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John Iekel

Employees would no longer be required to opt in to participate in the Hawaii Retirement Savings Program but rather would be automatically enrolled under legislation now before the Hawaii House and Senate.  Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024; Rep. Andrew Garrett (D-... READ MORE
A resolution before the Alaska House calls for the state to join others in calling for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).  Rep. Alyse Galvin (I-Anchorage) introduced House Joint Resolution 18 on Jan. 22, 2024.  Alaska has the highest... READ MORE
Loans to pay for an education: an investment in the future, but also a drag on it. Research and recent insights suggest that while loans help fund steps intended to improve one’s position, in some ways they can threaten future security by affecting retirement saving. It’s a debt whose effects... READ MORE
The IRS has made the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans available. The new list, contained in Notice 2024-3, provides updated listings of required modifications and information packages for DC plans.  The 2023... READ MORE
There have been significant changes to the IRS Pre-Approved Defined Contribution Plan Program, and two of the IRS officials involved in the thick of it recently provided a refresher on the program rules and recent developments.  Milo Atlas of the Retirement Plan Forms and Publications Office at... READ MORE
Washington—the state, not the city—is considering legislation that would establish a state-run retirement plan to cover those whose employers do not offer one.  If the legislation is enacted, the Evergreen State would join its Pacific Coast neighbors in providing such a plan. California was the... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Jan. 19 announced that it has chosen the firms that will participate in its Smaller Asset Managers Program (SAMP).  SAMP is intended to reduce barriers to competition and create opportunities for smaller asset investment management firms. SAMP... READ MORE
The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they will issue a joint request for information (RFI) seeking public input to help them review the effectiveness of existing... READ MORE
The IRS has issued final regulations updating the minimum present value requirements for pension plan distributions. The IRS issued the final regulations on Jan. 19.  The IRS had issued proposed regulations in 2016 that updated the minimum present value requirements for defined benefit plan... READ MORE
Plan professionals may find it useful to know that plan sponsors continue to make participants’ retirement security a priority, and are boosting their work to enhance it.  JP Morgan, in its fifth Defined Contribution Plan Sponsor Survey, which provides the results of an online survey of 788... READ MORE
Rhode Island is on the road to possibly becoming a member of the Secure Choice Club. A bill has been introduced in the state’s House of Representatives that would establish a state-run retirement program that would cover those whose employers do not offer one.  Rep. Evan P. Shanley (D-East... READ MORE
More than 900,000 participants of terminated plans were receiving benefits from the Pension Benefit Guaranty Corporation (PBGC) by the end of fiscal year (FY) 2023, says the agency in its FY 2023 annual report.  The Fiscal Year 2023 Annual Report of the Pension Benefit Guaranty Corporation (PBGC)—... READ MORE
Take a helping of government activity. Add a teaspoon each of plan design, controlled groups, and annuities, and also add a dash of EPCRS and a sprinkling of ethics. Voila! The recipe for the ASEA Actuarial Insights conference. The conference will be held on Jan. 24-25.  Wednesday, Jan. 24 On... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule adjusting for 2024 the 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... READ MORE
The U.S. retirement system is a success—but we still can do better. That was the message from an expert panel that recently examined the gaps in that system and made suggestions regarding how to fill them.  Pete Swisher, Managing Partner at Group Plan Systems, and Annie Messer, President, Member... READ MORE
From New England to Key West, from the Atlantic to the Great Plains, there are bills before state legislatures that would expand retirement plan coverage for certain public-sector employees.   Rhode Island  Rep. Patricia Serpa (D-West Warwick) on Jan. 5 introduced HB 7026, a measure that would... READ MORE
“Best condition this century.” Or, “improved” but “fragile.” Both are characterizations of the state of pensions in 2023; which applies depends on which pension system one is talking about.  Better, But… State and local pension plans saw improvement in 2023, but there is still plenty of room for... READ MORE
Like a snowflake dancing on the breeze uncertain where to land, how private-sector pension plans fared was a bit indeterminate in December, according to a variety of analysts.  This continues the neither-fish-no-fowl results reported in November and that have held sway since August, with some... READ MORE
The IRS has updated the instructions for Form 8606, which is used to report contributions and distributions, as well as conversions, from IRAs—including Roths.  Form 8606, Nondeductible IRAs, is used to report:  Nondeductible contributions to traditional IRAs;  Distributions from traditional,... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated the instructions for filing premiums as well as the portal through which they can be filed. Rules Are Rules  Sections 4006 and 4007 of ERISA and the PBGC’s Premium Regulations require that premiums be paid to the PBGC; every plan covered... READ MORE

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