John Iekel

Financial Vitality for PBGC Programs in ’23, Says Report

By John Iekel 11/17/2023

Good news from the Pension Benefit Guaranty Corporation (PBGC): both its multiemployer and single-employer insurance programs are healthy, and are in an even better financial position than they were at the start of 2023. The PBGC—which protects the retirement benefits of more than 31 million... READ MORE

Informational Copies of the 2023 Form 5500 Series Released

By John Iekel 11/17/2023

The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS, and the Pension Benefit Guaranty Corporation (PBGC) on Nov. 17 released informational copies of the 2023 Form 5500 Series. They have been released online. These versions of the Form 5500, Form 5500-SF, and Form... READ MORE

Navigating the New Age of Retirement Services

By John Iekel 11/15/2023

Laying the foundation for long-term financial stability means more than the traditional approaches to saving for retirement. How can one meet the needs of participants as well as work together to add value and seize opportunity? Experts and industry leaders offered perspectives in recent panel... READ MORE

The Twilight Zone of Near Retirees in Challenging Jobs

By John Iekel 11/14/2023

Near retirees are in a unique position. The good news is that for the most part, they are living longer, are healthier than in the past, and have more work options than their predecessors. At the same time, there still is a significant number of them who perform physically challenging jobs—and that... READ MORE

Mixed Harvest for Private-Sector Pension Plans in October

By John Iekel 11/14/2023

The private pension plan cornucopia was half full or half empty in October, depending on one’s perspective. Analyses were mixed on how the plans fared. Willis Towers Watson, which tracks a hypothetical pension plan invested 60% in equities and 40% in fixed-income funds, reported that its plan... READ MORE

A Pivotal Point in Time for Retirement Plan Stakeholders

By John Iekel 11/13/2023

Retirement solutions need to adapt to a changing world—and that means meeting attendant challenges in order to meet the needs of retirees and those who serve them. “This is a pivotal point in time,” said SPARK Institute Executive Director Tim Rouse at the opening of the recent SPARK Forum. He... READ MORE

Building Better Days

By John Iekel 11/13/2023

There are challenges facing not only those saving for their retirement, but also the retirement industry and professionals who work to help them to do so. A panel of industry leaders recently offered their perspective on meeting those challenges in order to better facilitate effective saving for... READ MORE

Reinvention to Facilitate Better Delivery

By John Iekel 11/10/2023

Providing retirement benefits is a dynamic function, and in an age of accelerating technological transformation that requires reinvention of products and services. An expert panel at the recent SPARK Forum shared some of their experiences in that vein. Panelists included Balaraman Jayaraman, Co-... READ MORE

Form 5558 Can Be Filed Electronically Beginning Jan. 1, 2024

By John Iekel 11/9/2023

The IRS has updated the information on its website to indicate that beginning Jan. 1, 2024, Form 5558, Application for Extension of Time to File Certain Employee Plan Returns and its instructions, can be filed electronically or on paper. The American Retirement Association (ARA) in a Dec. 5, 2022... READ MORE

PBGC Updates Mortality Table for 2024 Valuations

By John Iekel 11/9/2023

The Pension Benefit Guaranty Corporation (PBGC) announced on Nov. 9 that it has updated the ERISA Section 4044 mortality table for 2024 valuations. How the Tables Are Used ERISA Section 4044 Mortality Table. This table is used: to determine liabilities and the value of annuities when a single... READ MORE

IRS Advisory Council Suggests EPCRS Be Expanded

By John Iekel 11/9/2023

The Internal Revenue Service Advisory Council (IRSAC) suggests that the Employee Plans Compliance Resolution System (EPCRS) be expanded. The suggestion is contained in the group’s 2023 annual report, issued on Nov. 9. In the report, IRSAC makes 23 recommendations on a wide range of topics. Among... READ MORE

LTPT and Auto-Portability Regs Coming Soon, Officials Reiterate

By John Iekel 11/8/2023

Much-anticipated regulations are perhaps closer than just on the horizon, officials from the IRS and the Department of Labor (DOL) reported in a Nov. 6 session of the SPARK Forum. LTPT Guidance In the wake of the enactment of the SECURE 2.0 Act, the Treasury Department worked on guidance... READ MORE

Newly Proposed Fiduciary Rule ‘A More Standard Approach’

By John Iekel 11/8/2023

The Department of Labor (DOL) on Halloween issued the latest iteration of a proposed rule defining who is an investment advice fiduciary for purposes of ERISA. As the initial dust settles, officials from the DOL’s Employee Benefits Security Administration (EBSA) have offered some further insights... READ MORE

PBGC Issues Final Rule Amending SFA Regulation, Updates Application Instructions

By John Iekel 11/8/2023

The Pension Benefit Guaranty Corporation (PBGC) on Nov. 7 issued a final rule to clarify the calculation methodology for the withdrawal liability condition requiring phase-in of special financial assistance (SFA) assets. On Nov. 1 it had issued updated instructions for multiemployer plans in... READ MORE

Formal Written Plans: Unappreciated Boost?

By John Iekel 11/6/2023

A formal, written plan (FWP) for managing income, expenses, and assets in retirement is fundamentally a tool that heightens financial security and clarifies what needs to be done in running an account. But it’s more than that, as an industry experts outline. The proportion of Americans completing... READ MORE

Delaware EARNS May Cooperate With Other States’ Retirement Programs

By John Iekel 11/3/2023

The Delaware EARNS Program Board is considering cooperation with the state-run retirement plans serving private-sector employees in Maine and Colorado, Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment Trust, has confirmed. Ted Griffith, Program Director of Delaware EARNS... READ MORE

A Deeper Dive into a Rising Tide

By John Iekel 11/3/2023

Funding of private-sector defined benefit plans has been a rising tide. But why? And what does it mean? Two industry experts offer their insights in a deeper dive. The State of Things “Funding levels for private sector pension plans are very healthy—most plans are fully funded or overfunded at... READ MORE

Confluence of Time and Regulation: A Twin Sample

By John Iekel 10/30/2023

Time is top of mind right now—soon we’ll manipulate the clocks again and “gain” an hour of sleep. But time figures heavily in regulation as well; aspects of time and its passage are relevant to some recent and impending regulations relevant to retirement plans and those who serve them, as well as... READ MORE

PBGC Sets Present Maximum Guarantee Values for 2024

By John Iekel 10/30/2023

The Pension Benefit Guaranty Corporation (PBGC) on Oct. 30 posted the applicable present values for maximum guarantees for 2024 plan years. The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Internal Revenue Code (IRC) Section 436... READ MORE

A Look at the Participant RMD Journey: ASPPA Annual

By John Iekel 10/27/2023

Required minimum distributions (RMDs) are among the many plan features affected by laws enacted and regulations issued in the last few years. An Oct. 24 session of the ASPPA Annual conference held at National Harbor addressed some of the consequences of those changes. In “Participant Journey: Let... READ MORE

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