John Iekel

Verify Plan Loan Repayments, Court Ruling Reminds

By John Iekel 9/28/2017

Forgetting to repay a loan will garner one a quick reminder. But that is not enough, a recent Tax Court ruling suggests — it may be wise to verify that the payment really was made.A recent Tax Court ruling, Louelia Salomon Frias v. Commissioner, TC Memo 2017-139, provides a reminder of the... READ MORE

SEC Chairman Hopes to ‘Properly Tailor’ Approach to Fiduciary Issues

By John Iekel 9/26/2017

Securities and Exchange Commission (SEC) Chairman Jay Clayton hopes that his agency can “properly tailor” an approach that will best address issues related to those the Department of Labor’s (DOL) fiduciary rule concerns. Clayton made his remark during his Sept. 26 testimony before the Senate... READ MORE

Partial Lump Sum Social Security Option: More Expensive Sooner than Later

By John Iekel 9/21/2017

A proposal to allow some retirees to receive lump sum Social Security payments would result in higher costs for Old Age, Survivor and Disability Insurance (OASDI) in the short term, but a small net reduction in OASDI costs in the longer term, says Social Security Chief Actuary Stephen Goss.The... READ MORE

Perceiving and Managing Fiduciary Risk

By John Iekel 9/21/2017

The teeth, if not the ultimate fate, of the fiduciary rule may be a matter of debate, but even if they are uncertain, the rule has contributed to a sharper focus on the way fiduciary duties are discharged. That attention, and a heightened awareness of how one is performing such functions, will not... READ MORE

PBGC Issues Guidance on Active Participant Reduction Reportable Events

By John Iekel 9/18/2017

The Pension Benefit Guaranty Corporation (PBGC) has issued guidance that provides an alternative method for determining whether an active participant reduction due to attrition must be reported to it. The PBGC seeks to eliminate possible duplicative reporting for plans that reported an active... READ MORE

ESG and Fiduciary Responsibility: Complementary or at Odds?

By John Iekel 9/15/2017

Running the plan and investing its assets in a way mindful of environmental, social and governance (ESG) concerns is a practice some plans follow. But a recent commentary questions whether that complements — or compromises — fulfilling fiduciary responsibility. In a commentary that recently... READ MORE

PBGC Floats Hurricane Relief

By John Iekel 9/14/2017

The Pension Benefit Guaranty Corporation (PBGC), like the IRS and the Department of Labor, is granting some forms of relief to certain victims of Hurricane Irma. The PBGC in Disaster Relief Announcement 17-11, issued on Sept. 12, said that in response to Hurricane Irma it is waiving certain... READ MORE

Fresh Relief for Hurricane Victims

By John Iekel 9/13/2017

What’s left of Hurricane Irma has not yet wrung itself dry, but already the IRS, Department of Labor and Pension Benefit Guaranty Corporation (PBGC) have announced fresh relief for its victims — as well as those of still very recent Hurricane Harvey.Part of the relief extends to Irma victims what... READ MORE

Do Older Americans Have More Income than We Think?

By John Iekel 9/8/2017

Being prepared not just for a rainy day but for years — perhaps many — of post-workforce life drives strategies and safety nets. And analyses often warn that all the effort is insufficient. But panelists at a recent discussion concerning studies on retirement income suggest that the prospects for... READ MORE

Are You Ready?

By John Iekel 9/7/2017

Hurricanes, epic floods, wildfires… we seem to be awash in natural disasters. They pose many dangers and risks, including the threat they can pose to a retirement plan — and, ultimately, its participants and their dependents.There are steps that plans, employers, service providers and... READ MORE

IRS Extends Temporary Nondiscrimination Relief for Closed DB Plans

By John Iekel 9/6/2017

The IRS has announced that it is extending the temporary nondiscrimination relief for closed defined benefit plans.The IRS made the announcement in Notice 2017-45, which says that the IRS has extended the relief provided in Notice 2014-5 by making that relief available for plan years beginning... READ MORE

Oregon Treasury Seeks to Modify State Retirement Program

By John Iekel 8/31/2017

The Oregon Treasury has unveiled a proposal to modify the Oregon State Retirement Program (ORSP).The proposal would create new rules and modify existing rules for the ORSP. Specifically, the rules: clarify the definitions in certain joint employment relationships; allow for non-payroll... READ MORE

IRS Loosens Hardship, Loan Conditions for Hurricane Harvey Victims

By John Iekel 8/30/2017

Less than 24 hours after the American Retirement Association requested it, the IRS has granted relief to taxpayers affected by Hurricane Harvey. The relief provided in IRS Announcement 2017-11 matches what the American Retirement Association, parent of the ASPPA, had requested in its Aug. 29... READ MORE

RBDs the Key to RMDs

By John Iekel 8/28/2017

There’s more to required minimum distributions (RMDs) than simply making payments. A recent white paper reminds that the responsibility of making RMDs includes fulfilling it on time.In the recent white paper “Are You Overlooking Required Beginning Dates?” William Grossman notes that Internal... READ MORE

Sun Is Shining, But Pay Close Attention to Fees Anyway

By John Iekel 8/25/2017

The Sunshine Act has been around longer than all the Millennials. And fee disclosure has been required for years. And still, with all that — not to mention the advent of electronic means of research and communication — it’s still wise to pay close attention to defined contribution plan fees, argues... READ MORE

Economics, Regulations Spur Pension Risk Transfers; Annuities an Outlet

By John Iekel 8/16/2017

Employers with defined benefit plans have long sought to reduce the costs of offering them and handling associated uncertainties. Recent studies discuss the growing trend of turning to pension risk transfers to relieve the pressure and highlight purchase of group annuities as one of the ways they... READ MORE

The Distribution Pickle

By John Iekel 8/11/2017

It’s a summertime trap: the poor baseball player trapped between bases who is going to be tagged out no matter which direction he goes. A recent blog entry argues that such a pickle faces employers and plan administrators too concerning distributions, but at any time of the year.Any employer and... READ MORE

Matching Employer Views and Action on Retirement Security

By John Iekel 8/10/2017

The notion that people need to save more for retirement is not new. Recent research suggests that in sentiment many employers agree, but may not put that in practice as fully as they could. Transamerica Center for Retirement Studies (TCRS) recently released “All About Retirement: An Employer... READ MORE

PBGC: Single-Employer Program Deficit Gone by 2022

By John Iekel 8/4/2017

There’s good news and bad news, says the Pension Benefit Guaranty Corporation (PBGC). In its latest projections report, the PBGC says that the deficit its single-employer program has registered likely will end in the near future; however, the results for the multiemployer program are likely to be... READ MORE

Treasury Winding Down myRA Program

By John Iekel 7/28/2017

The Treasury Department on July 28 announced that it will begin winding down the myRA program. Treasury’s action, which will end the program started in 2014, comes after a review of the program and its cost-effectiveness. U.S. Treasurer Jovita Carranza said in a press release that Treasury will be... READ MORE

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