John Iekel
By John Iekel 2/2/2023
More public-sector employees have access to retirement plans than their counterparts in private industry, reports the Bureau of Labor Statistics (BLS). Same is true regarding participation.
In its Feb. 1, 2023 The Economics Daily, the BLS provides a snapshot of access to, and participation in,...
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By John Iekel 1/31/2023
SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles.
American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of...
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By John Iekel 1/25/2023
Editor’s note: This the second in a four-part series. The original appears in its entirety as the cover story of the Winter 2023 edition of Plan Consultant magazine. The digital edition of the Winter issue is available here. However, access to Plan Consultant is restricted to ASPPA members, so you’...
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By John Iekel 1/23/2023
Editor’s note: This the first in a four-part series. The original appears in its entirety as the cover story of the Winter 2023 edition of Plan Consultant magazine. The digital edition of the Winter issue is available here. However, access to Plan Consultant is restricted to ASPPA members, so you’...
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By John Iekel 1/19/2023
Certain tax information could be disclosed to the Maryland Small Business Retirement Savings Board to help in administering the Maryland Small Business Retirement Savings Program and Trust.
Legislation that created the state-run auto-IRA program that businesses can offer went into effect on July...
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By John Iekel 1/19/2023
The Colorado Department of the Treasury on Jan. 18 announced that the Colorado SecureSavings Program is open for businesses to register with it.
The Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan is intended to provide...
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By John Iekel 1/18/2023
New year, new duties? A Missouri senator has introduced legislation that would modify the duties of fiduciaries serving public employee retirement systems.
Sen. Jill Carter (R-Jasper and Newton) on Jan. 4 introduced the bill, SB 436. It provides that an investment fiduciary would discharge his or...
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By John Iekel 1/13/2023
Almost immediately after the New Year’s champagne stopped pouring, legislation arrived in the Mississippi House of Representatives that would establish a state-run plan that would provide retirement plan coverage for private-sector employees whose employers do not offer one.
Rep. Orlando Paden (D...
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By John Iekel 1/13/2023
Legislation that would create a state-run multiple-employer retirement saving plan in the Show Me State is before the Missouri House of Representatives.
HB 155, introduced by Rep. Michael O’Donnell on Jan. 4, would establish the Show-Me MyRetirement Savings Administrative Fund, a multiple-employer...
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By John Iekel 1/11/2023
The IRS has updated the procedures for letter rulings and information letters. The update is contained in Revenue Procedure (Rev. Proc.) 2023-1.
More specifically, the IRS has updated the procedures for letter rulings and information letters issued by the Associate Chief Counsel (Corporate),...
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By John Iekel 1/10/2023
The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2023-04.
Rev. Proc. 2023-04 is a general update of Rev. Proc. 2022-4, published in Internal Revenue Bulletin 2022-01, which sets forth:
general information...
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By John Iekel 12/29/2022
There was plenty of activity in 2022 affecting plans, participants, employers, and service providers, and NTSA Net was there. But the year that was also provided copious reminders that content that provides nuts-and-bolts information is critically important.
The top 10 posts on NTSA Net in 2022...
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By John Iekel 12/22/2022
The New Jersey Secure Choice Savings Board has appointed Todd Hassler as Executive Director of the New Jersey Secure Choice Savings Program.
Hassler is the first person to hold that position; in that capacity, he will oversee the creation and operation of the program. Hassler most recently served...
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By John Iekel 12/21/2022
Fast away the old year passes! There are plenty of things to occupy an employer, a plan administrator, and a service provider’s time as the year comes to a close — and the IRS offers suggestions regarding year-end considerations concerning a retirement plan.
Such a resource is especially helpful...
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By John Iekel 12/21/2022
The New Mexico State Treasurer’s Office for the New Mexico Work and Save Board on Dec. 19 issued a request for proposals (RFP) for program administrator services for the New Mexico Work and $ave Voluntary Payroll-Deduction IRA Program.
The RFP solicits sealed proposals to establish a contract...
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By John Iekel 12/16/2022
Social Security benefits don’t come out of thin air — it takes not only contributions but also formulae to determine benefit amounts. In a recent report, the Congressional Research Service (CRS) discusses the possible effects of adjusting computation years, one of the factors used to determine...
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By John Iekel 12/14/2022
Or two. Or more. New Year’s Eve heralds more than the end of 2022. It also marks a number of deadlines that a plan and professionals serving it may want to keep in mind.
Plan Design Changes
A plan generally must be amended by the end of the plan year to reflect changes an employer made during...
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By John Iekel 12/13/2022
The Department of Labor (DOL) on Dec. 12 reported that its Employee Benefits Security Administration (EBSA) recovered more than $1.4 billion for employee benefit plans, participants, and beneficiaries in fiscal year 2022. And that includes more than half a billion dollars that EBSA recovered for...
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By John Iekel 12/8/2022
The Office of the Delaware State Treasurer on Dec. 5, 2022 announced that it is seeking proposals from qualified firms interested in providing program consulting services for the Delaware Expanding Access to Retirement and Necessary Savings (EARNS) Program.
Gov. John Carney (D) on Aug. 18, 2022...
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By John Iekel 12/8/2022
The IRS earlier this year issued guidance announcing that it was extending the deadlines for amending retirement plans to reflect the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Taxpayer Certainty and Disaster Tax Relief Act of 2020. But that doesn’t mean all of...
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