John Iekel

Nevada Securities Administrator to Issue Rules on Breaches, Protect Small Biz

By John Iekel, Ray Harmon 7/27/2017

Nevada’s new law that imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers is now in effect; it also authorizes rules on fiduciary duty.SB 383, which Gov. Brian Sandoval (R) signed into law June 2, went into effect on July 1. The measure not only concerns duties... READ MORE

What Should the PBGC Do? Your Input Welcome

By John Iekel 7/26/2017

The Pension Benefit Guaranty Corporation (PBGC) is inviting comment on what regulatory — and deregulatory — actions it should take. The initiative supports the agency’s ongoing regulatory planning and active retrospective review of regulations and is a response to President Trump’s executive order... READ MORE

Washington State Commerce Dept. Updates Small Business Retirement Marketplace Rules

By John Iekel 7/25/2017

The Washington State Department of Commerce is updating the rules for the state’s Small Business Retirement Marketplace. The department is responsible for managing the Washington Small Business Retirement Marketplace in consultation with the state Office of the Insurance Commissioner and Department... READ MORE

ARA Argues for Tax Incentives for Retirement Savings

By John Iekel 7/24/2017

The American Retirement Association (ARA) on July 17 sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) expressing its strong support for tax incentives to encourage retirement savings.“The goals of achieving a tax code that is efficient, fair, and increases the financial and... READ MORE

Is Cybersecurity a Fiduciary Duty?

By John Iekel 7/21/2017

Fiduciary duties and functions have been discussed… just a little… over the last few years. But a recent blog entry suggests that cybersecurity should be added to them.Ariel Gaknoki argues that it should in “Fiduciary Obligations to Safeguard Plan Participants’ Data,” an entry appearing in Trucker... READ MORE

OregonSaves Pilot Launch ‘Successful,’ State Board Says

By John Iekel 7/21/2017

The July 1 launch of the Oregon Retirement Savings Program (ORSP, or OregonSaves) pilot has been a success, according to a report by the Oregon Retirement Savings Board that looks at the program’s first few weeks, as well as what lies ahead.Status ReportThe minutes of the board’s June 20 meeting... READ MORE

Anti-Burden EO Does Not Cover Retirement-Related Regs

By John Iekel 7/20/2017

President Trump’s recent executive order intended to cut tax regulatory burdens does not apply to retirement-related regulations and actions by the IRS, the Treasury Department has indicated in a recent notice.The IRS in Notice 2017-38 listed regulations covered by President Trump’s Executive Order... READ MORE

IRS: When a Custodial Institution Fails, IRA Rollovers Not Covered by Annual Limit

By John Iekel 7/18/2017

The IRS Office of the Chief Counsel has reiterated an earlier IRS statement that Congress did not intend the one-rollover-per-year limit for IRAs to apply when the custodial institution fails.In Chief Counsel Memo 2017-18, Associate Chief Counsel for Tax Exempt and Government Entities Victoria... READ MORE

Employee Retirement Readiness: Good for Employers

By John Iekel 7/14/2017

Financial wellness can incorporate many things — handling debt, paying off student loans, saving for family priorities. A recent primer on the subject argues that it also encompasses retirement readiness, but with a twist: employees’ retirement readiness also benefits employers.“Retirement... READ MORE

‘Whatever Happened to… Our Retirees and Beneficiaries?’

By John Iekel 7/13/2017

Keeping abreast of the whereabouts and life status of retirees and beneficiaries — and even terminated vested participants — are increasingly important fiduciary responsibilities. A recent newsletter discusses why this is the case and how it may be accomplished.In “Fiduciary Responsibilities:... READ MORE

SEC ‘Moving Forward’ on its Own Fiduciary Rule, Says Chief

By John Iekel 7/12/2017

“It is important that the Commission make all reasonable efforts to bring clarity and consistency” to “standards of conduct that investment professionals must follow in providing advice to Main Street investors,” Securities and Exchange Commission (SEC) Chairman Jay Clayton said on July 12. He made... READ MORE

A Dispassionate Report on the Fiduciary Rule

By John Iekel 7/10/2017

The last word one would associate with the Department of Labor’s (DOL) fiduciary rule is “dispassionate.” But that accurately describes a new report by the Congressional Research Service (CRS) concerning the rule.The Congressional Research Service, known as Congress' think tank, is a public policy... READ MORE

Older Employee Retirement Concerns: Two Perspectives

By John Iekel 7/7/2017

Employees who may have the greatest longevity at a particular office in terms of circuits around the sun and as part of payroll, have — and pose — concerns unlike those of younger cohorts. Two recent blog entries discuss different aspects of the retirement-related challenges attendant to older... READ MORE

IRS Moves to Nudge Employers to Pre-Approved Plans

By John Iekel 7/1/2017

The IRS has made some changes to how it deals with pre-approved plans, hoping to encourage employers to switch from individually designed plans to the pre-approved format. In Revenue Procedure (Rev. Proc.) 2017-41, the IRS on June 30 set forth procedures for issuing opinion letters on... READ MORE

IRS Moves to Nudge Employers to Pre-Approved Plans

By John Iekel 7/1/2017

Cybersecurity and Public-Sector DC Plans

By John Iekel 6/30/2017

The responses in the private sector to the risks that cybercrime poses to retirement plans, service providers and participants are as varied as its myriad components. But while one may expect that there would be a more uniform response from the public sector to protect its plans and participants, a... READ MORE

Auto Features: Inertia Beaters, But May Generate Exhaust

By John Iekel 6/22/2017

Have you driven the Capital Beltway ringing Washington, D.C. at rush hour, or the highways around Los Angeles, Atlanta and a host of other major cities? It takes something to overcome the inertia of hurry up and wait to make real progress toward the end goal. That “something” can be mysterious when... READ MORE

Oregon Retirement Savings Program Amends Enrollment Language

By John Iekel 6/22/2017

The Oregon Retirement Savings Program (ORSP, or OregonSaves) on June 22 filed a temporary amendment to its program rules with the Oregon Secretary of State’s office. The amendment modifies language related to enrollment in the program. It comes a little more than a week before the July 1 launch of... READ MORE

Carolinas Address Pension Issues, But They’re Night and Day

By John Iekel 6/19/2017

The Carolinas share a border, half of their names, and a need to address problems with their state pension plans. But while both must act, their problems are as different as north is from south.The Tar Heel StateNorth Carolina Treasurer Dale Folwell (R) is still new, having taken office just this... READ MORE

Pennsylvania Governor Signs Pension Reform into Law

By John Iekel 6/13/2017

Pennsylvania Gov. Tom Wolf (D) on June 12 signed into law Senate Bill 1, a measure that provides new state employees hired after Jan. 1, 2019, including teachers, with three retirement benefits from which they can choose.The state senate had passed the bill on June 5; three days later the... READ MORE

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