John Iekel

Agencies Extend Comment Period on SECURE 2.0 Reporting and Disclosure Rules

By John Iekel 4/2/2024

The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they are extending the period during which they will accept comments on the effectiveness of existing reporting and disclosure... READ MORE

Call for Guidance on Recordkeeping in the Electronic Age

By John Iekel 4/1/2024

Editor’s Note: This is Part II of a two-part series on a recent report by the Advisory Council on Employee Welfare and Pension Benefit Plans to Acting Secretary of Labor Julie Su. Part I is here. Recordkeeping has long been moving from paper-based to electronic. The Advisory Council on Employee... READ MORE

Washington State Auto-IRA Latest to Become Law

By John Iekel 3/28/2024

Washington is the latest state to run a retirement program that will provide coverage for private-sector employees whose employers do not. On March 27, Pat Sullivan, Executive Director of Legislative Affairs in Inslee’s office, issued an announcement that SB 6069 was among the bills the Gov. Jay... READ MORE

Pension Risk Transfers Heat Up

By John Iekel 3/28/2024

Editor’s Note: This is Part II of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024. Part I is here. According to the U.S. Pension Risk Transfer (PRT) report Aon released March 20, there was a surge in PRT activity in the fourth quarter of... READ MORE

Committee Proposed to Study Peach State Saves Program

By John Iekel 3/27/2024

The Georgia Senate may create a committee to study the creation of Peach State Saves, a retirement saving program. Senate Finance Committee Chairman Sen. Chuck Hufstetler (R-Rome) on March 20 introduced in the state senate SR 807, a resolution that would create the Senate Peach State Saves... READ MORE

Dynamic Start to the Year for Pension Funds

By John Iekel 3/27/2024

Editor’s Note: This is Part I of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024. The winter doldrums were anything but this year, at least as far as pension funds are concerned. At the very least, regarding funding, shedding liabilities... READ MORE

PBGC Updates Interest Rates Relevant to Valuation, Compliance

By John Iekel 3/22/2024

The Pension Benefit Guaranty Corporation (PBGC) has updated a variety of interest rates used in determining the value of benefits, premiums, and penalties. Variable Rate Premiums The PBGC has adjusted the interest rates used in determining the value of vested benefits for purposes of variable... READ MORE

Legislation Calls for Retirement Plan Marketplace in Wisconsin

By John Iekel 3/22/2024

If bills before both chambers of the Wisconsin legislature are enacted, America’s Dairyland will have a retirement plan marketplace to connect individuals and small employers with retirement plans offered by private financial services firms. Sen. Melissa Agard (D-Madison) introduced SB 1035 in... READ MORE

Recordkeeping in the Electronic Age

By John Iekel 3/22/2024

Editor’s Note: This is Part I of a two-part series on a recent report by the Advisory Council on Employee Welfare and Pension Benefit Plans to Acting Secretary of Labor Julie Su. Recordkeeping today is not your grandfather’s recordkeeping. Maybe not even your older sibling’s. So guidance and... READ MORE

SSA Acting to Address Improper Payments

By John Iekel 3/21/2024

Social Security Commissioner Martin O’Malley on March 20 outlined steps the Social Security Administration (SSA) will be taking to address overpayments and underpayments. The announcement came during his testimony before the Senate Select Committee on Aging regarding the current state of the Social... READ MORE

Hawaii Retirement Savings Program Auto-Enroll Getting Closer

By John Iekel 3/20/2024

Automatic enrollment of eligible employees in the Hawaii Retirement Savings Program is closer to being put in place. Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024. Under the bill, employees would no longer be required to opt in to participate in the Hawaii Retirement Savings... READ MORE

PBGC Has ‘Turned Around’ Potential Crisis, Says Hartogensis

By John Iekel 3/20/2024

Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis defended PBGC actions and said that it is “providing crucial pension relief” in a March 20 appearance before the House Subcommittee on Health, Employment, Labor, and Pensions. The subcommittee, part of the House Education and... READ MORE

‘Employment Extenders’ and What Their Proliferation Means for Retirement Plans

By John Iekel 3/18/2024

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

Illinois Senate Vote on Teachers’ Access to 403(b) Vendors Ahead

By John Iekel 3/14/2024

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

PBGC Issues Interest Assumptions for Valuing Benefits for Q2

By John Iekel 3/13/2024

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

IRS Expects to Fix Glitch Affecting Improperly Withheld Form 8955 Refunds

By John Iekel 3/13/2024

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

Joint Board for Enrollment of Actuaries Proposes Eliminating Physical Presence Rule for CPE Programs

By John Iekel 3/13/2024

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

Georgia Committee Reports Bill on Investment of Public Retirement Plan Assets

By John Iekel 3/12/2024

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

Washington State Poised to Adopt State Plan

By John Iekel 3/8/2024

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

Bill Would Extinguish Illinois Secure Choice Red Tape for VFDs

By John Iekel 3/7/2024

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

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