John Iekel
By John Iekel 12/8/2023
The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79.
The RA List establishes the end of the...
READ MORE
By John Iekel 12/4/2023
The IRS has released a draft of the updated version of Publication 571, “Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations.”
Publication 571 is intended to help taxpayers better understand the tax rules that apply to 403(b) tax-...
READ MORE
By John Iekel 12/1/2023
The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.
Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification...
READ MORE
By John Iekel 11/30/2023
The IRS has prepared the draft instructions for the Form 5329 for reporting additional taxes on qualified plans, including Roth and traditional IRAs and other tax-favored accounts from 2023.
Employers, plan administrators and retirement plan professionals may find it worthwhile to remind plan...
READ MORE
By John Iekel 11/28/2023
Bills before the Massachusetts House and Senate that would expand the Massachusetts Defined Contribution CORE Plan are moving again.
The legislation, introduced early in 2023, has been largely dormant since summer; however, committees in both chambers have given the measures a nod.
About the...
READ MORE
By John Iekel 11/28/2023
The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures.
Rev. Proc. 2023-37 generally became effective...
READ MORE
By John Iekel 11/22/2023
The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.
The form is used to provide information to recipients about...
READ MORE
By John Iekel 11/22/2023
The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP—...
READ MORE
By John Iekel 11/21/2023
Many 403(b) plans are sponsored by single employers, but that could change. A recent report by the Congressional Research Service (CRS) discusses legislation that has—and could—change the rules governing them.
In “403(b) Pension Plans: Overview and Legislative Developments,” the CRS provides a...
READ MORE
By John Iekel 11/14/2023
The Michigan Senate has given its imprimatur to a bill that would amend the law that governs the default option for newly hired public school employees.
In so doing, the chamber joins the House of Representatives, which passed it on Oct. 12. It was then referred to the Senate Committee on...
READ MORE
By John Iekel 11/9/2023
The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean?
The milder-than-last-year hike in the Social Security COLA is due to the relative...
READ MORE
By John Iekel 11/3/2023
The Delaware EARNS Program Board is considering cooperation with other state-run retirement plans serving private-sector employees, Ted Griffith, Program Director of Delaware EARNS, confirmed with the NTSA Advisor on Nov. 6. Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment...
READ MORE
By John Iekel 11/1/2023
How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele Ueding, Partner, Kutak Rock LLP, offer their take on how the enactment of those measures changed the...
READ MORE
By John Iekel 10/26/2023
RetireReadyNJ, the state-run retirement savings program that provides coverage for private-sector employes whose employers do not, has issued a request for quotes (RFQ) for investment advisor services. The New Jersey Secure Choice Savings Program Board issued the RFQ on Oct. 18.
The purpose of...
READ MORE
By John Iekel 10/23/2023
A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference noted that there is legislation that would allow 403(b) plans to offer CITs and separate account insurance contracts as investment options.
Panel members were Brian Graff, American Retirement Association (ARA) CEO; Will...
READ MORE
By John Iekel 10/19/2023
Editor’s Note: This is the second in a two-part series about service providers’ audits of clients and their plans. The first is here.
Audits may be a frightening and painful experience from the perspective of plan administrators and plan sponsors. But what does it look like from the auditor’s...
READ MORE
By John Iekel 10/19/2023
The Michigan House has passed a bill that would amend the law governing the default option for newly hired public school employees.
Rep. Matt Koleszar (D-Wayne) introduced House Bill 5021 on Sept. 20, 2023. The House acted fast, and passed it on Oct. 12, but by a narrow margin—by a 56-54 vote. ...
READ MORE
By John Iekel 10/18/2023
A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.
The Joint Committee on Financial Services of the Massachusetts legislature will...
READ MORE
By John Iekel 10/12/2023
The Social Security Administration (SSA) announced Oct. 12 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 3.2% in 2024. The change will affect more than 71 million Americans and translates to an increase in Social Security benefits of more than $50...
READ MORE
By John Iekel 10/10/2023
An apple for the teacher? The most bountiful bushel of them—and the one most frequently dipped into—appears to be that provided for public-sector teachers, according to the Bureau of Labor Statistics (BLS).
Its most recently released report about employee benefits in the United States, which...
READ MORE
Pages
Advertisement