John Iekel
By John Iekel 2/3/2022
Financial wellness was a topic of discussion in the “before times,” but now during and in the immediate aftermath of the height of the pandemic, it’s more bread and butter. Financial wellness is now “primetime,” says a retirement professional.
Denise Gumlak, Managing Director, Retirement Strategy...
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By John Iekel 2/2/2022
A recent report suggests that assuming that decumulation is the only approach retirees take regarding their accumulated funds is as inaccurate as it is simplistic.
In a recent report, T. Rowe Price says that it found that retirees are not monolithic in their management of retirement funds. To be...
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By John Iekel 1/30/2022
The IRS on Jan. 28 issued the 2022 Cumulative List of Changes in Plan Qualification Requirements. Contained in Notice 2022-08, the list sets forth the 2022 Cumulative List of Changes in Section 403(b) Requirements for Section 403(b) Pre-Approved Plans.
The 2022 Cumulative List will assist...
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By John Iekel 1/26/2022
There is work to do regarding increasing teachers’ knowledge and understanding of retirement benefits and plans, according to a recent study. It’s time to educate the educators, they suggest.
In “Teachers’ Knowledge and Preparedness for Retirement: Results from a Nationally Representative...
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By John Iekel 1/20/2022
CalSavers, the state-run retirement plan for employees whose employers do not provide a plan, had a 2021 befitting a plan created and run by a place called the Golden State.
In an annual report about CalSavers, the CalSavers Retirement Savings Board reports that by many measures the plan grew,...
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By John Iekel 1/18/2022
In the first six days of 2022, measures were introduced in three state legislatures that would establish retirement plans run by the state, or by third parties with which the state establishes a contract. Shortly after, a fourth measure was introduced to bolster a recently established state plan...
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By John Iekel 1/11/2022
The New Mexico State Treasurer’s Office has announced that it is developing protocols by which financial service providers will be approved to offer retirement savings plans to individuals, small businesses and employees through the Work and $ave Retirement Plan Marketplace.
It is doing so on...
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By John Iekel 1/6/2022
The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2022-04.
Rev. Proc. 2022-04 is a general update of Rev. Proc. 2021-4, published in Internal Revenue Bulletin 2021-01, which sets forth:
general information about the types of advice provided by the IRS Employee Plans Office of...
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By John Iekel 1/5/2022
The IRS has issued three updated certificates relevant to withholding for pension plans and certain payments. Two are for use in 2022, and one is for use for 2021 reporting.
2022 Form W-4P
Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments, is used in order for the...
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By John Iekel 1/5/2022
The IRS has issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2021 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2022-02.
The covered compensation tables for 2022 provide:
Data based on...
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By John Iekel 1/4/2022
The IRS has issued revised instructions for 2022 of Form 8950, Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPCRS).
Form 8950 is part of a VCP submission. It must be filed using Pay.gov as part of a the submission in order to request...
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By John Iekel 12/29/2021
The SECURE Act and the CARES Act changed the rules for required minimum distributions (RMDs) in 2020 and 2021, and the IRS has issued a handy reminder concerning the new rules for them.
2020 RMD Waiver
RMDs were waived for 2020 for IRA and workplace retirement plan account holders, including...
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By John Iekel 12/21/2021
Errors: not inevitable, but also not unusual. When they concern compliance with the Internal Revenue Code and regulations that apply it, one of the steps that can be taken is to use the Employee Plans Compliance Resolution System (EPCRS). A Dec. 6 session of the ASPPA Winter Symposium took a look...
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By John Iekel 12/16/2021
The staff of the CalSavers Retirement Savings Board and its investment consultant have suggested that the Board readopt the existing investment policy statement (IPS).
The Board is required under California law review its IPS annually during a public meeting. At its Dec. 13, 2021 meeting, the...
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By John Iekel 12/16/2021
Anxiety about personal economics is running high, and one of the long-term answers to which Americans are looking is the employer-provided retirement plan.
A majority of the more than 2,000 participants polled are anxious about their current financial situation, according to a survey commissioned...
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By John Iekel 12/9/2021
Year-end plan reviews are just around the corner. In a Dec. 6. Session of the ASPPA Winter Symposium, Missy Matrangola, QKA, QPA, Consultant with Atlantic Pension Services, Inc., offered ideas on how to get the most out those reviews.
Why Do a Plan Review?
A plan review will be helpful in the...
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By John Iekel 12/8/2021
CalSavers reports that the program the state of California provides for employees whose employers do not offer a retirement plan showed growth in the number of participating employers last month.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased by...
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By John Iekel 12/8/2021
The IRS has issued a reminder to retirement plan participants and IRA owners that most retirees must take their required minimum distributions (RMDs) by Dec. 31, 2021. It issued the reminder on Dec. 8.
RMD Basics
RMDs generally are minimum amounts that retirement plan account owners must withdraw...
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By John Iekel 12/1/2021
The IRS on Nov. 30 issued the 2021 list of required amendments (RA) for individually designed plans qualified under Code Sections 401(a) and 403(b). The list is contained in Notice 2021-64.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2016-37, in the case of a qualified individually designed...
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By John Iekel 11/29/2021
The recent past and the challenging present have had a variety of consequences for retirement plans and participants. A panel of experts in a recent webinar discussed where we are and what can be done to improve retirement saving.
The experts, all from T. Rowe Price, included Joshua Dietch, Vice...
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