John Iekel
By John Iekel 4/13/2021
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...
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By John Iekel 4/13/2021
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...
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By John Iekel 4/6/2021
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...
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By John Iekel 4/6/2021
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...
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By John Iekel 4/6/2021
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...
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By John Iekel 4/1/2021
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...
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By John Iekel 3/30/2021
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...
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By John Iekel 3/25/2021
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...
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By John Iekel 3/23/2021
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...
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By John Iekel 3/19/2021
There is strong support for all workers having access to a pension plan, a recent study has found—and that includes support for coverage for teachers.
Dan Doonan and Kelly Kenneally, who respectively serve as National Institute on Retirement Security (NIRS) Executive Director and communications...
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By John Iekel 3/18/2021
Plan administrators and sponsors have some work to do in educating plan participants, a recent study indicates. Researchers add awareness of fees to the curriculum.
One-quarter of those surveyed do not know how much they pay in fees, found investment firm Rebalance.
But that’s just the tip of...
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By John Iekel 3/17/2021
Remember the required minimum distribution (RMD) rules and the recent changes that have been made to them, the IRS reminds. It issued the reminder in a March 16 news release that highlights those changes.
SECURE Act
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed...
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By John Iekel 3/16/2021
Mistakes involving eligible compensation are often at the center of compliance problems. A recent blog entry offers suggestions on ways to avoid such errors.
So common are mistakes concerning eligible compensation, reports Cassell Plan Audits, that they saw no other kind of error as often in the...
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By John Iekel 3/16/2021
The Government Accountability Office (GAO) has added its voice to those that highlight the critical importance of cybersecurity, but they go one better. In a new report, they call on the Department of Labor (DOL) to set minimum standards for mitigating cybersecurity risks and to formally state...
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By John Iekel 3/11/2021
The pandemic’s ill effects go beyond the obvious and literal, and include its impact on employment—which can affect retirement readiness. A recent study finds that the pandemic is pushing many faculty members at institutions of higher learning to consider retiring early, which would have an effect...
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By John Iekel 3/9/2021
Things certainly were bad, and are improving. But there is more ground to cover in that recovery, said an industry expert at a session of the NTSA Winter Virtual Summit.
In “2021 Outlook: The Recovery Takes Hold,” a Feb. 23 session, Brian Levitt, a Global Market Strategist, Invesco, discussed the...
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By John Iekel 3/4/2021
K-12 public school employees are still saving for retirement, but their concern about their financial security in retirement outstrips that of other public-sector employees, according to a recent study.
The Center for State and Local Government Excellence reports in its study, “K-12 Public School...
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By John Iekel 3/4/2021
CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed growth in many areas in February.
The CalSavers Retirement Savings Board reports that the number of funded saver accounts, total saver assets, employer registrations and the...
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By John Iekel 3/2/2021
Virginia appears to be poised to become the next state to offer a state-run retirement plan for employees whose employers do not offer one. Legislation that would create one in the Old Dominion is headed for the desk of Gov. Ralph Northam (D), who has indicated that he will sign it into law.
The...
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By John Iekel 3/1/2021
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) on Feb. 26 issued guidance on the duration of the COVID-19-related relief provided by Disaster Relief Notice 2020-01 and a joint notice, the Notice of Extension of Certain Timeframes for Employee Benefit Plans,...
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