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John Iekel

The “Baby Boom” is still having an impact on the workplace despite its advancing age, with an increasing number from that generation staying in the workforce longer than the “normal” retirement age. And that has implications for employers, retirement saving, and retirement plans.  Extended Tour of... READ MORE
The Illinois Senate may vote soon on a bill that would require school districts in the Land of Lincoln that offer their employees a 403(b) plan to enter into a contract with only one vendor in the plan. On Feb. 14, 2024, Sen. Karina Villa (D-West Chicago) introduced language for SB2568 stating... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on March 12 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2024. The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in... READ MORE
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
The Joint Board for Enrollment of Actuaries (JBEA) on March 13, 2024 announced proposed regulations that not only would retroactively extend the temporary waiver of its physical presence requirement for continuing professional education (CPE) programs—they also would eliminate the requirement... READ MORE
A Georgia Senate Committee has favorably reported a bill that would require a fiduciary of a retirement plan funded wholly or in part by public funds to put the interests of participants and their beneficiaries ahead of “nonpecuniary interests” such as social, political, or ideological concerns. ... READ MORE
Add the Evergreen State to those that provide retirement plan coverage for private-sector employees whose employers do not. Well, soon.  "In the beginning of March, Washington joined the 15 other states that had previously adopted state auto-IRA language, to provide the best opportunity for small... READ MORE
Illinois Rep. Charles Meier, in an interview with ASPPA Connect, has outlined how the rules concerning the participation of members of volunteer fire departments (VFDs) in Illinois Secure Choice would change if a bill he introduced is enacted.  Meier (R-Highland), who serves as Assistant... READ MORE
Snow may have rained down in much of the country in abundance, but February was a hot month for private-sector pension plans, according to recent analyses. October Three, Wilshire and Aon report good news for private-sector DB plans in February. How hot? In its report, Wilshire quotes Managing... READ MORE
Home and community-based services employees would be able to participate in Minnesota Secure Choice if a bill introduced in the state House of Representatives is enacted.  Rep. Kelly Moller (DFL-40A) introduced HF 4248 on Feb. 26. The legislation would amend the law creating the Minnesota Secure... READ MORE
The Congressional Research Service (CRS) has issued information about the updated thresholds for the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) for 2024.  The updated information is contained in an annual report the CRS issues concerning the WEP and the GPO. Both... READ MORE
Editor’s Note: This is part II of a two-part series. Part I is available here.  Generation Z is looking ahead and shows a healthy regard and respect for their financial future, long-term. Studies show that they have a strong interest in financial literacy, saving and employer-provided retirement... READ MORE
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
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
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
The states that offer a retirement program for private-sector employees whose employers do not have a new prospective member: Michigan. Legislation has been entered in the state House of Representatives that would create such a program in the Wolverine State. The Retirement Savings Program Act, HB... READ MORE
Editor’s Note: This is part I of a two-part series. It’s not unusual for older generations to look askance at their younger counterparts and dismiss them with a harumph at the thought that one day they will come to the fore. But some recent data suggests that in the case of the youngest... READ MORE
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
The New Mexico Senate is considering a request for a study regarding equalization of teachers’ pensions with those of public employees.  Sen. Mimi Stewart (D-Bernalillo), President Pro Tempore of the New Mexico Senate, on Jan. 18 introduced SM 4, a bill requesting that the Legislative Finance... READ MORE
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

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