John Iekel
By John Iekel 10/1/2020
There is much to be done about retirement income literacy, says a recent study that found great lack of understanding about successful planning for a financially secure retirement.
In its 2020 Retirement Literacy Survey, says The American College of Financial Services, respondents got an average...
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By John Iekel 9/28/2020
The IRS has updated the information on its website concerning correction of excess deferrals under Code Section 457(b).
Specifically, in the Issue Snapshot the IRS discusses correction of excess deferrals under a 457(b) plan maintained by a tax-exempt entity and a government.
Annual Limitations...
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By John Iekel 9/24/2020
The deadline by which large employers in California are to register with CalSavers—the state-sponsored retirement plan for employees whose employers do not offer a plan—is fast approaching.
Employers in the Golden State with 100 or more employees have until Sept. 30 to register. The original...
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By John Iekel 9/17/2020
More than one-third of U.S. households had an IRA in mid-2019, says a recent report that looks at the prevalence and nature of IRA ownership in the United States.
By the middle of 2019, write Sarah Holden and Daniel Schrass in the recently issued Investment Company Institute (ICI) report, “The...
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By John Iekel 9/16/2020
The Congressional Research Service (CRS) has updated its report on Social Security minimum benefits, with a focus on the special minimum primary insurance amount (PIA), an alternative benefit formula that increases benefits paid to workers who had low earnings for many years and paid to their...
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By John Iekel 9/14/2020
In recent years, preparing for retirement has been an increasing burden—and one exacerbated by higher costs, says a recent report. It joins the chorus of those warning that it is hard and harder for people to save, and outlines factors explaining the more difficult climate for preparing for, and...
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By John Iekel 9/10/2020
July 31, 2020 is in the rearview mirror. And for preapproved pension plans and 403(b) plans that was a big day—the date by which those plans were to make their restatements.
Jerry Kalish, founder and President of National Benefit Services, Inc., in a recent entry in the Retirement Plan Blog,...
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By John Iekel 9/8/2020
Raising or eliminating the cap on wages subject to taxes could reduce the long-range deficit in the Social Security trust funds, says the Congressional Research Service (CRS), in a report it issued on Sept. 2 that outlines proposals that would use those approaches.
The report, “Social Security...
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By John Iekel 9/4/2020
The Treasury Department in a fourth quarter update to its 2019–2020 Priority Guidance Plan reports on the progress it and the IRS have made in meeting the plans they set regarding projects during the period July 1, 2019-June 30, 2020.
The 2019-2020 Priority Guidance Plan contained 203 guidance...
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By John Iekel 9/3/2020
The IRS in Revenue Procedure (Rev. Proc.) 2020-40 has expanded the situations in which the plan amendment deadline for discretionary amendments made to qualified pre-approved plans and 403(b) pre-approved plans may be extended.
Rev. Proc. 2020-40 modifies Section 15.05 of Rev. Proc. 2016-37 and...
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By John Iekel 9/1/2020
The IRS has issued Notice 2020-65, guidance implementing President Trump’s Aug. 8 Presidential Memorandum directing the Secretary of the Treasury to defer the withholding, deposit and payment of certain payroll tax obligations under Internal Revenue Code Section 7508A.
The Treasury Secretary has...
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By John Iekel 8/27/2020
The NTSA offers an exclusive series of podcasts—the NTSA Elite Advisor WOWcasts—recorded by NTSA Elite Advisors, sharing insights on ways to build, expand and enhance your practice.
NTSA Elite Advisors are the “best of the best” — excelling in advocacy, practice management and leadership. Their...
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By John Iekel 8/20/2020
The circumstances in which retirement plan professionals—like everyone—have found themselves spells opportunity to develop new ways of working with and serving clients. An Aug. 6 NTSA webcast offered practical ideas on how to capitalize on that opportunity and serve clients virtually—and in the...
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By John Iekel 8/19/2020
The Aug. 18 proposed rules spell out procedures for rolling over qualified plan loan offset amounts under the Tax Cuts and Jobs Act (TCJA).
The rules set forth regulations relating to amendments made to Internal Revenue Code Section 402(c) by Section 13613 of the TCJA. That provision of the law...
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By John Iekel 8/13/2020
The IRS on Aug. 12 in Announcement 2020-14 set forth changes to user fees for certain letter ruling and determination letter requests submitted to the IRS Employee Plans Rulings and Agreements Office. The changes to the user fees will be effective Jan. 4, 2021. This IRS issued the announcement to...
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By John Iekel 8/12/2020
A strong majority of plan sponsors are familiar with the CARES Act and its provisions that concern retirement plans, but many fewer have a clear view of the impact of the Act on their plans and on participants’ savings, says a new study.
The Secure Retirement Institute (SRI) in a recent survey...
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By John Iekel 8/11/2020
Social Security is facing a financial shortfall. And while economic growth will help the program, it alone will not be sufficient to address the challenges that face it, says a new report.
The Congressional Research Service (CRS) in “Social Security: Economic Growth and the Funding Shortfall”...
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By John Iekel 8/10/2020
In a July 30 NTSA webcast, ARA Director of Legislative Affairs Andrew Remo provided an overview of the rules affecting retirement plans that have been put in place as a result of the pandemic and the effects it has had on the economy and plan participants.
In “Pandemic Pandemonium: Navigating...
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By John Iekel 8/7/2020
The IRS on Aug. 6 in Notice 2020-62 issued safe harbor explanations for eligible rollover distributions.
Administrators of qualified retirement plans under Internal Revenue Code Section 402(f) must provide a written explanation of tax consequences when making distributions that are eligible for...
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By John Iekel 8/6/2020
A bill pending in the Maine legislature would create a public-private partnership to promote individual retirement savings accounts.
State Senator Eloise Vitelli (D-Sagadahoc) introduced LD 594 on Feb. 5, 2019. It was referred to the Senate Committee on Health Coverage, Insurance and Financial...
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