John Iekel

The IRS on Aug. 13 in Notice 2020-60 provided guidance regarding the election of alternative minimum funding standards for certain pension plans under Internal Revenue Code Section 430(m). Section 430(m) was added to the Internal Revenue Code by Section 115 of the Setting Every Community Up for... READ MORE

A strong majority of plan sponsors are familiar with the CARES Act and its provisions that concern retirement plans, but many fewer have a clear view of the impact of the Act on their plans and on participants’ savings, says a new study.   The Secure Retirement Institute (SRI) in a recent survey... READ MORE

Discount rates fell again in July, according to two recent reports. And while the reports differ on funded status for the month, they broadly agree on the year’s trend.   “All-time low discount rate” is the characterization Milliman used concerning the rate as it stood after the July results in... READ MORE

In a July 30 webcast, ARA Director of Legislative Affairs Andrew Remo provided an overview of the rules affecting retirement plans that have been put in place as a result of the pandemic and the effects it has had on the economy and plan participants.   In “Pandemic Pandemonium: Navigating the... READ MORE

The IRS on Aug. 6 in Notice 2020-61 issued guidance on special funding and benefit limitation rules for single-employer pension plans under the Coronavirus, Aid, Relief and Economic Security (CARES) Act. Specifically, Notice 2020-61 provides guidance regarding the special rules relating to single-... READ MORE

The monthly increase was the first since March, according to a recent report from Milliman.   More specifically, the average accounting discount rates fell by 11 basis points (bps) and annuity purchase rates decreased by 18 bps, according to Milliman. As a result, the estimated retiree buyout... READ MORE

The IRS has issued a reminder concerning relief related to retirement plans provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides the information in a question-and-answer format. More specifically, the IRS points out that the CARES Act, which President Trump... READ MORE

There is still a lot of 2020 left to go. But 2021 is fast approaching, and a July 22 Plan Sponsor Council of America (PSCA) webcast offered ideas on how to prepare for that. In “Year-End Checklist: COVID-19 issues and Preparing for 2021,” three Winston & Strawn LLP attorneys—Ariane Andrade, an... READ MORE

The stock market has been a veritable rollercoaster in the last year. Three recent studies outline some of the effects of that volatility on retirement plans.   The ride predates 2020, T. Rowe Price observes in its Reference Point Annual Benchmarking Report. It notes that in 2019, stocks... READ MORE