John Iekel
By John Iekel 3/8/2021
There is concern regarding the effect of the pandemic on retirement security, and yet some of the more dire expectations have not come to fruition. That was the message of co-authors of a recently released report on retirement security, who offered a closer look at their findings.
In a Feb. 25...
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By John Iekel 3/4/2021
Maybe much of the country was encased in snow, ice and a deep freeze this February—but the environment for pension plans was red hot, recent reports reveal.
“Pension finance enjoyed its best month in more than three years in February,” said actuarial firm October Three in its February 2021...
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By John Iekel 3/4/2021
CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed growth in many areas in February.
The CalSavers Retirement Savings Board reports that the number of funded saver accounts, total saver assets, employer registrations and the...
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By John Iekel 3/2/2021
Virginia appears to be poised to become the next state to offer a state-run retirement plan for employees whose employers do not offer one. Legislation that would create one in the Old Dominion is headed for the desk of Gov. Ralph Northam (D), who has indicated that he will sign it into law.
The...
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By John Iekel 3/1/2021
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) on Feb. 26 issued guidance on the duration of the COVID-19-related relief provided by Disaster Relief Notice 2020-01 and a joint notice, the Notice of Extension of Certain Timeframes for Employee Benefit Plans,...
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By John Iekel 2/25/2021
The Pension Benefit Guaranty Corporation (PBGC) on Feb. 25 announced that its Comprehensive Premium Filing Instructions for 2021 Plan Years are now available. The agency has made them available on its website after approval by the Office of Management and Budget (OMB).
What’s New
The filing...
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By John Iekel 2/23/2021
Concern about retirement and paying for it cuts across sharp societal divisions and has been heightened by the pandemic; nonetheless, confidence regarding some saving vehicles persists, says a recent report.
In the National Institute on Retirement Security (NIRS) study “Retirement Insecurity 2021...
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By John Iekel 2/23/2021
The Pension Benefit Guaranty Corporation (PBGC) on Feb. 23 announced the appointment of Russell Dempsey as General Counsel.
In that capacity, Dempsey will provide advice and counsel for the PBGC Director and the agency on legal and regulatory issues, including:
enforcement of Title IV of ERISA...
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By John Iekel 2/22/2021
Several states have programs up and running to make retirement plan coverage available to those whose employers do not offer it. So where do they stand? A recent report provides a look.
The Center for Retirement Initiatives at Georgetown University’s McCourt School of Public Policy in a Monthly...
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By John Iekel 2/19/2021
The Pension Benefit Guaranty Corporation (PBGC) will launch a new version of the My Plan Administration Account (My PAA) premium filing application on April 26.
The PBGC made the announcement on its web page that outlines upcoming changes. The agency says that it intends the enhancements to...
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By John Iekel 2/18/2021
The Oklahoma legislature is considering a measure that would make the Sooner State one of the next states to provide a state-run retirement plan for employees whose employers do not offer one.
The Oklahoma Prosperity Act was introduced in both chambers on Feb. 1. The House of Representatives...
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By John Iekel 2/18/2021
The Pension Benefit Guaranty Corporation (PBGC) on Feb. 17 announced the appointment of Nicholas J. Novak as the agency’s Inspector General.
Novak served as the PBGC’s Acting Inspector General since April 2020. He also spent nearly 20 years in the PBGC’s Office of the Inspector General and its...
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By John Iekel 2/18/2021
The Pension Benefit Guaranty Corporation (PBGC) has issued a report concerning single-employer contribution policy assumptions related to the Single-Employer Pension Insurance Modeling System (SE-PIMS). It provides updated assumptions used to project future single-employer plan contributions in...
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By John Iekel 2/17/2021
The IRS has confirmed that no action is needed on recent 2019 Form 5500 extension letters. The confirmation came in the Feb. 17 edition of the IRS newsletter, Employee Plans News.
This confirmation is consistent with the Feb. 11 report by Kelsey Mayo, American Retirement Association’s Director of...
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By John Iekel 2/17/2021
One of the incentives for adopting and participating in an employer-sponsored qualified plan are tax benefits for employees and employers. A Feb. 9 ASPPA webinar focused on tax credits for small employers that adopt plans and for participants with modest incomes.
In “Working with Qualified...
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By John Iekel 2/16/2021
If the recommendations of the Wisconsin Retirement Security Task Force are followed, the Dairy State could join others that have implemented a state-run plan to provide coverage for workers whose employers do not offer a retirement plan.
The task force, headed by Wisconsin State Treasurer Sarah...
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By John Iekel 2/16/2021
Finding missing participants is serious business. But one industry expert likens it to a children’s game—though the stakes are higher than simply finding someone else to be “it.”
“I am sure it feels like a cruel game of hide-and-seek for plan sponsors that are unable to find a participant or...
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By John Iekel 2/12/2021
The Department of Labor’s (DOL) Employee Benefits Security Administration has confirmed that the Trump administration’s “Improving Investment Advice for Worker & Retirees” Prohibited Transaction Exemption for investment advice fiduciaries will go into effect as scheduled on Feb. 16, 2021.
The...
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By John Iekel 2/11/2021
COVID-19, along with the measures adopted to address the pandemic’s effects and the actions taken under those measures, have had unexpected effects—including an impact on plan audits.
The changes that have taken place, as well as the pandemic itself, have affected both plan sponsors and...
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By John Iekel 2/11/2021
The massive amount of student debt and its effect on saving for retirement are in sharper relief than ever, argues a recent analysis.
Student debt is an even more serious concern today as many of the young adults who are joining the workforce have amassed a considerable debt, writes Kara Melber in...
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