John Iekel
By John Iekel 2/2/2015
Recent discussions in disparate parts of Wisconsin illustrate well how widespread the problems concerning public pension funding and benefits are.Menomonie and Milwaukee, Wis., are night and day. They are on opposite ends of the state. Milwaukee, the state’s largest city, has 37 times the...
READ MORE
By John Iekel 1/26/2015
State and local retirement plans will be able to cover qualifying public charter school employees without adverse consequences if regulations the IRS proposed on Jan. 23 are adopted. IRS Notice 2015-7 would change the definition of governmental plan under Internal Revenue Code Section 414(d) so...
READ MORE
By John Iekel 1/13/2015
Overall, 75% of the states have passing grades regarding their public pension plans. But that bit of at least fairly good news is not the whole story. The Urban Institute’s latest rating of public pension plans in all 50 states contains some good news, but also draws attention to plenty of red...
READ MORE
By John Iekel 1/6/2015
The New Jersey public pension system needs to be fixed. On that, Gov. Chris Christi (R) and State Senate President Steve Sweeney (D-West Deptford) agree. But implementation of steps to get there is another matter, as Christie and Sweeney differ on how much the state should be putting into the...
READ MORE
By John Iekel 1/5/2015
Illinois has become the first state to put in place a state-run retirement plan in which private-sector employees can participate. Gov. Pat Quinn (D) on Jan. 4 signed into law SB2758, the measure that creates the Illinois Secure Choice Savings Program. All employers in Illinois must offer the...
READ MORE
By John Iekel 12/30/2014
The Pennsylvania Employee Retirement Commission’s recently issued report has some good news for Pennsylvania public pension plans, but also shows that there is more work to do. The report, issued in December, is based on 2013 actuarial municipal pension plan data. The report, which looks at the...
READ MORE
By John Iekel 12/30/2014
California State Teachers’ Retirement System (CalSTRS) is in trouble, and the state of California responded in 2014 with a measure to restore CalSTRS to health. This is a bitter pill for some school districts, according to recent budget forecasts that show that the contributions some districts make...
READ MORE
By John Iekel 12/30/2014
Six California superior court judges have filed suit against the state of California, State Controller John Chiang, the Judicial Council and the California Public Employees Retirement System (CalPERS) over the application of a state pension reform act to them. The Public Employees Pension Reform...
READ MORE
By John Iekel 12/29/2014
All disbursements from a retirement plan scheduled to be made at the same time are treated as a single distribution even if they are sent to multiple destinations. That new rule becomes mandatory as 2015 dawns, the IRS has reminded taxpayers in the Dec. 23 issue of its e-newsletter, Employee Plans...
READ MORE
By John Iekel 12/19/2014
Pension payments for state retirees can be withheld when income taxes are insufficient to cover them. This approach, taken by New Jersey Gov. Chris Christie (R), stands as the New Jersey Senate on Dec. 18 voted not to override Christie’s veto of a bill that would have required quarterly...
READ MORE
By John Iekel 12/16/2014
It’s no secret that state pension plans are beset by obligations beyond their ability to meet. A new study by State Budget Solutions (SBS) is the latest to outline how serious the problem — which is not unique to any particular region — is, based on 2014 data. Collectively, the states are nearly $5...
READ MORE
By John Iekel 12/16/2014
What does the dawn of 2015 mean for 403(b) advisors? NTSA Net asked the 2014 NTSA Elite Advisors for their insights on what advisors and those who offer and administer 403(b)s may expect next year — and how they can be ready. Be Prepared! Boy Scouts learn right from the start to be prepared. It’s...
READ MORE
By John Iekel 12/15/2014
Easier to administer, not subject to an early withdrawal penalty tax, offering an opportunity for an advisor to make a living, especially in a small marketplace — what’s not to love about the 457 plan? While most advisors serving the public and nonprofit sectors are very familiar with 403(b) plans...
READ MORE
By John Iekel 12/12/2014
The IRS has made some key reminders available in Special Edition Tax Tip 2014-24 for holders of individual retirement accounts (IRAs). Advisors, as well as and employers that facilitate employees’ establishment of IRAs, may find this information useful to share with their clients and employees....
READ MORE
By John Iekel 12/12/2014
The IRS in Notice 2014-77 has updated the 2014 Cumulative List of Changes in Plan Qualification Requirements. The list is primarily for single-employer individually designed DC plans and single-employer individually designed defined benefit plans that are in Cycle E to use when they submit...
READ MORE
By John Iekel 12/11/2014
Michigan Gov. Rick Snyder (R) on Dec. 10 announced that beleaguered Detroit is emerging from bankruptcy. This came two days after Detroit Emergency Manager Kevyn Orr issued his final order. Orr’s final order affirms the changes that have been made and agreed to regarding Detroit’s pension plan....
READ MORE
By John Iekel 12/10/2014
New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The IRS issued that reminder in information release IR-2014-112. Generally, RMDs from 401(k), 403(b) and 457 plans as well as IRAs must be made by Dec. 31. An IRA trustee must either report the amount of the RMD...
READ MORE
By John Iekel 12/5/2014
January 2015 will mark more than the beginning of a new year — on Jan. 2, a different IRS office will take on technical responsibilities concerning qualified retirement plans and IRAs. The IRS spelled out the change in Announcement 2014-34. On that date, the IRS Tax Exempt and Government Entities...
READ MORE
By John Iekel 12/3/2014
Kentucky and Tennessee share more than a long border — information about public pension plans in both states is hard to come by too. And that may not be changing any time soon. Kentucky Many public pension systems in the Bluegrass State are underfunded — some badly — and information about them is...
READ MORE
By John Iekel 11/26/2014
Two of the states beset by the most intractable state pension problems have hit roadblocks in their efforts to address those issues. A circuit court judge has declared the law enacted in Illinois to reform its underwater pension system unconstitutional, and new reports and accounting procedures...
READ MORE
Pages
Advertisement