John Iekel
By John Iekel 1/10/2021
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...
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By John Iekel 1/10/2021
CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan, grew in the fourth quarter of 2020 while the opt-out rate held steady, according to the CalSavers Retirement Savings Board.
Growth
The board reports growth in registrations, accounts and...
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By John Iekel 1/7/2021
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...
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By John Iekel 1/5/2021
The IRS office of Tax Exempt & Government Entities has outlined its compliance program and priorities for 2021.
In the fiscal year 2021 program letter for the office, TE/GE Commissioner Tammy Ripperda and Deputy Commissioner Edward Killen note that “The challenges of COVID-19 during fiscal...
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By John Iekel 1/5/2021
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....
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By John Iekel 1/5/2021
The IRS has issued the Form 5500-EZ and its instructions for the Form 5500-EZ to be used in reporting concerning 2020.
What’s New
The IRS notes that there is one change in the form since last year. The instructions have been updated to reflect the penalty changes under Code Section 6652(e) for...
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By John Iekel 1/4/2021
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...
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By John Iekel 12/30/2020
We are on the cusp of a new year, and there are some important developments to keep in mind as 2021 arrives.
Required Minimum Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, enacted on Dec. 20, 2019, raised the age for required minimum distributions...
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By John Iekel 12/22/2020
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....
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By John Iekel 12/22/2020
The year 2020 provided unique circumstances. Among them are employers that are not paying bonuses this year but whose employees nonetheless have been logging overtime. A recent blog entry examines whether such a scenario has consequences for the employer’s retirement plan.
In “Overtime Is Up...
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By John Iekel 12/21/2020
Missing participants are a problem—for employers, for plans, for beneficiaries and even for the participants themselves. A Nov. 11 session of ASPPA All Access offered a look at the challenge missing participants pose, and what can—and must—be done to meet it.
Maggie Younis, CPC, QPA, QKA, TGPC,...
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By John Iekel 12/21/2020
The Pension Benefit Guaranty Corporation (PBGC) is seeking the approval of the Office of Management and Budget (OMB) of modifications to the information collection related to 2021 premium filings.
The PBGC intends to modify the 2021 premium filing to require certain plans that transferred assets...
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By John Iekel 12/18/2020
The Office of Information and Regulatory Affairs of the Office of Management and Budget has outlined the regulatory agenda of the IRS, and the status of the rules that are part of it.
Proposed Rules
Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057. Would provide...
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By John Iekel 12/17/2020
The Office of Information and Regulatory Affairs of the Office of Management and Budget has outlined the Pension Benefit Guaranty Corporation’s (PBGC) fall 2020 regulatory agenda, and the status of the rules that are part of it.
Proposed Rules
The following rules are in the proposed stage: ...
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By John Iekel 12/14/2020
How much will retirees owe in taxes on their retirement income? In a new paper, researchers estimate the taxes a group of recently retired households will pay on what they earn during their retirement.
In “How Much Taxes Will Retirees Owe on Their Retirement Income?” Alicia H. Munnell and Anqi...
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By John Iekel 12/14/2020
The Pension Benefit Guaranty Corporation (PBGC) has issued its interest rate assumptions for the first quarter of 2021.
On Dec. 14 the PBGC issued a final rule that amends its regulation on Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the asset allocation...
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By John Iekel 12/10/2020
Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis on Dec. 9 released PBGC management’s response to a PBGC Office of the Inspector General (OIG) audit of the agency’s procurement activities.
Hartogensis requested the audit after learning that in May, former PBGC Director of...
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By John Iekel 12/10/2020
The IRS on Dec. 9 issued guidance that addresses certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) Act Provisions that increase the automatic enrollment cap percentage and affect safe harbor plans, including safe harbor 401(k) plans and certain 403...
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By John Iekel 12/10/2020
The improvement in corporate pension plan funded status in November was sharper than that of October. In fact, says a report, it was a reversal of some results from the month before.
According to investment consulting firm NEPC, funded status improved for both total return plans and liability-...
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By John Iekel 12/10/2020
The Pension Benefit Guaranty Corporation (PBGC) reports that the financial condition of its single-employer program continues to improve. And while it still projects that the multiemployer program is on the road to insolvency, it projects that will occur one year later than it had been expecting...
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