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John Iekel

The Congressional Research Service (CRS) has issued information about the updated thresholds for the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) for 2024.  The updated information is contained in an annual report the CRS issues concerning the WEP and the GPO. Both... READ MORE
Editor’s Note: This is part II of a two-part series. Part I is available here.  Generation Z is looking ahead and shows a healthy regard and respect for their financial future, long-term. Studies show that they have a strong interest in financial literacy, saving and employer-provided retirement... READ MORE
The solvency of Social Security is not a new concern. It’s been on a slow—or, at times, high—burn for more than 40 years. Proposals to address the problem are almost as numerous as the warnings about it; in a recent report, the Congressional Research Service takes a look at the potential impact of... READ MORE
It is now possible to offer plan participants in 401(k), 403(b), and 457(b) plans the option to treat employer contributions as Roth contributions, under the SECURE 2.0 Act.  More precisely, it is Section 604 of the SECURE 2.0 Act that allows plan participants to elect to have any fully vested... READ MORE
A bill currently before the Georgia legislature would affect the exercise of fiduciary duty regarding the investment of retirement plan assets. The legislation includes a provision that would require a fiduciary to put the interests of participants and their beneficiaries ahead of “nonpecuniary... READ MORE
The states that offer a retirement program for private-sector employees whose employers do not have a new prospective member: Michigan. Legislation has been entered in the state House of Representatives that would create such a program in the Wolverine State. The Retirement Savings Program Act, HB... READ MORE
Editor’s Note: This is part I of a two-part series. It’s not unusual for older generations to look askance at their younger counterparts and dismiss them with a harumph at the thought that one day they will come to the fore. But some recent data suggests that in the case of the youngest... READ MORE
Sometimes the most mundane details can be overlooked—which, for a plan, entails risk. In fulfilling the myriad responsibilities attendant to offering and running a plan, a retirement plan committee can be a great help.  Navigating increasingly complicated benefits administration—and against a... READ MORE
The New Mexico Senate is considering a request for a study regarding equalization of teachers’ pensions with those of public employees.  Sen. Mimi Stewart (D-Bernalillo), President Pro Tempore of the New Mexico Senate, on Jan. 18 introduced SM 4, a bill requesting that the Legislative Finance... READ MORE
The plan document is not a suggestion; it’s a roadmap to compliance and competent and effective administration. But it’s not always given the regard it deserves—which can imperil a plan and those whom it ultimately was written to serve.  Oops Robert M. Kaplan, Director of Technical Education at... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables concerning its Single-Employer and Multiemployer Programs. Overall, there is good news in the new figures.  The tables summarize information on PBGC’s Single-Employer and Multiemployer Insurance Programs... READ MORE
OregonSaves, the first state-run program to provide retirement plan coverage to employees whose private-sector employers do not, is devoting $5 million to coverage for childcare providers. The Oregon Retirement Savings Board and State Treasurer Tobias Read made the announcement on Feb. 12.  In... READ MORE
Georgia may join sister states in establishing a state-run retirement plan to provide coverage for private-sector employees whose employers do not, if a measure now before the Senate is enacted.  Sen. Chuck Hufstetler (R-52) introduced SB 477 on Feb. 9, 2024. It calls for the creation of the Peach... READ MORE
Greater longevity than in the past is a good thing, as is concurrent big picture improvement in finances. But periodic economic challenges do take place, which can spell trouble—especially for retirees who did not save enough.  A substantial majority of retirees in a study by Clever Real Estate—68... READ MORE
Student loan debt has long been said to be a drag on retirement saving, and a just-released report adds fuel to the fire.  Not only is student loan debt an immediate and long-term financial burden, it also has a “statistically significant” effect on retirement accounts, says a new issue brief by... READ MORE
The scope of New York Secure Choice, the program through which the Empire State provides coverage to private-sector employees whose employers do not, has been expanded to include single proprietors.  New York Gov. Kathy Holchul (D) signed S 2399 into law on Jan. 26, 2024. Sen. Andrew Gounard (D-... READ MORE
The year began on a positive note for private-sector pension plans, according to recent analyses.  Willis Towers Watson, Aon, Milliman, and October Three report that private-sector DB plans had a good month overall in January. Willis Towers Watson’s Pension Index, which tracks the asset/liability... READ MORE
In a storied decision, a judge once wrote that he couldn’t define a certain topic, but he knew it when he saw it. So, too, financial wellness—an expert panel recently suggested its meaning is “amorphous” and “evolving.”  “Financial wellness” can mean different things to different people and... READ MORE
A bill before the Mississippi House of Representatives would establish a state-run retirement plan to provide coverage for private-sector employees whose employers do not offer one.  Rep. Orlando Paden (D-Bolivar) on Jan. 24, 2024 introduced House Bill 599, the Mississippi Secure Choice Savings... READ MORE
Those who make filings with the Pension Benefit Guaranty Corporation (PBGC) now must use the agency’s new e-Filing portal. It became operational on Feb. 1, 2024.  The PBGC had announced on Jan. 8 that it would launch a new and improved e-filing portal at the start of the next month. The launch of... READ MORE

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