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John Iekel

The last word one would associate with the Department of Labor’s (DOL) fiduciary rule is “dispassionate.” But that accurately describes a new report by the Congressional Research Service (CRS) concerning the rule.The Congressional Research Service, known as Congress' think tank, is a public policy... READ MORE
The pilot program for OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, was launched on July 1. The program is set to roll out in phases, starting in 2018 with larger businesses and over time to smaller businesses.The pilot is for employers that expressed interest in... READ MORE
The IRS has made some changes to how it deals with pre-approved plans, hoping to encourage employers to switch from individually designed plans to the pre-approved format.In Revenue Procedure (Rev. Proc.) 2017-41, the IRS on June 30 set forth procedures for issuing opinion letters on the... READ MORE
The responses in the private sector to the risks that cybercrime poses to retirement plans, service providers and participants are as varied as its myriad components. But while one may expect that there would be a more uniform response from the public sector to protect its plans and participants, a... READ MORE
The Oregon Retirement Savings Program (ORSP, or OregonSaves) on June 22 filed a temporary amendment to its program rules with the Oregon Secretary of State’s office. The amendment modifies language related to enrollment in the program. It comes a little more than a week before the July 1 launch of... READ MORE
The Carolinas share a border, half of their names, and a need to address problems with their state pension plans. But while both must act, their problems are as different as north is from south.The Tar Heel StateNorth Carolina Treasurer Dale Folwell (R) is still new, having taken office just this... READ MORE
Pennsylvania Gov. Tom Wolf (D) on June 12 signed into law Senate Bill 1, a measure that provides new state employees hired after Jan. 1, 2019, including teachers, with three retirement benefits from which they can choose. The state senate had passed the bill on June 5; three days later the... READ MORE
It’s heeeeere. But for many practitioners, practices and firms that read the tea leaves, the Department of Labor’s fiduciary rule has been a reality for a while and already has shaped what they do and how they do it.In “Retirement Plan Advisors — Managing Productivity and Risk,” a June 1 session of... READ MORE
OregonSaves, the state-run auto-IRA program for private-sector workers, is not quite launched yet, but the pieces are falling into place.OregonSaves will begin operation in July 2017. The Oregon Retirement Savings Board has provided a report on preliminary work that is being done in preparation for... READ MORE
That may seem an odd equation. And yet, a speaker at a recent retirement industry conference argues exactly that.A handful of states have put in place plans intended to help make sure that retirement plan coverage and participation expands. But the fact that states are acting to fill the coverage... READ MORE
There’s strength in numbers, and there are no greater numbers than unanimous ones when it comes to the U.S. Supreme Court. And that is how the Court ruled in a decision it handed down June 5 that says that religiously affiliated non-profits’ plans are exempt from ERISA even if they were not... READ MORE
The Illinois House Personnel and Pensions Committee on May 16 passed bills that would expand retirement plan coverage and change public pension plan funding and how payments are made. The bills are identical. In what is perhaps a demonstration of bipartisan support for the legislation, Rep. Jim... READ MORE
The number of workers participating in the Social Security system has risen, as has the number of people receiving benefits. But while the importance of Social Security has increased, say recent reports, individual retirement accounts figure very prominently as well.Social SecurityEighty years... READ MORE
The Pennsylvania Independent Fiscal Office has issued an evaluation of a bill that would change the financing of the state retirement plan for school employees. It concludes that the measure would change its financing but would leave benefit provisions intact. The Independent Fiscal Office on May... READ MORE
Defined contribution plan participants who are contemplating a rollover into an IRA are looking primarily for two things: advice and control, according to a recent study.The results in LIMRA Secure Retirement Institute’s study “Money in Motion: Understanding the Dynamics of Rollovers, Roll-ins, and... READ MORE
Oregon Treasurer Tobias Read has expressed determination to continue pursuing OregonSaves, the state-run auto-IRA program for private sector workers, regardless of the U.S. Senate’s May 3 passage of H.J. Res. 66, a measure that — if President Trump signs the measure, which he is expected to do —... READ MORE
The Social Security Administration (SSA) has released an issue paper that examines the similarities and differences between Social Security retirement benefits and annuities, and the factors that determine how much lifetime retirement income an individual would receive.In “Social Security... READ MORE
There is a disconnect between knowing one should be ready for retirement and actually being so. Recent research doesn’t just convey bad news in that regard, however — there’s good news, too.In “2017 Financial Security National Survey of Private Sector Employed Adults Age 18-64,” a study conducted... READ MORE
“I would encourage caution among policymakers when considering dramatic changes to retirement policy for tax policy purposes,” former Sen. Kent Conrad (D-ND) told the Senate Committee on Banking, Housing, and Urban Affairs’ Subcommittee on Economic Policy on April 5.“As tax reform discussions... READ MORE
“Life is complicated and has many moving pieces. One can’t look at retirement in a vacuum,” American Academy of Actuaries Senior Pension Fellow Ted Goldman says of the effort to address and foster employees’ financial wellness.Goldman spoke at an April 5 session of the Enrolled Actuaries meeting in... READ MORE

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