John Iekel

The IRS has issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2021 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2021-03.  The covered compensation tables for 2021 provide: Data based on... READ MORE

As 2020 ended, Illinois Secure Choice—the state-run retirement program for private-sector employees whose employers do not offer a retirement plan—had growing assets and an opt-out rate that was roughly steady. These results are similar to those the CalSavers Retirement Savings Board reported... READ MORE

The challenges facing the Social Security system are well-known and deep-seated. Nonetheless, significant confidence about the future of the system persists among pre-retirees, a new study shows.  Kiplinger and Personal Capital report that they found their 2020 Retirement Survey that nearly two-... READ MORE

The pandemic has prompted a high number of Americans to take money out of their retirement accounts, according to a recent study.  How high? Kiplinger and Personal Capital report that they found in their recent study that 60% of Americans have borrowed or withdrawn funds from their 401(k) or IRA... READ MORE

The cyber crime whack-a-mole contest continues; a recent blog entry discusses the persistence of identity theft and suggests steps that can be taken against it.  In “The Return of Identity Theft: The Risk Fights Back,” Alison J. Cohen of the Ferenczy Benefits Law Center LLP and David Kruse of... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) is issuing a final rule amending its regulations on Allocating Unfunded Vested Benefits to Withdrawing Employers (29 CFR part 4211) and Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR part 4219). The rule provides simplified... READ MORE

By some measures, corporate pension plans’ fortunes improved in 2020; by others, they did not. A new analysis reports that for private-sector DB plans’ funded status, 2020 was a wash.  Willis Towers Watson reports that pension plan assets among the plans it studied increased by $80 billion.... READ MORE

The Department of Labor (DOL) has indicated, at least in one case, that it will allow defined contribution plans to offer indirect investment in private equities. A recent blog entry offers food for thought regarding private equity and considerations concerning such investments.  In “Understanding... READ MORE

Estimated retiree buyout costs fell in November, says a recent report. This marks a reversal of October’s results, when those costs rose.   Both the average accounting discount rates and the annuity purchase rates decreased, says Milliman, fueling a drop in the lower estimated retiree buyout cost.... READ MORE