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John Iekel

How do third party administrators (TPAs) and pooled employer plans (PEPs) interact? A Jan. 13 ASPPA webcast discussed the intricacies of such arrangements.  In “TPAs and PEPs: Structure and Service Options,” American Retirement Association Key Accounts Director Jake Linney, CPC, CPFA, addressed... READ MORE
As 2020 ended, OregonSaves—the state-run retirement program for private-sector employees whose employers do not offer a retirement plan—had growing assets and an opt-out rate that was roughly steady. These results are similar to those reported by the CalSavers Retirement Savings Board reported and... READ MORE
Data on income during retirement can be fraught with errors in gauging income and poverty levels among the elderly, says a recent study that also suggests a way to improve that measurement.  “Improving the Measurement of Retirement Income of the Aged Population,” ORES Working Paper No. 116... READ MORE
The Department of Labor (DOL) on Jan. 19 announced the leadership of the 2021 Advisory Council on Employee Welfare and Pension Benefit Plans—also known as the ERISA Advisory Council—as well as the appointment of five members. Chair of the 2021 Council will be current member Glenn Butash, who is... READ MORE
Private-sector pension plans showed mixed results in 2020. Recent reports indicate that is the case when considering funding levels as well as how the funds in them are invested.  Funding In Milliman’s Pension Funding Index, January 2021, Zorast Wadia, a principal and consulting actuary with... READ MORE
The IRS has issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2021 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2021-03.  The covered compensation tables for 2021 provide: Data based on... READ MORE
The IRS on Jan. 19 in Notice 2021-11 has announced additional relief regarding employment tax deadlines applicable to employers affected by the pandemic.  Notice 2021-11 makes changes to Notice 2020-65, which the IRS issued Aug. 28 to provide guidance implementing President Trump’s Aug. 8... READ MORE
As 2020 ended, Illinois Secure Choice—the state-run retirement program for private-sector employees whose employers do not offer a retirement plan—had growing assets and an opt-out rate that was roughly steady. These results are similar to those the CalSavers Retirement Savings Board reported... READ MORE
The IRS has issued the Instructions for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, to be used for filing concerning the 2020 plan year.  Form 8955-SSA is used to satisfy the reporting requirements of Internal Revenue Code Section... READ MORE
The challenges facing the Social Security system are well-known and deep-seated. Nonetheless, significant confidence about the future of the system persists among pre-retirees, a new study shows.  Kiplinger and Personal Capital report that they found their 2020 Retirement Survey that nearly two-... READ MORE
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
The pandemic has prompted a high number of Americans to take money out of their retirement accounts, according to a recent study.  How high? Kiplinger and Personal Capital report that they found in their recent study that 60% of Americans have borrowed or withdrawn funds from their 401(k) or IRA... READ MORE
The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2021-04. Rev. Proc. 2021-04 is a general update of Rev. Proc. 2020-4, https://www.irs.gov/irb/2020-01_IRB#REV-PROC-2020-4 which sets forth: general information... READ MORE
The cyber crime whack-a-mole contest continues; a recent blog entry discusses the persistence of identity theft and suggests steps that can be taken against it.  In “The Return of Identity Theft: The Risk Fights Back,” Alison J. Cohen of the Ferenczy Benefits Law Center LLP and David Kruse of... READ MORE
CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan, grew in the fourth quarter of 2020 while the opt-out rate held steady, according to the CalSavers Retirement Savings Board.  Growth  The board reports growth in registrations, accounts and... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) is issuing a final rule amending its regulations on Allocating Unfunded Vested Benefits to Withdrawing Employers (29 CFR part 4211) and Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR part 4219). The rule provides simplified... READ MORE
The IRS office of Tax Exempt & Government Entities has outlined its compliance program and priorities for 2021. In the fiscal year 2021 program letter for the office, TE/GE Commissioner Tammy Ripperda and Deputy Commissioner Edward Killen note that “The challenges of COVID-19 during fiscal... READ MORE
By some measures, corporate pension plans’ fortunes improved in 2020; by others, they did not. A new analysis reports that for private-sector DB plans’ funded status, 2020 was a wash.  Willis Towers Watson reports that pension plan assets among the plans it studied increased by $80 billion.... READ MORE
The IRS has issued the Form 5500-EZ and its instructions for the Form 5500-EZ to be used in reporting concerning 2020.    What’s New The IRS notes that there is one change in the form since last year. The instructions have been updated to reflect the penalty changes under Code Section 6652(e) for... READ MORE
The Department of Labor (DOL) has indicated, at least in one case, that it will allow defined contribution plans to offer indirect investment in private equities. A recent blog entry offers food for thought regarding private equity and considerations concerning such investments.  In “Understanding... READ MORE

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