John Iekel

The Office of the Inspector General (OIG) is concerned about the ability of the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) to exercise oversight and protect the integrity of benefit plans, particularly concerning audits. The OIG for the U.S. Department of Labor... READ MORE

Delaware is joining the Partnership for a Dignified Retirement, an interstate consortium that helps states provide access to retirement plan coverage. The action brings Delaware’s program into formal cooperation with those of Colorado and Maine.  Colorado Gov. Jared Polis (D) signed the measure... READ MORE

By many measures, CalSavers’ fortunes matched the warm colors of the foliage in Autumn 2023, although some results did not show progress.  CalSavers, as one of the longest-lived state-run programs that provides retirement plan coverage to private-sector employees whose employers do not have a plan... READ MORE

The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79.  The RA List establishes the end of the... READ MORE

Private-sector pension plans’ fortunes improved slightly in November—not exactly a feast, but also not a famine.  By a variety of measures, November’s results continued the rather indeterminate performance of U.S. private-sector pension plans that has held sway since August, when their results... READ MORE

The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.  Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification... READ MORE

Bills before the Massachusetts House and Senate that would expand the Massachusetts Defined Contribution CORE Plan are moving again.  The legislation, introduced early in 2023, has been largely dormant since summer; however, committees in both chambers have given the measures a nod.  About the... READ MORE

The guidance the IRS just issued in Revenue Procedure (Rev. Proc.) 2023-37 on qualified and 403(b) pre-approved plans made some significant changes in order to conform, clarify, and update the rules. Here’s a look at some of the key changes, which generally became effective on Nov. 21, 2023, with... READ MORE

The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.  The form is used to provide information to recipients about... READ MORE