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John Iekel

The Michigan Senate has given its imprimatur to a bill that would amend the law that governs the default option for newly hired public school employees.  In so doing, the chamber joins the House of Representatives, which passed it on Oct. 12. It was then referred to the Senate Committee on... READ MORE
The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean?   The milder-than-last-year hike in the Social Security COLA is due to the relative... READ MORE
The Delaware EARNS Program Board is considering cooperation with other state-run retirement plans serving private-sector employees, Ted Griffith, Program Director of Delaware EARNS, confirmed with the NTSA Advisor on Nov. 6. Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment... READ MORE
How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele Ueding, Partner, Kutak Rock LLP, offer their take on how the enactment of those measures changed the... READ MORE
RetireReadyNJ, the state-run retirement savings program that provides coverage for private-sector employes whose employers do not, has issued a request for quotes (RFQ) for investment advisor services. The New Jersey Secure Choice Savings Program Board issued the RFQ on Oct. 18.  The purpose of... READ MORE
A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference noted that there is legislation that would allow 403(b) plans to offer CITs and separate account insurance contracts as investment options.  Panel members were Brian Graff, American Retirement Association (ARA) CEO; Will... READ MORE
Editor’s Note: This is the second in a two-part series about service providers’ audits of clients and their plans. The first is here.  Audits may be a frightening and painful experience from the perspective of plan administrators and plan sponsors. But what does it look like from the auditor’s... READ MORE
The Michigan House has passed a bill that would amend the law governing the default option for newly hired public school employees.  Rep. Matt Koleszar (D-Wayne) introduced House Bill 5021 on Sept. 20, 2023. The House acted fast, and passed it on Oct. 12, but by a narrow margin—by a 56-54 vote. ... READ MORE
A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.  The Joint Committee on Financial Services of the Massachusetts legislature will... READ MORE
The Social Security Administration (SSA) announced Oct. 12 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 3.2% in 2024. The change will affect more than 71 million Americans and translates to an increase in Social Security benefits of more than $50... READ MORE
An apple for the teacher? The most bountiful bushel of them—and the one most frequently dipped into—appears to be that provided for public-sector teachers, according to the Bureau of Labor Statistics (BLS).  Its most recently released report about employee benefits in the United States, which... READ MORE
Editor’s Note: This is the first in a two-part series about service providers’ audits of clients and their plans.  That’s what a first financial audit can feel like, says an industry expert. But it doesn’t have to. “Death by a thousand cuts. That’s what initial 401(k) and 403(b) audit clients... READ MORE
The IRS has updated the information it makes available concerning its voluntary compliance program (VCP). It issued the reminders in the Sept. 29 edition of Employee Plans News.  Check Status The IRS reminds taxpayers that they can check the status of any submissions they have made under the VCP... READ MORE
The priority guidance plan that the Treasury and IRS have issued for 2023-24 includes plans for action that will affect retirement benefit matters relevant to the education sector. They unveiled the plan on Sept. 29.  The 2023-2024 Priority Guidance Plan contains projects that will be the focus of... READ MORE
Where do things stand regarding retirement assets and plan participation in the United States? Two agencies give us a look.  Assets U.S. retirement assets as of New Year’s Eve in 2022 stood at a total of $37.8 trillion, says the Congressional Research Service (CRS) in U.S. Retirement Assets: Data... READ MORE
The 21st century industrial revolution mass-produces information but also makes it an individual experience, John Iekel writes in MarketBeat. One of the vehicles for that information is apps—but how interested are participants different generations in that form of access? READ MORE
In 2023, CalSavers was beset by the summer doldrums. The CalSavers Retirement Savings Board reports that this last summer, the program grew by some measures, but remained stable or even shrank slightly by others.  Employer registrations were lower at the end of summer than they were at its start;... READ MORE
If you made an error with IRA contributions or discover one, there still is time to correct them. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.  Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement... READ MORE
Any retirement fund invests its funds in some way to help them grow, and that includes those run by states. A look at how CalSavers handles the investment of its funds sheds some light on how one of the largest state-run retirement plans fosters growth of their funds.  Assets CalSavers had assets... READ MORE
CalSavers has expanded the range of services for which it is seeking professional assistance.  On Sept. 5, CalSavers issued an RFP (request for proposals) announcing that it is seeking a contractor to provide investment consulting services. CalSavers, the state-run program that provides retirement... READ MORE

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