John Iekel
By John Iekel 1/13/2023
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...
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By John Iekel 1/11/2023
The IRS has updated the procedures for letter rulings and information letters. The update is contained in Revenue Procedure (Rev. Proc.) 2023-1.
More specifically, the IRS has updated the procedures for letter rulings and information letters issued by the Associate Chief Counsel (Corporate),...
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By John Iekel 1/10/2023
The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2023-04.
Rev. Proc. 2023-04 is a general update of Rev. Proc. 2022-4, published in Internal Revenue Bulletin 2022-01, which sets forth:
general information...
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By John Iekel 1/9/2023
Editor’s note: This the first in a four-part series. The original appears in its entirety as the cover story of the Winter 2023 edition of Plan Consultant magazine. The digital edition of the Winter issue is available here. However, access to Plan Consultant is restricted to ASPPA members, so you’...
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By John Iekel 1/4/2023
The Pension Benefit Guaranty Corporation’s (PBGC) Office of the Participant and Plan Sponsor Advocate reports progress in 2022, but adds in its 2022 annual report that there is more to be done.
Payments to Participants
The Office of the Advocate reports that in 2022, the PBGC paid more than $7...
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By John Iekel 1/4/2023
Why might a small employer not have a retirement plan in place? A retirement services professional offers some insights into what obstacles give them pause and how they may address those concerns.
The most common roadblocks, says Joni L. Jennings, a Retirement Services Compliance Manager at the...
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By John Iekel 1/4/2023
Like temperatures as winter approaches, reduced hours of daylight and the time left in the year, pension funding fell in December, according to recent studies.
According to the Aon Pension Risk Tracker, during December the aggregate funded status of U.S. pension plans operated by the S&P 500...
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By John Iekel 12/30/2022
ASPPA Connect will not be published on Monday, Jan. 2, as the ASPPA Office will be closed. ASPPA Connect will resume publication on Wednesday, Jan. 4.
New Year’s Eve is a famed time for a big party and celebration, as residents in these communities are aware.
Beer Bottle Crossing, ID...
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By John Iekel 12/22/2022
The New Jersey Secure Choice Savings Board has appointed Todd Hassler as Executive Director of the New Jersey Secure Choice Savings Program.
Hassler is the first person to hold that position; in that capacity, he will oversee the creation and operation of the program. Hassler most recently served...
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By John Iekel 12/21/2022
Fast away the old year passes! There are plenty of things to occupy an employer, a plan administrator, and a service provider’s time as the year comes to a close — and the IRS offers suggestions regarding year-end considerations concerning a retirement plan.
Such a resource is especially helpful...
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By John Iekel 12/21/2022
ASPPA Connect will not be published on Friday, Dec. 23, nor on Monday, Dec. 26, as the ASPPA Office will be closed. ASPPA Connect will resume publication on Wednesday, Dec. 28.
And since it’s that time of year, here’s a look at some of the communities in the United States that have names that are...
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By John Iekel 12/21/2022
The New Mexico State Treasurer’s Office for the New Mexico Work and Save Board on Dec. 19 issued a request for proposals (RFP) for program administrator services for the New Mexico Work and $ave Voluntary Payroll-Deduction IRA Program.
The RFP solicits sealed proposals to establish a contract...
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By John Iekel 12/16/2022
Social Security benefits don’t come out of thin air — it takes not only contributions but also formulae to determine benefit amounts. In a recent report, the Congressional Research Service (CRS) discusses the possible effects of adjusting computation years, one of the factors used to determine...
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By John Iekel 12/14/2022
Or two. Or more. New Year’s Eve heralds more than the end of 2022. It also marks a number of deadlines that a plan and professionals serving it may want to keep in mind.
Plan Design Changes
A plan generally must be amended by the end of the plan year to reflect changes an employer made during...
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By John Iekel 12/13/2022
The Department of Labor (DOL) on Dec. 12 reported that its Employee Benefits Security Administration (EBSA) recovered more than $1.4 billion for employee benefit plans, participants, and beneficiaries in fiscal year 2022. And that includes more than half a billion dollars that EBSA recovered for...
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By John Iekel 12/9/2022
The Department of Labor announced on Dec. 8 that its Employee Benefits Security Administration (EBSA) is modernizing the EFAST2 website authentication process. EFAST is the electronic platform by which one can file the Form 5500 Series.
Logging into the EFAST2 website is required to obtain new...
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By John Iekel 12/9/2022
The Department of Labor, IRS and Pension Benefit Guaranty Corporation (PBGC) on Dec. 8 released informational copies of the 2022 Form 5500, Form 5500-SF, IRS Form 5500-EZ and their related instructions.
About the Forms
Pension and welfare benefit plans required to file an annual return/report...
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By John Iekel 12/9/2022
The IRS announced on Dec. 8, 2022 that it will not be finalizing regulations it proposed on April 27 that prescribed mortality tables to be used by most pension plans. The proposed regulations would have affected participants in, beneficiaries of, employers maintaining, and administrators of...
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By John Iekel 12/9/2022
The IRS on Dec. 8 issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2023 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2022-24.
The covered compensation tables for 2023 provide:
Data...
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By John Iekel 12/8/2022
The Office of the Delaware State Treasurer on Dec. 5, 2022 announced that it is seeking proposals from qualified firms interested in providing program consulting services for the Delaware Expanding Access to Retirement and Necessary Savings (EARNS) Program.
Gov. John Carney (D) on Aug. 18, 2022...
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