John Iekel
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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By John Iekel 7/31/2020
The IRS has issued a reminder concerning relief related to retirement plans provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides the information in a question-and-answer format.
More specifically, the IRS points out that the CARES Act, which President Trump...
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By John Iekel 7/30/2020
There is still a lot of 2020 left to go. But 2021 is fast approaching, and a July 22 Plan Sponsor Council of America (PSCA) webcast offered ideas on how to prepare for that.
In “Year-End Checklist: COVID-19 issues and Preparing for 2021,” three Winston & Strawn LLP attorneys—Ariane Andrade, an...
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By John Iekel 7/30/2020
The IRS Employee Plans office has issued a reminder regarding upcoming filing deadlines applicable to most retirement plans. Especially important is that the IRS did not extend the deadline for filing the Form 5500, which remains July 31.
Accordingly, the 2019 Form 5500 is due on July 31, 2020,...
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By John Iekel 7/28/2020
The stock market has been a veritable rollercoaster in the last year. Three recent studies outline some of the effects of that volatility on retirement plans.
The ride predates 2020, T. Rowe Price observes in its Reference Point Annual Benchmarking Report. It notes that in 2019, stocks...
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By John Iekel 7/28/2020
The Securities and Exchange Commission (SEC) on July 28 announced that it has reached a settlement with VALIC Financial Advisors (VFA) over failing to disclose payments to promote services to Florida educators.
The SEC charged VFA, a financial services vendor in nearly every school district in...
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By John Iekel 7/27/2020
The CalSavers Retirement Savings Board has issued a request for proposals for program fund external auditing services.
Specifically, the RFP—CRSB01-20-Program Fund External Auditing Services—seeks proposals from an independent certified public accountant interested in providing program fund...
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By John Iekel 7/22/2020
The economic strains occasioned by the pandemic have had wide-ranging effects, and one of the actions put in place is to ease the rules concerning hardship withdrawals and loans. But availability has not made them a widespread response to economic challenges, recent studies have found.
Loan and...
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By John Iekel 7/20/2020
On May 21, the Department of Labor (DOL) finalized a new safe harbor for electronic disclosures. A July 9 Plan Sponsor Council of America (PSCA) webcast discussed the new safe harbor, the scope of the rules and what it all means.
Panelists in “The New Electronic Disclosure Rule Is Here!” included...
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By John Iekel 7/17/2020
The IRS on July 17 issued a reminder that under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the rules regarding required minimum distributions (RMDs) are different in 2020.
The CARES Act waives RMDs during 2020 for IRAs and retirement plans, including beneficiaries with...
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By John Iekel 7/16/2020
The Centennial State has joined those providing a state-sponsored program for those whose employers do not offer a retirement plan. Gov. Jared Polis (D) on July 14 signed into law SB20-200, a measure creating the Colorado Secure Savings Program.
The measure amends the Colorado Secure Savings Plan...
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By John Iekel 7/15/2020
Retirement plans made gains in 2019—and although they’ve been challenged by a pandemic and sudden economic downturn, they show surprising resiliency, two recent studies show.
Retirement plans had a good year in 2019, T. Rowe Price points out in its “Reference Point Annual Benchmarking Report,”...
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By John Iekel 7/14/2020
The IRS has updated the information it provides to help plan sponsors and practitioners achieve operational compliance by identifying changes in qualification requirements effective during a calendar year. The operational compliance list:
identifies matters that may involve either mandatory or...
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By John Iekel 7/10/2020
Many plan sponsors seek the assistance of TPAs with the functions and responsibilities associated with running a retirement plan, but that does not absolve a plan sponsor from all responsibility. A recent blog entry argues that internal controls are key to fulfilling the duties plan sponsors can’t...
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By John Iekel 7/9/2020
The postponed tax return due date of July 15, 2020 is fast approaching, and the IRS has issued a reminder that contributions to traditional IRAs made by that date are deductible on a 2019 tax return.
This means that taxpayers can file their 2019 tax return now and claim the deduction before the...
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By John Iekel 7/8/2020
Much has been said and written about retirement readiness, and auto features—enrollment and escalation—are widely considered a way to improve it. A recent study has added to the statistics that bolster that view.
Auto features can improve retirement readiness by more than 15 percentage points,...
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By John Iekel 7/2/2020
The IRS has updated the 2018 instructions for Form 8606—Nondeductible IRAs.
The IRS updated the Form 8606 to reflect tax relief for qualified 2018 disaster distributions.
The IRS notes that recent legislation provides special rules that may apply to a 2018 return if one received a distribution...
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By John Iekel 6/29/2020
As plans contemplate changes to safe harbor plans in the midst of the COVID-19 pandemic, the IRS has provided some guidance and relief for certain plans.
The IRS on June 29 issued guidance that clarifies the requirements that apply to a mid-year amendment to a safe harbor 401(k) or 401(m) plan...
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By John Iekel 6/26/2020
As if 2020 hasn’t been enough fun… now it’s the official hurricane season (the National Oceanic and Atmospheric Administration says it starts June 1). And we’ve already had four tropical storms in the Atlantic: Arthur, Bertha, Cristobal and Dolly—which serves as a reminder that it can be helpful...
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By John Iekel 6/24/2020
The IRS announced on June 23 that it is further extending some compliance deadlines for parts of the South that were affected by storms in April.
Specifically, the relief gives victims of tornadoes, severe storms and flooding that took place in April in parts of Mississippi, South Carolina and...
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