John Iekel
By John Iekel 5/19/2022
“Saving is the No. 1 priority,” says Robert Kaplan, the American Retirement Association’s Director of Technical Education. Kaplan made his comments during a recent webcast that highlighted tax credits and deductions relevant to retirement saving, as well as proposals intended to increase it. ...
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By John Iekel 5/17/2022
Hurricane season is looming on the horizon, but that is just one of the natural disasters that can affect a retirement plan and its sponsor. The IRS has issued some tips to aid in being ready for any eventuality.
Documents
Place original documents inside waterproof containers in a secure space...
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By John Iekel 5/17/2022
A bill is before the California Senate that would expand CalSavers, the state-run retirement plan that provides coverage to those whose employers do not, to cover almost all employers in the Golden State.
SB 1126, introduced by Sen. Dave Cortese (D-Santa Clara), would expand the definition of “...
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By John Iekel 5/13/2022
The IRS on May 13 announced that it is extending to the end of 2022 the temporary relief from the requirement that certain participant elections be witnessed in the physical presence of a plan representative or a notary public.
In Notice 2022-27 the IRS says that due to the pandemic, it is...
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By John Iekel 5/10/2022
Arizona is set to study public-private partnerships in retirement savings programs. Gov. Doug Doucey (R) on May 2 signed a measure to create a committee to do so.
Senate Bill 1375 was introduced on Jan. 25 in the state Senate and on March 8 in the House of Representatives.
The study committee...
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By John Iekel 5/10/2022
The Show Me State may show welcome to a state-run retirement plan for private-sector employees.
Legislation that would create the Missouri Workplace Retirement Savings Plan has passed the state House of Representatives, and the Senate is poised to take up its version.
The Missouri Workplace...
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By John Iekel 5/8/2022
Well, this looks familiar: Capitol Hill considering a SECURE Act. But this time around, it’s SECURE 2.0. In a recent webcast, American Retirement Association Retirement Education Counsel Robert M. Richter provided an update regarding the provisions of SECURE 2.0—which include some that would affect...
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By John Iekel 5/5/2022
Vermont Gov. Phil Scott (R) on May 2 vetoed legislation that included provisions that would have made changes to pension benefits of members of the Vermont State Teachers’ Retirement System (VSTRS). Scott said in a letter to Secretary of the Senate John Bloomer that while the bill “takes some...
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By John Iekel 5/5/2022
The Aloha state is poised to set in motion a state retirement plan that would be unique among its counterparts—employees would have to opt in, and a retiree would be among the members of the board administering the program.
On May 3, the Hawaii Senate and House of Representatives both voted in...
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By John Iekel 5/3/2022
CalSavers, the state-run retirement plan for employees whose employers don’t offer one, showed growth in March—in some cases sharp growth.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased by almost 26% from February levels.
CalSavers growth...
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By John Iekel 5/3/2022
Less than two months remain for employers with five or more employees in the Golden State to register with CalSavers, the state-run retirement plan for those whose employers do not offer one.
CalSavers, enacted in 2012 but not launched until July 1, 2019, has required employers to either begin...
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By John Iekel 4/29/2022
Vestwell has been selected as the vendor that will administer the Colorado Secure Savings Program and New Mexico Work and $ave, the state-run retirement plans that provide retirement plan coverage for employees in those states whose employers do not.
Vestwell announced that it won a competitive...
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By John Iekel 4/29/2022
The IRS has announced the health savings account (HSA) limits for 2023. The announcement came in IRS Revenue Procedure 2022-24.
HSA Limits
For calendar year 2023, the annual limitation on deductions under Internal Revenue Code Section 223(b)(2)(A) for an individual with self-only coverage under...
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By John Iekel 4/27/2022
Inflation the likes of which we haven’t seen in more than a generation is obvious, as are its effects. But recent reports suggest— strange though it may seem—that inflation is not harmful in every respect for retirement plans.
Participants vs. Plan Sponsors
Further worsening of inflation, says...
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By John Iekel 4/25/2022
Baby Boomers, the oldest part of the workforce, and Millennials, who make up the bulk of the young part of the workforce, are separated by more than age. They have somewhat different takes on saving and retirement—but not entirely in ways one may expect.
Some of the differences reported by the...
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By John Iekel 4/21/2022
OregonSaves, the state-run program which provides employees in the Beaver State with retirement benefits if their employers do not, was the first such program to begin operating in the United States. A recent study assessed how well it is doing, and researchers have some good news for its advocates...
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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...
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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...
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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...
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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...
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