John Iekel
By John Iekel 6/23/2020
Building a practice is always an important concern. But when a circumstance such as that with which retirement plan professionals must contend this year—namely, a pandemic—intervenes, that effort becomes more complicated.
In a June 17 webinar, NTSA Past President Tamara Indianer, CFP®, AIF®, CRES...
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By John Iekel 6/23/2020
Summer is here, and part of the heat this year is compliance-related. Here are some deadlines to keep in mind:
July 15, 2020
Date by which, under Notice 2020-23 and 2020-32, certain actions that were due to be performed on or after March 30, 2020, and before July 15, 2020 can be performed...
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By John Iekel 6/19/2020
The Department of Labor’s Bureau of Labor Statistics (BLS) should make improvements concerning the consumer price index (CPI), says the Government Accountability Office (GAO).
In “RETIREMENT SECURITY: BLS Should Explore Ways to Improve the Accuracy, Timeliness, and Relevance of Its Cost-of-Living...
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By John Iekel 6/19/2020
The IRS has announced that it is extending relief to plan participants whose spouses are laid off and that take COVID-related distributions or loans from their retirement accounts, as well as new safe harbors for loan repayments.
In Notice 2020-50, issued on June 19, the IRS expands the categories...
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By John Iekel 6/18/2020
Some employers are responding to pandemic-related economic stresses by suspending employer contributions to employees’ retirement plans and accounts. A recent blog entry notes that some employers are thinking about suspending required employee contributions and asks whether automatic enrollment may...
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By John Iekel 6/17/2020
Some Form 5500 filers received relief in April, but not all. And the July 31 Form 5500 deadline looms for calendar-year plans—pandemic or no pandemic. And that includes 403(b) plans covered by ERISA.
IRS Notice 2020-23 granted extensions to individuals, trusts, estates, corporations, exempt...
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By John Iekel 6/16/2020
In a June 10 NTSA Webcast, “A Tech-Driven Approach to Advice,” Tom Lakatos, VP—Branch Development, Lincoln Investment, discussed how to integrate technology into a practice in such a way that increasing efficiency does not come at the expense of effectiveness.
Setting the Table
“There’s a...
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By John Iekel 6/11/2020
The IRS and Treasury are inviting the public to make recommendations regarding items to include in the 2020-2021 Priority Guidance Plan. The IRS made the announcement on June 10 in Notice 2020-47.
The 2020-2021 Priority Guidance Plan will identify guidance projects that the Treasury Department and...
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By John Iekel 6/10/2020
Among the effects of the sudden economic downturn that the pandemic sparked are misgivings about retirement planning and financial prospects for retirement. But a recent report suggests that that sentiment and effect may be easing.
Confidence in the economy has been sliding this year, LIMRA...
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By John Iekel 6/8/2020
Legislation now before the Ohio House of Representatives would create a defined benefit plan for employees of private sector employers. It is believed to be the first such state proposal utilizing a DB plan rather than a defined contribution plan.
HB 645, introduced May 19 by Reps. Stephanie...
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By John Iekel 6/4/2020
It seems like a lifetime ago since President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law. But Dec. 20 was just five months ago, and the dust is still settling. A recent blog entry takes a look at its effect on part-time employees.
In “Secure Act...
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By John Iekel 6/3/2020
Colorado is poised to join the states with a state-sponsored retirement savings plan for private sector workers—including a mandate for employers (with more than five employees) that do not currently offer a retirement plan. The state Senate is considering a bill that would create an IRA-based...
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By John Iekel 5/29/2020
While there's still no Form 5500 filing relief, Notice 2020-35, issued May 28, provides additional administrative relief regarding deadlines applicable to employment taxes, employee benefits and exempt organizations affected by the pandemic.
Under Code Section 7508A, the IRS is postponing...
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By John Iekel 5/28/2020
The California Secure Choice Retirement Savings Investment Board has issued a request for proposals (RFP) for program consulting services for CalSavers, the state-sponsored program for employees whose employers do not offer a retirement plan.
The Board intends Request for Proposals No....
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By John Iekel 5/26/2020
The IRS has issued proposed regulations that provide rules for federal income tax withholding on certain periodic retirement and annuity payments. The proposed regs would implement changes Section 11041(c)(2)(G) of the Tax Cuts and Jobs Act (TCJA) made to Internal Revenue Code Section 3405(a)(4)...
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By John Iekel 5/21/2020
Both chambers of the New Jersey legislature are considering legislation that would exclude 403(b) and 457(b) deferrals from New Jersey state income tax.
In the Assembly, A4112 was introduced by Assemblyman Ronald Dancer (R-Cream Ridge) on May 7. It was referred to the Assembly Appropriations...
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By John Iekel 5/19/2020
The ARA, in a May 18 joint letter with the Investment Company Institute (ICI) to William Evans, Attorney-Advisor at Treasury’s Office of Benefits Tax Counsel, has reiterated several points discussed during a March 24 teleconference concerning in-kind distribution of custodial accounts upon...
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By John Iekel 5/18/2020
New Mexico has joined the list of states that provide a state-run retirement plan safety net. But while the legislation creating the New Mexico Work and Save program has been enacted, the state body that will implement it has some time to get it up and running.
Gov. Michelle Lujan Grisham (D)...
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By John Iekel 5/15/2020
The American Retirement Association (ARA) in a May 11 letter to Eric Slack, Director of the IRS Office of Employee Plans, has recommended recommend improvements in the interim amendment process for pre-approved plan documents
In December 2019, the letter notes, during a conference call relating to...
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By John Iekel 5/11/2020
In a recently updated report, the Congressional Research Service (CRS) highlights and examines the challenges facing the Social Security system.
In “Social Security’s Funding Shortfall” the CRS reports that many people of all ages have some connection to Social Security, which in 2020 includes...
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