John Iekel
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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By John Iekel 3/17/2020
The American Retirement Association (ARA) is pressing the IRS to extend the remedial amendment period for 403(b) plans by one year.
The ARA made the recommendation in a March 16 letter to Cathy Jones, Director of the IRS Office of Employee Plans, in which it comments on the 403(b) plan remedial...
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By John Iekel 3/13/2020
The DOL’s Advisory Council on Employee Welfare and Pension Benefit Plans has released a report addressing transfers of uncashed distribution checks that ERISA plans issue to state unclaimed property programs.
In “Voluntary Transfers of Uncashed Checks from ERISA Plans to State Unclaimed...
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By John Iekel 3/11/2020
The Government Accounting Standards Board (GASB) has issued a proposed statement on certain component unit criteria and accounting and financial reporting for 457 deferred compensation plans. The proposal is contained in a GASB Exposure Draft issued on March 5.
The primary objectives of this...
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By John Iekel 3/9/2020
The Maryland Small Business Retirement Savings Program (MSBRSP) is seeking proposals for program administration and investment management services. It seeks them to assist in the development of Maryland$aves, a state-sponsored, payroll-deduction IRA retirement savings program.
The MSBRSP will...
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By John Iekel 3/9/2020
The IRS has updated comprehensive resources designed to help anyone making IRA contributions or receiving IRA distributions for tax year 2019 or considering making retirement donations before April 15, 2020.
The publications, both of which address the unique features of Roth IRAs and traditional...
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By John Iekel 3/4/2020
How do your clients’ 403(b) plans fare in complying with the applicable requirements under the tax code? The IRS has updated its list of the top 10 considerations in gauging adherence to the rules.
In its 403(b) checklist, the IRS suggests that plan sponsors and administrators consider the...
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By John Iekel 2/26/2020
Two laws enacted in December—the Miners Act and the SECURE Act—will have wide-ranging effects on retirement plans. A recent American Society of Enrolled Actuaries (ASEA) webcast provided a closer look.
Both measures really are part of the Further Consolidated Appropriations Act, 2020. In “DB...
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By John Iekel 2/24/2020
Voluntary enrollment in defined contribution plans offered by state and local governments is only part of the equation in boosting retirement readiness, and more steps to boost participation are needed, says a recent analysis.
In a recent blog post, “Driving Plan Participation and Engagement in...
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By John Iekel 2/19/2020
The IRS has issued the draft instructions for the 2020 IRS Forms 1099-R and 5498: Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. But these instructions are only drafts, and are not to be used for actual filing.
The information to be...
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By John Iekel 2/18/2020
The Securities and Exchange Commission (SEC) is putting sales of 403(b) plans to teachers under its scrutiny. Where did this come from? And what does it mean?
In June 2019, the SEC announced two new initiatives that it said built on its ongoing efforts to protect retail investors: The Teachers...
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By John Iekel 2/13/2020
The impact of the SECURE Act—the most significant retirement-related legislation in more than a decade—is well-known in many respects. Among the lesser-known impacts of the new law are those on 403(b) plans. A Feb. 11 NTSA webinar discussed them.
Andrew Remo, the American Retirement Association...
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By John Iekel 2/10/2020
It isn’t easy to take money from a retirement plan account, and there are specific criteria regarding under what circumstances and how that can take place. In a session of the recent 2020 NTSA Summit, Emily Oglesby, Advanced Markets Consultant, Technical Services for Voya Financial, offered an...
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By John Iekel 2/10/2020
Lost participants and required minimum distributions (RMDs) can both create complications for a plan and its administrators and sponsor. But together they create a mix that can exacerbate the stress and urgency they already can engender independent of each other. A recent blog entry suggests how...
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By John Iekel 2/4/2020
OregonSaves, the retirement plan run by the state of Oregon for employees whose employers do not offer retirement benefits, has been in operation for two and a half years. Some data has been coming in regarding participation and its impact, but a recently released paper asserts that it’s too soon...
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By John Iekel 1/29/2020
To serve the education sector, it’s first essential to reach its members. In a Jan. 27 session of the NTSA Summit in Denver, two experts addressed how to go about that from different standpoints.
David Lewis, Executive Director for the Association of School Business Officials International, and...
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By John Iekel 1/29/2020
There are as many ways to establish and maintain client relationships as there are advisors and clients – and attendees at the NTSA Summit held in Denver shared those ideas and strategies in a Jan. 27 session.
The actions that NTSA members are taking to build their business, retain clients, and...
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By John Iekel 1/28/2020
Kyla Keck, 2020 President of the American Retirement Association, lauded the NTSA’s and ARA’s efforts in remarks at a Jan. 27 session of the NTSA Summit in Denver.
Keck told attendees that she is thrilled that the NTSA is one of the ARA “sister” organizations, and outlined some of the top ARA...
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By John Iekel 1/28/2020
The NTSA Elite Advisors possess a wealth of experience and insight, and two of them shared tips for achieving success in a Jan. 27 session at the NTSA Summit.
Walter “Wat” Keys of CAPTRUST and Robert Young of One2One Wealth Strategies, both 2019 Elite Advisor award winners, offered their insights...
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