John Iekel
By John Iekel 4/19/2022
The IRS has revised the required modifications and information that contains samples of plan provisions that have been found to satisfy certain requirements of Code Section 403(b) and its implementing regulations, for purposes of complying with Revenue Procedure (Rev. Proc.) 2021-37. The IRS has...
READ MORE
By John Iekel 4/19/2022
The U.S. Department of Labor (DOL) on April 15 announced the appointment of the leadership of the 2022 Advisory Council on Employee Welfare and Pension Benefit Plans—also known as the ERISA Advisory Council—as well as seven new members to it.
Leadership
Peter Wiedenbeck, who is a current member...
READ MORE
By John Iekel 4/19/2022
CalSavers, the program in the Golden State that provides retirement plan coverage for those whose employers do not, has been in operation for three years now. Employers have a key role in how the program works; how are they responding?
CalSavers was launched in 2019, and the first of three waves...
READ MORE
By John Iekel 4/12/2022
New Jersey Secure Choice, the state-run program that is to provide retirement plan coverage for employees whose employers do not offer a retirement plan, is not yet operational. So says the website of the Secure Choice Savings Board, last updated on April 7.
This marks continued delay in its...
READ MORE
By John Iekel 4/11/2022
There is work to be done in helping near-retirees to more accurately estimate their financial needs when they leave the workforce, says a recent study.
Barely more than one-quarter of the older workers correctly estimated what they would need in order to maintain their standard of living during a...
READ MORE
By John Iekel 4/6/2022
The House Education and Labor Committee reported the Protecting America’s Retirement Security Act April 5, sending the bill to the House floor for a vote.
The committee voted 29-21 to report the bill to the House. No Republicans voted for the bill, and no Democrats voted against it. The ...
READ MORE
By John Iekel 4/6/2022
The American Retirement Association expressed its opposition to the Protecting America’s Retirement Security Act (PARSA) in an April 5 letter to lawmakers. “Our opposition to this legislation is based on both its substance and its process,” writes ARA CEO Brian Graff.
The PARSA legislation was...
READ MORE
By John Iekel 4/5/2022
The collective balance of the 403(b)s in the education sector rose steadily over a decade, but fees blunt the effect of that growth, the Government Accountability Office (GAO) suggests in a recent study.
In “Defined Contribution Plans:403(b) Investment Options, Fees, and Other Characteristics...
READ MORE
By John Iekel 4/4/2022
Autoenrollment is regarded by many as a tool that is of key importance in increasing retirement savings. A recent study by the Congressional Budget Office (CBO) emphasizes just how effective it can be.
In “The Effect of Employer Matching and Defaults on Workers’ TSP Savings Behavior,” a...
READ MORE
By John Iekel 3/29/2022
A recent study examines financial professionals’ views on financial wellness.
In the study, “What Financial Professionals Think About Financial Wellness,” T. Rowe Price in conjunction with Duke University’s Common Cents behavioral finance lab and financial wellness provider Retiremap look at what...
READ MORE
By John Iekel 3/29/2022
For the last two years, periodically various mainstays have suddenly become scarce—including K-12 teachers. A recent survey has found that retirement benefits are considered one of the antidotes to the talent bleed.
The pandemic was “one of the greatest challenges for K-12 public school personnel...
READ MORE
By John Iekel 3/28/2022
The IRS announced on March 25 that it has suspended issuance of delinquent notices to a variety of filers, including retirement plans. These are notices generally mailed to tax-exempt or governmental entities in case of a delinquent return.
Among the notices covered by the announcement are: ...
READ MORE
By John Iekel 3/25/2022
Connecticut Comptroller Natalie Braswell announced March 24 the launch of MyCTSavings, the state-run retirement savings program intended to provide coverage for private-sector employees whose employers do not offer them a plan. A pilot was launched in September 2021.
MyCTSavings is mandatory for...
READ MORE
By John Iekel 3/24/2022
The rules for required minimum distributions (RMDs) apply to a variety of retirement plans and accounts and their participants and holders. Some are the same for IRAs and defined contribution plans, but they are not all the same. Following is a look at the differences and the similarities.
...
READ MORE
By John Iekel 3/22/2022
The Congressional Research Service (CRS) has updated its report on the age for claiming Social Security retirement benefits. The report provides a discussion of some current trends concerning and affecting that threshold.
The full retirement age (FRA)—the age at which workers can first claim full...
READ MORE
By John Iekel 3/19/2022
April 1 may be April Fools Day, but a deadline looming on that date is no joke: Participants in retirement plans and IRA holders who attained age 72 after June 30, 2021 must receive their first required minimum distribution (RMD) by April 1, 2022.
There is an exception to the April 1 deadline,...
READ MORE
By John Iekel 3/18/2022
After passing in the state House of Representatives, legislation that would affect retirement plan professionals and participants in a variety of ways is now before the state Senate.
H.B. 8, whose primary sponsor is Rep. Jason Petrie (R-Logan), passed the House on March 4 by a 67-23 margin just a...
READ MORE
By John Iekel 3/17/2022
The Congressional Research Service (CRS) has released an updated version of its report concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). It includes discussion of bills that would affect both.
The CRS report “Social Security: The Windfall Elimination...
READ MORE
By John Iekel 3/17/2022
The Security Benefit Corporation on March 17 announced that Mike Kiley is retiring as Chief Executive Officer after 12 years. He will continue to serve as Chairman of Security Benefit Life Insurance Company Board of Directors after his resignation becomes effective.
Kiley joined the company in...
READ MORE
By John Iekel 3/17/2022
The Congressional Research Service (CRS) has updated its report on the government pension offset (GPO), a formula intended to replicate the dual entitlement rule for spouses and widow(er)s who receive pensions based on noncovered employment. And teachers are among those whom it affects.
About the...
READ MORE
Pages
Advertisement