

Pressure from the states for action on the federal Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is increasing. The WEP and the GPO are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is... READ MORE

Gen Z a Relative Ray of Retirement Sunshine

By John Iekel 7/17/2023

Amid the clouds of gloom that threaten the retirement security of some generations, there is a relative bright spot, at least according to one analyst—Generation Z. Gen Z—defined by the Transamerica Center for Retirement Studies as those born between 1997 and 2012—so far are exhibiting hopeful... READ MORE

Hurricane Season: Be Prepared!

By John Iekel 7/14/2023

It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already. The IRS offers the following tips to help be ready in case a disaster happens. Take Advantage... READ MORE

Delaware Exploring Interstate Cooperation in Retirement Plan

By John Iekel 7/14/2023

Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022. According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her... READ MORE

IRS Provides Transition Relief, Guidance Concerning RMDs

By John Iekel 7/14/2023

The IRS on July 14 made multiple announcements concerning required minimum distributions (RMDs), including relief concerning RMDs and rollovers in accordance with Section 107 of SECURE 2.0. The guidance is contained in Notice 2023-54. Transition Relief The IRS says that after SECURE 2.0 was... READ MORE

RetirePath Virginia Hits the Road

By John Iekel 7/12/2023

RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, is now in operation. Phased enrollment began on July 1, 2023. RetirePath Virginia is a payroll deduction IRA program. Employees are automatically enrolled,... READ MORE

VT Saves Seeks Executive Director

By John Iekel 7/12/2023

VT Saves, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not, is seeking an executive director to launch the program. The executive director will implement a new statewide program and will work directly with the Treasurer, Deputy... READ MORE

PBGC Issues Final Rule on Allocation of Assets, Benefits Payable in Terminated Single-Employer Plans

By John Iekel 7/11/2023

The Pension Benefit Guaranty Corporation (PBGC) on July 11, 2023 issued a final rule amending its regulations on benefit payments, allocation of assets, and termination liability. On Sept. 30, 2019, the PBGC had published a proposed rule to amend these regulations. The PBGC did so to increase... READ MORE

Be Mindful in Practice Management

By John Iekel 7/10/2023

So many factors are in play in running a practice and serving clients. And a session at the 2023 NTSA Summit focused on one fundamental to doing both effectively: mental health. In “‘Holding’ Pattern: Is Mental Health Holding You Back?” Eric Jenkins, LCSW/Therapist at Willow Pines Therapeutic... READ MORE

June Heat for DB Plans

By John Iekel 7/7/2023

June brings increasing warmth, and in 2023 not just because summer arrived—by a variety of measures, the same held true for private-sector defined benefit plans. Funded Status Reports show that the funded status of private-sector pension plans improved in June, according to October Three,... READ MORE

Fine-Tune SFA Review Procedures, OIG Tells PBGC

By John Iekel 7/5/2023

The Pension Benefit Guaranty Corporation (PBGC) has work to do in its review of applications for aid under the Special Financial Assistance (SFA) program, says the Office of the Inspector General (OIG). The OIG released “Audit of PBGC’s Review of Initial Special Financial Assistance Applications... READ MORE

Retirement Plans = Employee Glue

By John Iekel 7/3/2023

Want to keep your employees? Offering a retirement plan could be an answer, says recent analysis. October Three argues that employer-provided retirement plans are a potent tool to retain employees and counters what it calls “the number one problem facing American companies right now.” Setting... READ MORE

Form 5500 Deadline Looming

By John Iekel 6/30/2023

An important deadline fast approaches for many plans—the Form 5500 is due to be filed by July 31. Plan sponsors of calendar-year plans must file their Form 5500 series returns by the last day of the seventh month after the plan year ends, which for calendar year plans is July 31 of the year after... READ MORE

Protecting Your Retirement Savings Online

By John Iekel 6/30/2023

Cybersecurity—and its importance to retirement plans and savings—being top of mind, Assistant Secretary of Labor Lisa M. Gomez has some suggestions on reducing the risk of fraud or loss to your retirement account. Register, set up, and regularly monitor an online account. Regularly checking a... READ MORE

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