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John Iekel

Well, this looks familiar: Capitol Hill considering a SECURE Act. But this time around, it’s SECURE 2.0. In a recent webcast, American Retirement Association Retirement Education Counsel Robert M. Richter provided an update regarding the provisions of SECURE 2.0—which include some that would affect... READ MORE
Vermont Gov. Phil Scott (R) on May 2 vetoed legislation that included provisions that would have made changes to pension benefits of members of the Vermont State Teachers’ Retirement System (VSTRS). Scott said in a letter to Secretary of the Senate John Bloomer that while the bill “takes some... READ MORE
The Aloha state is poised to set in motion a state retirement plan that would be unique among its counterparts—employees would have to opt in, and a retiree would be among the members of the board administering the program.  On May 3, the Hawaii Senate and House of Representatives both voted in... READ MORE
CalSavers, the state-run retirement plan for employees whose employers don’t offer one, showed growth in March—in some cases sharp growth.  The CalSavers Retirement Savings Board reports that the number of employer registrations increased by almost 26% from February levels.  CalSavers growth... READ MORE
Less than two months remain for employers with five or more employees in the Golden State to register with CalSavers, the state-run retirement plan for those whose employers do not offer one.  CalSavers, enacted in 2012 but not launched until July 1, 2019, has required employers to either begin... READ MORE
Vestwell has been selected as the vendor that will administer the Colorado Secure Savings Program and New Mexico Work and $ave, the state-run retirement plans that provide retirement plan coverage for employees in those states whose employers do not.  Vestwell announced that it won a competitive... READ MORE
The IRS has announced the health savings account (HSA) limits for 2023. The announcement came in IRS Revenue Procedure 2022-24.  HSA Limits For calendar year 2023, the annual limitation on deductions under Internal Revenue Code Section 223(b)(2)(A) for an individual with self-only coverage under... READ MORE
Inflation the likes of which we haven’t seen in more than a generation is obvious, as are its effects. But recent reports suggest— strange though it may seem—that inflation is not harmful in every respect for retirement plans.  Participants vs. Plan Sponsors Further worsening of inflation, says... READ MORE
Baby Boomers, the oldest part of the workforce, and Millennials, who make up the bulk of the young part of the workforce, are separated by more than age. They have somewhat different takes on saving and retirement—but not entirely in ways one may expect.  Some of the differences reported by the... READ MORE
OregonSaves, the state-run program which provides employees in the Beaver State with retirement benefits if their employers do not, was the first such program to begin operating in the United States. A recent study assessed how well it is doing, and researchers have some good news for its advocates... READ MORE
The IRS has revised the required modifications and information that contains samples of plan provisions that have been found to satisfy certain requirements of Code Section 403(b) and its implementing regulations, for purposes of complying with Revenue Procedure (Rev. Proc.) 2021-37. The IRS has... READ MORE
The U.S. Department of Labor (DOL) on April 15 announced the appointment of the leadership of the 2022 Advisory Council on Employee Welfare and Pension Benefit Plans—also known as the ERISA Advisory Council—as well as seven new members to it. Leadership  Peter Wiedenbeck, who is a current member... READ MORE
CalSavers, the program in the Golden State that provides retirement plan coverage for those whose employers do not, has been in operation for three years now. Employers have a key role in how the program works; how are they responding? CalSavers was launched in 2019, and the first of three waves... READ MORE
New Jersey Secure Choice, the state-run program that is to provide retirement plan coverage for employees whose employers do not offer a retirement plan, is not yet operational. So says the website of the Secure Choice Savings Board, last updated on April 7.  This marks continued delay in its... READ MORE
There is work to be done in helping near-retirees to more accurately estimate their financial needs when they leave the workforce, says a recent study.  Barely more than one-quarter of the older workers correctly estimated what they would need in order to maintain their standard of living during a... READ MORE
The House Education and Labor Committee reported the Protecting America’s Retirement Security Act April 5, sending the bill to the House floor for a vote. The committee voted 29-21 to report the bill to the House. No Republicans voted for the bill, and no Democrats voted against it. The ... READ MORE
The American Retirement Association expressed its opposition to the Protecting America’s Retirement Security Act (PARSA) in an April 5 letter to lawmakers. “Our opposition to this legislation is based on both its substance and its process,” writes ARA CEO Brian Graff.  The PARSA legislation was... READ MORE
The collective balance of the 403(b)s in the education sector rose steadily over a decade, but fees blunt the effect of that growth, the Government Accountability Office (GAO) suggests in a recent study.  In “Defined Contribution Plans:403(b) Investment Options, Fees, and Other Characteristics... READ MORE
Autoenrollment is regarded by many as a tool that is of key importance in increasing retirement savings. A recent study by the Congressional Budget Office (CBO) emphasizes just how effective it can be.  In “The Effect of Employer Matching and Defaults on Workers’ TSP Savings Behavior,” a... READ MORE
A recent study examines financial professionals’ views on financial wellness.  In the study, “What Financial Professionals Think About Financial Wellness,” T. Rowe Price in conjunction with Duke University’s Common Cents behavioral finance lab and financial wellness provider Retiremap look at what... READ MORE