John Iekel
By John Iekel 4/4/2017
One of the basic rules for fiduciaries is that “there is no place to hide,” says Keith Sartain, a partner at AON Hewitt. Sartain spoke at an April 3 session of the Enrolled Actuaries meeting in Washington, D.C. cosponsored by the American Academy of Actuaries and the Conference of Consulting...
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By John Iekel 4/4/2017
We have “an historic opportunity” — there is a “dynamic policy-making situation just ahead,” believes Earl Pomeroy, senior counsel at Alston & Bird and a former member of the House of Representatives.Pomeroy addressed an April 3 general session of the Enrolled Actuaries meeting in Washington, D...
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By John Iekel 3/16/2017
Not all of the reaction to the Department of Labor’s (DOL) fiduciary rule has been negative, or even grudging, acceptance. Every class had at least one kid who not only did their homework but also turned it in before the deadline — and it turns out that proclivity is alive and well in the boardroom...
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By John Iekel 2/28/2017
Public pension plans across the country face many challenges, to put it mildly — and among them, says a recent report, are the investment return assumptions for those plans. In “NASRA Issue Brief: Public Pension Plan Investment Return Assumptions,” the National Association of State Retirement...
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By John Iekel 2/22/2017
An unnamed financial services company is suing the Consumer Financial Protection Bureau (CFPB) in the U.S. District Court for the District of Columbia over the CFPB’s exercise of power and the plaintiff’s contention that it is unchecked.The unnamed company seeks in John Doe Company v. Consumer...
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By John Iekel 2/17/2017
The Department of Labor’s (DOL) fiduciary rule appeared on track. Then the November election ushered into office an administration that wasted little time in questioning the rule and has raised the possibility of delay in application, if not outright rescission. But are the rule’s prospects really...
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By John Iekel 2/13/2017
The Trump administration’s dramatic series of rapid-fire executive orders and regulatory announcements and reviews purport to delay, perhaps gut or even ultimately kill the Department of Labor’s fiduciary rule. But a recent analysis suggests that the genie may be out of the bottle regardless.In a...
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By John Iekel 2/6/2017
The Department of Labor’s (DOL) fiduciary rule, as well as other regulations and laws that affect and govern retirement plans, were part of the discussion at the U.S. Chamber of Commerce meeting on Feb. 3.“The Shifting Paradigm of Retirement,” a morning program in which speakers from the federal...
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By John Iekel 2/1/2017
There is now an “even greater opportunity” for tax reform, Senate Finance Committee Chairman Orrin Hatch (R-UT) told the U.S. Chamber of Commerce at a Feb. 1 meeting at its Washington, DC headquarters. Hatch said he hopes there will be a tax reform proposal “in the near future” but spoke in broad...
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By John Iekel 1/25/2017
House Ways & Means Committee Chairman Kevin Brady (R-Texas) says that Congress is “seeking ideas” on how to increase saving, including retirement saving. Brady made his remarks at the Financial Services Roundtable’s Jan. 25 meeting, “Breaking Down the Barriers to Financial Security,” held in...
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By John Iekel 1/24/2017
Recent changes to the proposed rules for the Oregon Retirement Savings Plan — which has since been renamed OregonSaves — were fueled by comments the Oregon State Treasury received that sought clarifications and additional information on what employers’ responsibilities will be once the plan is in...
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By John Iekel 1/19/2017
The Oregon State Treasury has updated proposed rules for the Oregon Retirement Savings Plan (ORSP). The Treasury announced on Jan. 17 that it has filed the updated proposed rules with the Oregon Secretary of State. The updated proposed rules will appear in the Feb. 1 issue of the Oregon Bulletin,...
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By John Iekel 1/17/2017
The IRS on Jan. 13 announced that the last day of the remedial amendment period (RAP) for 403(b) plans is March 31, 2020. The American Retirement Association had recommended in a Feb. 23, 2016 letter to the IRS that it provide an initial restatement period of three years for employers adopting pre-...
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By John Iekel 1/17/2017
The IRS on Jan. 13 announced that the last day of the remedial amendment period (RAP) for 403(b) plans is March 31, 2020. The American Retirement Association had recommended in a Feb. 23, 2016 letter to the IRS that it provide an initial restatement period of three years for employers adopting pre-...
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By John Iekel 1/12/2017
With the presidential election victory of Donald Trump and the success of Republicans in holding majorities in both the House of Representatives and the Senate, the immediate future of the Department of Labor’s fiduciary rule has been cast into some doubt. A recent analysis explores what its...
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By John Iekel 1/12/2017
Awareness of fiduciary status and the Department of Labor’s (DOL) fiduciary rule is more widespread among 403(b) plan sponsors than preparations for its effective date, according to a recent study by the Plan Sponsor Council of America (PSCA). Just over three-quarters of plan sponsors consider...
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By John Iekel 1/9/2017
Editor’s note: This is the second of a two-part series in which experts share their insights on some of their expectations for the coming year on issues relevant to retirement plans. Part 1 can be found here.The champagne flutes may be dry, but plenty of bubbling exuberance remains. And regarding...
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By John Iekel 1/4/2017
Editor’s note: This is the second of a two-part series in which experts share their insights on some of their expectations for the coming year on issues relevant to retirement plans. Part 1 can be found here.The champagne flutes may be dry, but plenty of bubbling exuberance remains. And regarding...
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By John Iekel 12/19/2016
Editor’s note: This is the first of a two-part series in which experts share their insights on some of their expectations for the coming year on issues relevant to retirement plans.It won’t be long till the champagne corks have been popped, the confetti has fallen and we will have embarked a new...
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By John Iekel 12/13/2016
“Washington didn’t see this coming,” NTSA Executive Director Chris DeGrassi said about the results of the 2016 elections in a Dec. 12 webcast. Elections have consequences, he noted, and those could include actions that affect retirement plans and benefits — including 403(b)s and 457s. In “What 403...
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