John Iekel

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

NJ Secure Choice Seeks Program Administrator

By John Iekel 6/27/2023

The New Jersey Secure Choice Savings Program Board, the entity that runs New Jersey Secure Choice—the state-run savings program that provides retirement plan coverage to private-sector employees in New Jersey whose employers do not offer one—is seeking a program administrator. The board has... READ MORE

Fine-Tuning the Retirement Savings Program Down East

By John Iekel 6/23/2023

The government of Maine has enacted a measure that adjusts its state-run retirement savings program. Gov. Janet Mills (D) on June 12 signed into law legislation that adjusts the Maine Retirement Savings Program, the plan that provides coverage to private-sector employees whose employers do not.... READ MORE

Neal Reintroduces Proposal to Fix WEP

By John Iekel 6/22/2023

Rep. Richard Neal (D-MA), ranking member of the House Ways and Means Committee, on June 21 reintroduced legislation that would make a variety of adjustments to the windfall elimination provision (WEP). The Public Servants Protection and Fairness Act of 2023 would: introduce a new proportional... READ MORE

Oregon Saves, Says OregonSaves

By John Iekel 6/20/2023

Participants in OregonSaves, the first state-run retirement plan for private-sector employees whose employers do not offer one, have now cumulatively saved more than $200 million through the program. So reported the Oregon Retirement Savings Board and State Treasurer Tobias Read, who serves as... READ MORE

Next OregonSaves Deadline Looms

By John Iekel 6/20/2023

The next registration deadline that further expands the reach and coverage of OregonSaves is coming soon. July 31, 2023 is the date by which the following must register with OregonSaves: employers with one or two employees, and businesses that use a professional employer organization (PEO)... READ MORE

Silver State Strikes Gold for Savers

By John Iekel 6/20/2023

Nevada has become the latest state to provide retirement plan coverage for private-sector employees whose employers do not. The Nevada Senate passed legislation that would create a state program, SB305, on May 26; the Nevada Assembly followed suit on June 4. The bill then went to Gov. Joe... READ MORE

PBGC Issues Interest Assumptions for Valuing Benefits for Q3

By John Iekel 6/15/2023

The Pension Benefit Guaranty Corporation (PBGC) on June 14 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2023. The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in... READ MORE

PBGC Adds Updated Mandatory Distributions Dollar Limit to Agenda

By John Iekel 6/15/2023

The Pension Benefit Guaranty Corporation’s (PBGC) regulatory agenda now includes proposed rules to reflect updates to the dollar limit for mandatory distributions under SECURE 2.0. The Office of Information and Regulatory Affairs of the Office of Management and Budget (OMB) has outlined the PBGC... READ MORE

Access to DB Plans Low, But Holding Steady

By John Iekel 6/13/2023

A minority of private-sector employees has access to defined benefit plans, but good news— according to the Bureau of Labor Statistics (BLS), the percentage that do is holding steady. The BLS in “Characteristics of Defined Benefit Retirement Plans in 2022” says that 15% of private-sector... READ MORE

Retirement Plan Key to Fixing Teacher Staffing, Says Majority Leader

By John Iekel 6/13/2023

A big piece of fixing Alaska’s problem with teacher staffing is addressing retirement plan issues, says none other than the Majority Leader of the State Senate. Cathy Giessel (R-Anchorage), the Majority Leader of the Alaska Senate, made her comments as a panelist in the June 12 National Institute... READ MORE

Auto-Enrollment a Plus But Not a Panacea, Says Study

By John Iekel 6/9/2023

Auto-enrollment can dramatically increase participation in a retirement plan—however, the degree to which it is beneficial varies depending on which party one considers, says a recent study. Richard Patterson, an Assistant Professor and a Director of Long-Run Research in the Office of Economic and... READ MORE

Green Mountain State Joins Retirement Plan Club

By John Iekel 6/6/2023

Vermont is now among the states providing a state-run plan for private-sector employees whose employers are not. Gov. Phil Scott (R) has signed into law the measure that called for the creation of their iteration. On June 1, Scott signed S. 135, the bill that creates VTSaves. Action on the... READ MORE

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