John Iekel

Economy Shifts What Employees Are Looking for in a Plan

By John Iekel 2/14/2023

Employee participation in retirement plans could be better, by some measures. How to improve it has long been a topic of discussion — and knowing what employees are looking for in a plan is a key factor in bringing that about. It’s the Economy, S_____ What employees want can be a bit of a moving... READ MORE

Bill Would Set Up Auto Enrollment for Maryland State Employees

By John Iekel 2/9/2023

A bill is before the Maryland House of Delegates that would require the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to implement an automatic enrollment arrangement for state employees hired on or after Jan. 1, 2024 Del. Tony Bridges (D-... READ MORE

No Winter Chill for CalSavers

By John Iekel 2/9/2023

It may be winter, but the heat continues for CalSavers. The CalSavers Retirement Savings Board, which administers CalSavers, reports that the program continues to grow. In fact, growth in January outstripped that of December regarding total assets and average funded account balance. More... READ MORE

IRS to Issue Opinion Letters for Certain Pre-Approved DB Plans

By John Iekel 2/8/2023

The IRS said on Feb. 8 that it will be issuing opinion letters for pre-approved defined benefit plans that were updated for changes in plan qualification requirements listed in Notice 2020-14 and that were filed with the IRS during the third six-year remedial amendment cycle for pre-approved DB... READ MORE

State-Sponsored Plans: A Look at Participation

By John Iekel 2/7/2023

OregonSaves, CalSavers, Illinois Secure Choice…call it what you will, they and their counterparts boil down to one basic thing — a retirement plan sponsored by the state government to provide at least some kind of retirement plan coverage for individuals who lack access to one. In most cases, that... READ MORE

Mild Winter for Pension Plans, So Far

By John Iekel 2/7/2023

There were mixed results for private-sector pension plans in January, according to a variety of gauges — but the overall picture had some good news. Willis Towers Watson reported a slight chill — its WTW Pension Index decreased 1.3% since December 2022. It attributed that result to an increase in... READ MORE

Public-Sector Access, Participation in Retirement Plans Outstrips Private Sector, Says BLS

By John Iekel 2/2/2023

More public-sector employees have access to retirement plans than their counterparts in private industry, reports the Bureau of Labor Statistics (BLS). Same is true regarding participation. In its Feb. 1, 2023 The Economics Daily, the BLS provides a snapshot of access to, and participation in,... READ MORE

PBGC Names Hanley Chief of Negotiations and Restructuring

By John Iekel 1/31/2023

The Pension Benefit Guaranty Corporation (PBGC) on Jan. 27 announced the appointment of John Hanley as Chief of Negotiations and Restructuring. Since joining the PBGC in 2005, Hanley has served in several leadership positions, including Deputy Chief of Negotiations and Restructuring. He has worked... READ MORE

Industry Expert Hochman to Retire

By John Iekel 1/31/2023

Rich Hochman, longtime retirement industry expert and former ASPPA President, is retiring, Actuarial Systems Corporation has announced. Hochman served as President of ASPPA in 2017. He was the 2012 recipient of ASPPA’s Educator of the Year Award and the 2019 recipient of ASPPA’s highest honor,... READ MORE

SECURE 2.0: Insights as the Dust Settles

By John Iekel 1/31/2023

SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles. American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of... READ MORE

The Many Flavors of Retirement Savers: Individuals’ Response

By John Iekel 1/30/2023

Editor’s note: This the third in a four-part series. The original appears in its entirety as the cover story of the Winter 2023 edition of Plan Consultant magazine. The digital edition of the Winter issue is available here. However, access to Plan Consultant is restricted to ASPPA members, so you’... READ MORE

PBGC Adds Exception Process for Withdrawal Liability Conditions Applicable to SFA Recipients

By John Iekel 1/25/2023

The Pension Benefit Guaranty Corporation (PBGC) on Jan. 25 announced a final rule amending the special financial assistance (SFA) regulation to add an exception process for certain withdrawal liability conditions that apply to a plan that receives SFA. The final rule is effective Jan. 26, 2023.... READ MORE

Pensions Benefit More than Retirees, Says Report

By John Iekel 1/24/2023

Pensions obviously benefit retirees, their dependents and their beneficiaries. But while it may be less obvious, pensions also benefit society writ large — to the tune of trillions, with a T. The National Institute on Retirement Security (NIRS) every two years updates its Pensionomics analysis... READ MORE

The Many Flavors of Retirement Savers: A Look at Generations

By John Iekel 1/23/2023

Editor’s note: This the second in a four-part series. The original appears in its entirety as the cover story of the Winter 2023 edition of Plan Consultant magazine. The digital edition of the Winter issue is available here. However, access to Plan Consultant is restricted to ASPPA members, so you’... READ MORE

Bill Would Give Maryland Small Business Retirement Savings Board Limited Access to Tax Data

By John Iekel 1/19/2023

Certain tax information could be disclosed to the Maryland Small Business Retirement Savings Board to help in administering the Maryland Small Business Retirement Savings Program and Trust. Legislation that created the state-run auto-IRA program that businesses can offer went into effect on July... READ MORE

‘Bar Up’ on Colorado SecureSavings

By John Iekel 1/19/2023

The Colorado Department of the Treasury on Jan. 18 announced that the Colorado SecureSavings Program is open for businesses to register with it. The Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan is intended to provide... READ MORE

Missouri Bill Would Modify Duties of Public Employee Retirement System Fiduciaries

By John Iekel 1/18/2023

New year, new duties? A Missouri senator has introduced legislation that would modify the duties of fiduciaries serving public employee retirement systems. Sen. Jill Carter (R-Jasper and Newton) on Jan. 4 introduced the bill, SB 436. It provides that an investment fiduciary would discharge his or... READ MORE

Mississippi Lawmaker Introduces Legislation to Create State-Run Plan

By John Iekel 1/13/2023

Almost immediately after the New Year’s champagne stopped pouring, legislation arrived in the Mississippi House of Representatives that would establish a state-run plan that would provide retirement plan coverage for private-sector employees whose employers do not offer one. Rep. Orlando Paden (D... READ MORE

Missouri House Considers State-Run Multiple-Employer Retirement Savings Plan

By John Iekel 1/13/2023

Legislation that would create a state-run multiple-employer retirement saving plan in the Show Me State is before the Missouri House of Representatives. HB 155, introduced by Rep. Michael O’Donnell on Jan. 4, would establish the Show-Me MyRetirement Savings Administrative Fund, a multiple-employer... READ MORE

PBGC Adjusts Civil Penalties

By John Iekel 1/13/2023

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule adjusting civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices. The PBGC is required to amend its regulations annually to adjust... READ MORE

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