John Iekel
By John Iekel 5/6/2020
Communicating with retirement plan participants is always important; and aside from law and regulation requiring it, such communications can serve participants well and help make a retirement plan more effective and meaningful. But doing so during a pandemic poses challenges and can require...
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By John Iekel 5/4/2020
The IRS has provided questions and answers concerning the provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act and how they apply to and affect retirement plans and IRAs.
Specifically, the May 4 Q&As concern Section 2202 of the CARES Act, which provides for special...
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By John Iekel 4/30/2020
There are many consequences when an economic downturn happens, and a recent analysis warns that accelerated depletion of the Social Security trust funds may result from this one.
In “COVID-19 May Deplete Social Security Trust Funds This Decade,” the Bipartisan Policy Center argues that the...
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By John Iekel 4/30/2020
The IRS now will accept both paper and electronic requests for advice. The IRS announced on April 30 that it is allowing the electronic submission of requests for letter rulings, closing agreements, determination letters and information letters under the jurisdiction of the IRS Office of Chief...
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By John Iekel 4/27/2020
Despite the maelstrom that quickly beset the economy in the end of the first quarter of 2020, there was remarkable stability concerning retirement savings accounts, according to a new report.
The good news comes in Fidelity’s quarterly analysis of retirement savings trends, account balances,...
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By John Iekel 4/22/2020
Projections for the long-term financial status of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds are the same as those issued in 2019, says the Social Security Board of Trustees. The trustees issued their annual report on the trust funds’ status on April 22....
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By John Iekel 4/16/2020
The California Secure Choice Retirement Savings Investment Board on April 15 decided to extend the deadline for employers with 100 or more employees to register with CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan.
The extension will give...
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By John Iekel 4/14/2020
The pandemic has had a wide range of effects on employee benefits and those who provide and administer plans. A recent blog entry discusses the effects regarding nongovernmental 457(b) plans.
In “Answering Questions About COVID-19 and your Nongovernmental 457(b) Plans,” Fulcrum Partners LLC...
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By John Iekel 4/6/2020
Not only is a worker entitled to Social Security, his or her dependents also are eligible for auxiliary benefits when the worker retires, becomes disabled or dies. Some people may be entitled to both; a recently updated Congressional Research Service (CRS) report discusses such situations.
In “...
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By John Iekel 4/6/2020
The spread of COVID-19, and the measures to keep it under control, have caused dramatic changes in the financial environment underpinning retirement plans. A March 19 Plan Sponsor Council of America webinar discussed what it means for plans and participants.
In “COVID-19 Market Impact Analysis:...
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By John Iekel 4/3/2020
The Oregon Retirement Savings Board (ORSB) has issued an updated proposal for making a temporary extension of two deadlines related to OregonSaves permanent. The ORSB had issued the proposal on March 9.
In an April 2 letter to Oregon State Treasury Rules Coordinator Kevin Willingham, Oregon...
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By John Iekel 4/1/2020
n March 31, the American Retirement Association (ARA) provided an expert discussion of the key elements in the Coronavirus Aid, Relief and Economic Security (CARES) Act in a special webcast.
The ARA’s Retirement Education Counsel Robert Richter, Director of Technical Education Bob Kaplan and Marty...
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By John Iekel 3/31/2020
The American Retirement Association (ARA) on March 30 requested relief from the Department of Labor’s Employee Benefits Security Administration (EBSA) on certain ERISA notice and disclosure requirements. The ARA made the request in a March 30 letter to the Honorable Preston Rutledge, DOL Assistant...
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By John Iekel 3/30/2020
The IRS has extended the remedial amendment period for 403(b) plans and pre-approved defined benefit plans. The IRS made the announcement on March 27.
The American Retirement Association (ARA) in a March 16 letter to Cathy Jones, Director of the IRS Office of Employee Plans, commented on the 403(b...
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By John Iekel 3/27/2020
The lag between registration in OregonSaves and submission of payroll deductions was longer than originally anticipated, but the rollout is accelerating, says a new study. OregonSaves is the state-run retirement plan for employees whose employers do not offer a retirement plan.
In “Auto-IRA...
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By John Iekel 3/27/2020
The IRS Office of Tax Exempt and Government Entities has outlined its priorities for fiscal year (FY) 2020.
“In FY 2019, we implemented and provided additional guidance on TE/GE-related provisions of the Tax Cuts and Jobs Act, and in FY20 we’ll continue to look for ways to help taxpayers and...
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By John Iekel 3/25/2020
The IRS on March 24 updated its website to indicate that it has extended until July 15, 2020 the deadlines for making contributions to workplace-based retirement plans, IRAs and health savings accounts for 2019.
These extensions are in accordance with IRS Notice 2020-18, which extended the...
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By John Iekel 3/24/2020
The Oregon Retirement Savings Board is proposing that a temporary extension of two deadlines related to OregonSaves be made permanent.
In October 2019, the board, which administers the state-run plan that offers a way to save for retirement for employees whose employers do not offer a retirement...
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By John Iekel 3/18/2020
The Advisory Council on Employee Welfare and Pension Benefit Plans has released a report that addresses improving the financial statement audit process.
The report comes after review by the Council of many aspects of the audit process; that included hearing testimony by American Retirement...
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By John Iekel 3/17/2020
A bill has been introduced that would make it possible for 403(b) plans to invest in a broader array of forms of investment than they can currently.
The Public Service Retirement Fairness Act, introduced by Rep. Jimmy Panetta (D-CA), would allow 403(b)s to invest in collective investment trusts...
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