John Iekel
By John Iekel 5/26/2023
The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.
The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.
The issues the...
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By John Iekel 5/25/2023
Beginning June 1, 2023, the IRS is expanding its determination letter program to include certain 403(b) plans. The IRS issued a reminder May 24.
The IRS had announced on Nov. 7, 2022 in Revenue Procedure (Rev. Proc.) 2022-40 that it would allow 403(b) retirement plans used by certain public...
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By John Iekel 5/24/2023
Minnesota is now offering a state-run plan for private-sector employees whose employers do not, and Pennsyvlania is one step closer to establishing one. Meanwhile, the ink is barely dry on the measures that created such plans in Connecticut and Maine, but already bills are advancing in the...
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By John Iekel 5/18/2023
Concern about Social Security is as perennial as it is rife. A panel of experts in a recent seminar offered some suggestions for addressing the challenges facing the system.
Panelists in the recent National Institute on Retirement Security (NIRS) webinar “Social Security: What’s Next and New...
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By John Iekel 5/17/2023
CalSavers' growth in assets continues apace, and they now amount to more than half a billio dollars; registrations are growing too, but not in as dramatic a fashion.
CalSavers Assets Hit Half Billion
April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the...
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By John Iekel 5/12/2023
The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not.
The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the...
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By John Iekel 5/11/2023
So many factors are in play in running a practice and serving clients. And a session at the recent 2023 NTSA Summit focused on one fundamental to doing both effectively: mental health.
In “‘Holding’ Pattern: Is Mental Health Holding You Back?” Eric Jenkins, LCSW/Therapist at Willow Pines...
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By John Iekel 5/9/2023
The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.
The To...
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By John Iekel 5/5/2023
Vermont is close to establishing a state-run retirement plan to provide coverage for employees whose private-sector employers do not, and Pennsylvania is on the road to that.
Green Mountain State Poised to Join State Plan Club
The Vermont House of Representatives has passed legislation that...
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By John Iekel 5/4/2023
Editor's Note: This feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
What has it meant for teachers in Alaska that their retirement plan was part of the widespread...
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By John Iekel 4/24/2023
The IRS has issued a reminder that the submission period for 403(b) pre-approved plan providers to submit applications for a Cycle 2 Opinion Letter ends on May 1, 2023.
The IRS in 2022 revised the required modifications and information that contains samples of plan provisions that have been...
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By John Iekel 4/20/2023
Editor's Note: This feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
Minnesota may join other states that provide retirement plan coverage to private-sector employees...
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By John Iekel 4/17/2023
Warnings that Social Security’s long-term solvency is questionable are not new. But how about a little good news? A recent analysis suggests that maybe all is not lost.
The glass is half full, argue Kathleen Romig, Director of Social Security and Disability Policy at the Center on Budget and...
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By John Iekel 4/13/2023
The retirement industry is dynamic, and there are always new developments its professionals must adapt to and consider. An expert panel at the recent NTSA Summit offered some insights into two recent factors having a significant impact on the industry and those it serves.
Panelists included...
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By John Iekel 4/5/2023
This new feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
New Utah Law Modifies Match of State Retirement System Employee Contributions
A bill signed into law by Utah...
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By John Iekel 4/5/2023
The IRS has updated information relevant to reporting for 2022 and 2023.
403(b) Reporting
The IRS has updated Publication 939, General Rule for Pensions and Annuities for 2022 reporting. The publication also addresses the treatment of benefits under 403(b) plans and discusses in-plan Roth...
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By John Iekel 4/3/2023
Social Security continues to face “significant financing issues,” says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds in its annual report to Congress. It notes that it has arrived at that finding in prior years.
The Board calls on...
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By John Iekel 3/30/2023
This new feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
Nevada Could Join State Plan Club
Private-sector employees in the Silver State whose employers do not...
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By John Iekel 3/27/2023
The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to fuel new initiatives to make sure lost benefits go to those to whom they belong.
The DOL seeks $5 million in FY 2024 to establish a program for ensuring that missing participants receive the benefits to...
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By John Iekel 3/24/2023
In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).
IRA Reporting
The IRS has issued an updated version of Publication 590-B,...
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