John Iekel
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...
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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 ...
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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...
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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...
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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...
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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...
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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...
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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: ...
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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...
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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.
...
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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...
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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,...
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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...
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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...
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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...
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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...
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By John Iekel 3/14/2022
The IRS on March 14 announced that it is temporarily suspending its Prototype IRA Opinion Letter Program.
Announcement 2022-06 provides that, effective March 14, 2022, and until further notice, the IRS will not accept applications for opinion letters on prototype IRAs (traditional, Roth and...
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By John Iekel 3/10/2022
Defined contribution plans have been on the rise for decades, while the converse is true for defined benefit plans. That has many consequences, and a recent paper points out that another one of them is the way decumulation takes place.
In “Can the Drawdown Patterns of Earlier Cohorts Help Predict...
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By John Iekel 3/10/2022
The IRS has issued a reminder that it may still be possible to claim a deduction for 2021 for contributions to IRAs—but the clock is ticking. Contributions that could be claimed must have been made by April 18, 2022.
Contributions for 2021 can be made to a traditional or Roth IRA until the filing...
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By John Iekel 3/8/2022
Industry experts who have been headliners in crafting and leading collaboration to expand access to retirement plan coverage led a panel discussion at the recent NTSA Summit concerning forming partnerships and how effective that can be.
Panelists included Tamara Indianer, CRES, AIF®, CFP®,...
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