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John Iekel

The IRS reports that it issued more than 1,200 determination letters concerning employee retirement plans in federal fiscal year (FY) 2022.  The information is contained in the IRS’ annual Data Book, this edition covering the period Oct. 1, 2021 to Sept. 30, 2022.  The annual Data Book details... READ MORE
Connecticut Comptroller Sean Scanlon has announced that the registration deadline for MyCTSavings has been extended to Aug. 31, 2023.  The Connecticut Retirement Security Program — also known as MyCTSavings — is a state-sponsored program that provides retirement plan coverage for those whose... READ MORE
Private-sector pension plans had a good start to the year, according to studies that say funding ratios improved in the first quarter of 2023.  Both October Three and financial services firm Wilshire report that even though those plans lost ground in aggregate funded ratios in March, they... READ MORE
March can be a tumultuous month. And in 2023, private-sector pension plans reflected the volatility of the transition from winter to spring.   Funded Ratios and Status. Like the thermometer following a late snowstorm, funded ratios fell. Insight Investment reports that it dropped by 1.6 percentage... READ MORE
The employer match is a tool that through which an employer matches employees’ retirement plan contributions up to a certain percentage of their annual salary. A recent blog entry discusses the forms that matching can take, as well as the good and bad aspects of such a program.  In “Retirement... READ MORE
The IRS has updated the information it provides for determining the tax treatment of pension and annuity income under the General Rule. The information is contained in revised Publication 939, General Rule for Pensions and Annuities, which the IRS has updated for 2022 reporting. The publication... READ MORE
The IRS has updated the information it provides concerning reporting contributions to IRAs. The information is contained in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs). What's New for 2022    The following information in Publication 590-A is new for 2022... READ MORE
A bill that would create a state-run multiple-employer retirement savings plan in the Show Me State is moving through the state House of Representatives toward consideration by the full chamber. The measure, which Rep. Michael O’Donnell introduced on Jan. 4, had been referred to two House... READ MORE
Add the Tar Heel State to the list of those offering a state-run plan that picks up the slack left by employers that don’t offer a retirement plan. Well, if a new bill just introduced is passed and enacted, that is.   HB 496 would create the North Carolina Small Business Retirement Savings Program... READ MORE
Are younger generations ready for retirement? A more complicated question than it appears at first blush, and it starts with the basics. Adulting?    A variety of factors are relevant in answering the question of whether younger adults are ready or even preparing at all — and one of them is... READ MORE
Social Security continues to face “significant financing issues,” says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds in its annual report to Congress. It notes that it has arrived at that finding in prior years. The Board calls on... READ MORE
The Treasury Department and the IRS seek feedback regarding the tax treatment of a nonfungible token (NFT) as a collectible under the tax law. The matter has relevance not only for saving and investment, but also for IRAs.  The announcement comes in IRS Notice 2023-27.  The IRS also seeks... READ MORE
If a measure before the Oregon Senate becomes law, ABLE accounts would be added to the options available to employees in Oregon. If enacted, the new option would be available beginning Jan. 1, 2025.  SB 571 provides that if an employer offers or provides contributions to employee retirement... READ MORE
The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to implement SECURE 2.0, and that includes retirement-related priorities.  The DOL seeks $4,672,000 to Implement SECURE 2.0. The DOL indicates that it has no choice but to do so.  The Consolidated... READ MORE
The penalties imposed on employers for failure to enroll covered employees in the Maine Retirement Savings Program would be altered under a bill now before the state Senate. On June 24, 2021, Gov. Janet Mills (D) signed into law a measure creating the Maine Retirement Savings Program. The law... READ MORE
Private-sector employees in the Silver State whose employers do not offer a retirement plan could be covered by a state plan, if a bill now before the state Senate is passed and enacted.  Senate Chief Majority Whip Dallas Harris (D-Clark County) on March 16 introduced SB 305, a measure that would... READ MORE
In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).  IRA Reporting   The IRS has issued an updated version of Publication 590-B,... READ MORE
The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to fuel new initiatives to make sure lost benefits go to those to whom they belong.  The DOL seeks $5 million in FY 2024 to establish a program for ensuring that missing participants receive the benefits to... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) on March 22 announced that it is reopening the comment period for the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption).    The QPAM Exemption   The QPAM exemption permits various... READ MORE
Speed has been a hallmark of the Pension Benefit Guaranty Corporation’s (PBGC) Special Financial Assistance (SFA) Program throughout its brief — less than two-years — life. And that’s not changing anytime soon — at least not this year.  The PBGC indicates it’s not going to waste any time in... READ MORE