John Iekel
By John Iekel 8/23/2021
The number of state and local government employees has been increasing at a greater rate than the number of such employees covered by Social Security, says a recently released study.
More specifically, says the Social Security Administration (SSA) in “Trends in Noncovered Employment and Earnings...
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By John Iekel 8/19/2021
The IRS has updated the information it provides on the expansion of rollover options, which includes SIMPLE IRA plans.
The information is contained in an issue snapshot that describes the change made by the Protecting Americans from Tax Hikes Act (PATH) of 2015 to Code Section 408(p) to allow...
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By John Iekel 8/17/2021
One of the many consequences of the global pandemic is that there is a spotlight shining on the importance of virtual security. And that includes sharing personal protected information (PPI), argues a CPA firm.
In the pre-COVID world, says Cassell Plan Audits in its blog, many companies had...
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By John Iekel 8/16/2021
Slowly but surely, states are adopting programs to provide retirement plan coverage to people whose employers do not. The plans that are in place are growing in participation and assets, but what does an industry insider think?
To provide an idea of what a private-sector retirement plan service...
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By John Iekel 8/13/2021
The Congressional Research Service (CRS) has just released reports on contributions to defined contribution plans and individual retirement accounts. Both show that participation and contributions generally were higher among older age groups.
The CRS issued the reports because it says that...
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By John Iekel 8/11/2021
The risks entailed in fiduciary duty gave rise to fiduciary insurance. But what affects the premiums charged for that insurance? A recent report gives an inside look at what fiduciary insurers think about that.
In “What Drives Fiduciary Liability?” Aon reports on what 12 fiduciary insurance...
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By John Iekel 8/11/2021
The IRS has updated the information it provides concerning the universal availability requirement for 403(b) plans. The information is contained on the IRS website, with hyperlinks to additional resources.
The Rule
Regarding elective deferrals, a 403(b) plan must meet the requirements of...
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By John Iekel 8/5/2021
Geography is more than maps and topographic features—it also can suggest how much work there is to do in various regions and states to increase access to retirement plans and participation in them.
There is much data available concerning access to, and participation in, retirement plans in the...
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By John Iekel 8/5/2021
The Office of the Inspector General (OIG) has called on the Social Security Administration (SSA) to further investigate some instances of overpayment of benefits.
Specifically, the OIG is concerned about Old-Age, Survivors and Disability Insurance (OASDI) beneficiaries whose benefits may have been...
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By John Iekel 8/3/2021
The younger a person is, the higher the likelihood that they will be concerned about the effect of the pandemic on retirement security, recent research says.
Researchers at the National Institute on Retirement Security (NIRS) report in “Generational Views of Retirement in the United States” found...
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By John Iekel 8/3/2021
The Connecticut Retirement Security Authority (CRSA) has announced the launch of a pilot of MyCTSavings, the state-run retirement savings program intended to provide coverage for private-sector employees whose employers do not offer them a plan. The pilot is slated to begin in September.
The CRSA...
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By John Iekel 7/29/2021
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 now includes discussion of bills that would affect both.
The updated version of “Social Security: The Windfall...
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By John Iekel 7/26/2021
The IRS has proposed electronic filing requirements for some information returns and other documents, including returns and documents relevant to retirement plans.
The IRS is proposing regulations that would amend the rules for filing electronically. This would affect persons required to file...
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By John Iekel 7/26/2021
The IRS on July 22 updated the Voluntary Compliance Program for plan sponsors that are ineligible to sponsor a SIMPLE IRA plan. More specifically, they have updated the VCP Submission Kit.
Plan sponsors may use the VCP Submission Kit if they are ineligible to sponsor a SIMPLE IRA plan because...
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By John Iekel 7/22/2021
A coalition of representatives of the IRS, the software industry, tax preparers, payroll and tax financial product processors and state tax administrators are urging the use of multi-factor authentication.
Those representatives—numbering 62 state and private-sector offices as well as the IRS and...
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By John Iekel 7/12/2021
CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed strong growth in some respects in June but held steady in others.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased at double...
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By John Iekel 7/9/2021
Social Security has been a part of retirement financing for almost 90 years. But how much do its future recipients know about the storied safety net? A recent study examines how deep knowledge of it is.
The Nationwide Retirement Institute, it its 2021 Social Security Survey, found mixed results:...
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By John Iekel 7/7/2021
There have been many changes in the last year in the rules governing distributions, rollovers, loans and more. A workshop in the recent NTSA Summit offered a detailed look at those changes.
In “Navigating the New Minefield of Distributions, Repayments/Rollovers, & Loans,” Susan Jennings, an...
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By John Iekel 7/2/2021
There are positive steps one can take to be financially prepared for retirement. And there also are actions one can not take that will help as well, points out an industry insider.
“The stakes are high,” writes Employee Fiduciary President and CEO Eric Droblyen in “The Pitfalls that Make...
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By John Iekel 7/1/2021
There is a broad array of plans from which an employer and plan sponsor can choose. In a 2021 NTSA Summit workshop session, an industry expert offered an overview, with a special focus on 430(b) and 457 plans.
Nathan Glassey, Vice President, National Benefit Services, set the table by looking at...
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