John Iekel
By John Iekel 12/11/2017
How are 403(b)s doing? What portion of the retirement plan universe do they occupy? How are employers responding to them? Two recent studies offer a look at how sizable and significant a role they have.
In “Live + Learn Well, Live + Learn Wealthy: 2017 Retirement Plan Trends for Institutions of...
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By John Iekel 12/4/2017
How is your 403(b) invested? Are any of its assets invested in proprietary funds? If so, says a recent blog entry, you are not alone — and there are ways to blunt criticism some may levy against that.In “Proprietary Funds: The New Lightning Rod for 403(b) Plans?,” a recent entry in Cammack...
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By John Iekel 11/21/2017
Kentucky Gov. Matt Bevin (R) on Oct. 18 unveiled a proposal to shift the Teachers’ Retirement System (TRS) in the Bluegrass State from the current defined benefit system to a defined contribution-based system. A recent actuarial analysis suggests the proposed changes to the retirement plan may not...
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By John Iekel 11/1/2017
The IRS in a private letter ruling (PLR) has said that a Section 457(b) plan may include an auto-enrollment feature. PLR 201743002, which the IRS issued on July 19, 2017, was only recently released.
Plan Features
The PLR pertains to a county’s deferred compensation plan that provides for an...
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By John Iekel 10/17/2017
A recent blog post lists the biggest 403(b) providers and administrators and describes the circumstances under which a non-profit may be better served by considering a wider range of options.In “What Are the Top 403(b) Providers?” Alex Goldberg of the ForUsAll 401(k) Blog offers some information...
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By John Iekel 9/19/2017
Action by the Securities and Exchange Commission (SEC) due to breaches of fiduciary duty, inadequate disclosures and compliance deficiencies has prompted a registered investment adviser to stop certain practices and to issue rebates and credits to some of its clients, which include small to medium...
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By John Iekel 9/13/2017
Part of the relief extends to Irma victims what has been provided to Harvey Victims in IRS Announcement 2017-11. The relief for Irma victims, like that extended to those who were affected by Harvey and are eligible, matches what the American Retirement Association, parent of ASPPA, had requested...
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By John Iekel 9/7/2017
Hurricanes, epic floods, wildfires… we seem to be awash in natural disasters. They pose many dangers and risks, including the threat they can pose to a retirement plan — and, ultimately, its participants and their dependents.There are steps that plans, employers, service providers and...
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By John Iekel 8/31/2017
The Oregon Treasury has unveiled a proposal to modify the Oregon State Retirement Program (ORSP).The proposal would create new rules and modify existing rules for the ORSP. Specifically, the rules: clarify the definitions in certain joint employment relationships; allow for non-payroll...
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By John Iekel 8/30/2017
Less than 24 hours after the American Retirement Association requested it, the IRS has granted relief to taxpayers affected by Hurricane Harvey.he relief provided in IRS Announcement 2017-11 matches what the American Retirement Association, parent of the National Association of Plan Advisors, had...
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By John Iekel 8/25/2017
The Sunshine Act has been around longer than all the Millennials. And fee disclosure has been required for years. And still, with all that — not to mention the advent of electronic means of research and communication — the head of a consultant firm in a series of blog entries warns employers and...
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By John Iekel 8/11/2017
It’s a summertime trap: the poor baseball player trapped between bases who is going to be tagged out no matter which direction he goes. A recent blog entry argues that such a pickle faces employers and plan administrators too concerning distributions, but at any time of the year.Any employer and...
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By John Iekel, Ray Harmon 7/27/2017
Nevada’s new law that imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers is now in effect; it also authorizes rules on fiduciary duty.SB 383, which Gov. Brian Sandoval (R) signed into law June 2, went into effect on July 1. The measure not only concerns duties...
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By John Iekel 7/25/2017
The Washington State Department of Commerce is updating the rules for the state’s Small Business Retirement Marketplace. The department is responsible for managing the Washington Small Business Retirement Marketplace in consultation with the state Office of the Insurance Commissioner and Department...
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By John Iekel 7/24/2017
The American Retirement Association (ARA) on July 17 sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) expressing its strong support for tax incentives to encourage retirement savings.“The goals of achieving a tax code that is efficient, fair, and increases the financial and...
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By John Iekel 7/21/2017
The July 1 launch of the Oregon Retirement Savings Program (ORSP, or OregonSaves) pilot has been a success, according to a report by the Oregon Retirement Savings Board that looks at the program’s first few weeks, as well as what lies ahead.Status ReportThe minutes of the board’s June 20 meeting...
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By John Iekel 7/20/2017
President Trump’s recent executive order intended to cut tax regulatory burdens does not apply to retirement-related regulations and actions by the IRS, the Treasury Department has indicated in a recent notice.The IRS in Notice 2017-38 listed regulations covered by President Trump’s Executive Order...
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By John Iekel 7/18/2017
The IRS Office of the Chief Counsel has reiterated an earlier IRS statement that Congress did not intend the one-rollover-per-year limit for IRAs to apply when the custodial institution fails.In Chief Counsel Memo 2017-18, Associate Chief Counsel for Tax Exempt and Government Entities Victoria...
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By John Iekel 7/13/2017
“It is important that the Commission make all reasonable efforts to bring clarity and consistency” to “standards of conduct that investment professionals must follow in providing advice to Main Street investors,” Securities and Exchange Commission (SEC) Chairman Jay Clayton said on July 12. He made...
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By John Iekel, Ray Harmon 7/11/2017
The National Tax-deferred Savings Association (NTSA) and the American Retirement Association (ARA) on July 7 filed a comment letter with the Board of Trustees of the Texas Teacher Retirement System (TRS) about its proposed rule concerning companies that offer voluntary 403(b) investment options to...
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