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John Iekel

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
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
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
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
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
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
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
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
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 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
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
“Fair freshhe May,” wrote Chaucer. Perhaps he was referring to this one, which smiled kindly on private-sector pension plans according to several reports.  Funded Status  Reports show that the funded status of private-sector pension plans improved in May, according to October Three, Wilshire and... READ MORE
The shift from defined benefit plans to defined contribution plans is not new. It may be less common in the public sector, but it is not unknown among public employers. A recent study looks at what that has meant for the Alaska education sector.  The National Institute on Retirement Security (NIRS... READ MORE
Legislation is before the New York state Senate that would allow certain employees of the city of New York to be automatically enrolled in the New York City Board of Education Retirement System.  The state Assembly has passed the legislation; a third committee of the state Senate is now... READ MORE
There is pressure from state legislatures for action concerning the windfall elimination provision (WEP) and the government pension offset (GPO). Both are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is entitled to) a... READ MORE
The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.  SB305 was introduced on March 16, 2023.  ARA Support  The American... READ MORE
The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.  The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.  The issues the... READ MORE
We won’t be bringing you an ASPPA Connect newsletter on Monday, May 29, as our offices will be closed  due to the observance of Memorial Day; it will return on Wednesday, May 31. In the meantime, we would like to share some presidential quotes related to the holiday. “Each of the patriots whom we... READ MORE
The ink is barely dry on the measures that created state-run retirement plans in Connecticut and Maine that provide coverage for private-sector employees whose employers do not, but already bills are advancing in the legislatures in those states to fine-tune those programs.  Connecticut The... READ MORE
The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program. The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,... READ MORE