John Iekel
By John Iekel 6/30/2022
Teachers like to work with financial professionals more than any other source regarding managing their finances and preparing for retirement, says a recent study—and that is especially pronounced among younger educators.
A majority of educators—52%—would rather have a financial professional ...
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By John Iekel 6/28/2022
All it will take for Delaware to become the next state to offer a retirement plan that would provide coverage for employees whose employers do not offer one is the stroke of one pen. The bill, approved by both chambers of the state legislature, now awaits the assent of Gov. John Carney (D).
The...
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By John Iekel 6/22/2022
A bill before the New Jersey legislature will require that there be multiple vendors for purposes of providing 403(b) plans to certain school districts.
The legislation provides that a board of education of a school district with an enrollment of at least 1,000 students that offers a 403(b) plan...
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By John Iekel 6/22/2022
An increasing number of states are crafting and implementing retirement programs for employees whose employers do not offer one. All of them are new, but an industry insider discusses some of the states that have forged ahead on something newer than new.
Chad Parks, Founder and CEO of Ubiquity...
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By John Iekel 6/22/2022
As the second half of 2022 begins, there are some deadlines relevant to retirement plans that now come into sharper focus. Some are becoming immediate; with others, there still is a bit of time to prepare.
July 31, 2022
Pre-Approved Plans (Cycle 3 Restatement). All plans using IRS pre-approved...
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By John Iekel 6/21/2022
The California Senate has approved two bills relevant to retirement plan coverage in California and has advanced them to the state Assembly.
Expanding CalSavers
SB 1126, a measure that would expand the definition of “eligible employer” for purposes of the CalSavers Retirement Savings Trust Act—...
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By John Iekel 6/13/2022
A new law will adjust employer-paid contributions in the Florida Retirement System and the participation period for certain employees.
State Representative Jay Trumbull (R-Panama City) introduced the bill; the state House and Senate on March 14, 2022 each unanimously passed the conference report...
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By John Iekel 6/13/2022
Legislation now before the New York State Assembly and Senate would allow automatic enrollment of eligible employees of the City of New York into the city Board of Education’s retirement system.
Under the bill, beginning July 1, 2023, any eligible new NYC employee eligible to join the New York...
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By John Iekel 6/13/2022
We’ll pass on that, the U.S. Supreme Court said when asked to review a ruling on a challenge to the legality of CalSavers, California’s state-run retirement plan for private-sector employees whose employers do not offer one. Congress should take the hint, suggests a recent analysis, and let the...
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By John Iekel 6/8/2022
Social Security can continue to protect future generations if action is taken now, says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds in its annual report to Congress.
The Board—comprised the Secretary of the Treasury, the Secretary of...
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By John Iekel 6/6/2022
Retirement plans—including 457(b) plans—have garnered heightened scrutiny. In MarketBeat, John Iekel writes about a recent blog entry that notes that IRS and DOL have increased the number of plans they audit, and highlights the importance of fulfilling fiduciary duties and not committing a...
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By John Iekel 6/3/2022
The IRS on June 3 announced that it is piloting a pre-examination retirement plan compliance program beginning in June 2022.
This program will notify a plan sponsor by letter that their retirement plan was selected for an upcoming examination. The letter will give a plan sponsor a 90-day window...
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By John Iekel 6/2/2022
A program administrator and investment manager have been named for RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, as it approaches the July 1, 2023 launch date.
Then-Gov. Ralph Northam (D) on May 7, 2021...
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By John Iekel 5/31/2022
The First State is poised to join its sister states that provide a state-run retirement plan.
By a 35-1 margin, the state House of Representatives passed legislation May 17, 2022 to create the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) program, which is intended to...
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By John Iekel 5/31/2022
Minnesota Gov. Tim Walz (D) on May 22 signed into law a measure that enhances the earnings of retired teachers who return to work. The state House of Representatives passed the measure on May 9, and the Senate followed suit eight days later.
The measure, SF 3540, includes a provision that...
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By John Iekel 5/27/2022
The American Retirement Association (ARA) in a May 25 comment letter has made recommendations to the IRS concerning the proposed required minimum distributions (RMD) regulations issued in February 2022, including that the IRS delay the effective date of the regulations when they are in final form...
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By John Iekel 5/26/2022
The CalSavers Retirement Savings Board and New Mexico State Treasurer’s Office have announced that they are seeking service providers for aspects of their operations in providing retirement plan coverage to employees in their states whose employers do not.
CalSavers
The CalSavers Retirement...
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By John Iekel 5/25/2022
The IRS in a May 23 edition of Employee Plan News provides a comprehensive discussion of the impact of missing a deadline for restating a pre-approved 401(a) or 403(b) plan and how such a situation can be handled.
To maintain a plan’s status as a pre-approved plan and retain uninterrupted...
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By John Iekel 5/25/2022
The Congressional Research Service (CRS) has updated its periodic report on the finances of the Social Security system to account for the current and projected inflation rates. It further offers some insight into how finances and factors behind Social Security expenditures may affect benefits and...
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By John Iekel 5/24/2022
A bill is before the Alaska House of Representatives that would expand options for some participants in the state teachers’ retirement system.
HB 220, introduced by Rep. Grier Hopkins (D-Goldstream), includes provisions that would give teachers in Alaska the ability to choose between the defined...
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