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John Iekel

The 9th U.S. Circuit Court of Appeals on May 6 affirmed a district court ruling that CalSavers, the state-run retirement program that provides coverage for employees whose employers do not offer a retirement plan, is not preempted by ERISA.  The 9th Circuit in Howard Jarvis Taxpayers Association v... READ MORE
Pre-retirement withdrawals— often referred to as “leakage” from retirement accounts—are allowed under certain circumstances, subject to certain penalties or additional taxes. The Joint Committee on Taxation (JCT) recently issued a report to Congress summarizing its efforts to better understand... READ MORE
Forewarned is forearmed—so says the maxim. And in that spirit, the IRS has issued a reminder that hurricane season is not here yet, but it suggests that now is the time to prepare, and offers some suggestions regarding how to do that.  “Individuals, organizations and businesses should take time... READ MORE
The IRS has updated the questions and answers it provides concerning coronavirus-related relief for retirement plans and IRAs. It also has added information on issues pertaining to partial termination of a qualified retirement plan under Section 209 of the Taxpayer Certainty and Disaster Tax Relief... READ MORE
The pandemic has heralded and accelerated many changes—and that includes engaging with clients and imparting knowledge and information. An April 19 session of the Plan Sponsor Council of America’s 2021 National Conference addressed how to create engagement in an increasingly virtual world.    The... READ MORE
Legislation has been introduced in the House that would expand the options for how 403(b) plan funds can be invested. Rep. Jimmy Panetta (D-CA) introduced H.R. 2741 on April 21.  Panetta introduced similar legislation, the Public Service Retirement Fairness Act (H.R. 6257), about a year ago, on... READ MORE
Editor’s Note: This is the first in a series about the guidance the Department of Labor’s Employee Benefits Security Administration (EBSA) issued on April 14 concerning cybersecurity.  The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 14 issued comprehensive... READ MORE
Profound and far-reaching changes took place just a little over a year ago. Panelists at an April 19 session of the Plan Sponsor Council of America’s 2021 National Conference took a look at what it all meant—and means—for retirement plans and participants.   The panel included Bradley Bonno,... READ MORE
CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed growth in many areas in March. The growth, however, was more modest by some measures than that in February.  The CalSavers Retirement Savings Board reports that the number of... READ MORE
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued guidance April 14 on maintaining cybersecurity, including tips on protecting retirement benefits. The guidance has a wide target audience—the DOL intends it for plan sponsors, plan fiduciaries, record keepers,... READ MORE
The Department of Labor’s (DOL) fiduciary rule still generates discussion. That’s staying power—it was first proposed more than a decade ago. A March 31 NTSA webcast took a look at the rule and current developments involving it.  In “How the Fiduciary Rule Affects Advisors and Other Retirement... READ MORE
The next deadline for registering with CalSavers, the state-run retirement plan for employees in California whose employers do not offer a retirement plan, is less than two months away. Employers with 50 or more employees have until June 30, 2021 to register. “As the California economy recovers... READ MORE
The implementation deadline for the Land of Enchantment’s retirement plan marketplace and the state’s Work and Save IRA program has been extended to July 1, 2024.  Background On Feb. 26, 2020, Gov. Michelle Lujan Grisham (D) signed the New Mexico Work and Save Act into law, creating the New... READ MORE
The IRS Tax-Exempt and Government Entities (TE/GE) Office has updated its compliance program. That includes compliance strategy initiatives that affect some retirement plans.  In their fiscal year 2021 program letter, TE/GE Commissioner Tammy Ripperda and Deputy Commissioner Edward Killen write... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) has announced that it will be holding online events concerning the DOL’s Voluntary Fiduciary Correction Program (VFCP). EBSA’s New York Regional Office will conducting Webex events concerning the VFCP on the following dates... READ MORE
The IRS’ Voluntary Correction Program (VCP) provides a means by which filers can correct errors before they are told to do so, but the good intentions entailed in using it do not guarantee that there will not be errors in the filings intended to correct mistakes. The IRS has outlined the top... READ MORE
Institutions of higher learning face many challenges—among them the impact of the pandemic—in helping employees to prepare financially for retirement. A recent white paper looks at what those schools are doing.  In “Lessons Learned on the Management of Higher Education Retirement Plans in... READ MORE
The IRS on March 29 in Notice 2021-21 announced that it is delaying the deadline by which 2020 contributions to IRAs and Roth IRAs must be made until May 17, 2021.  The IRS took the action in light of the March 13, 2020 emergency declaration issued by President Trump that said the COVID-19... READ MORE
Governmental 457(b) plans can be complicated. But intimidating or not, says a recent blog entry, there are key elements that those who serve such plans need to make sure are there.  In an entry in the Focus on Public Benefits blog, BB&K Law Partner Jeff Chang notes that such plans are “subject... READ MORE
Many proposals have been floated to address the long-term solvency of the Social Security system, among them raising the full retirement age (FRA) so that benefits are claimed later in life. But while that may help the system, Social Security recipients may not consider it as great a boon, says a... READ MORE

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