John Iekel

Qualified Birth or Adoption Distributions Q&As

By John Iekel 10/12/2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act includes a provision permitting qualified childbirth and adoption expenses to be distributable events. And for its part, the IRS has issued guidance to provide some clarity on the new distributable event and how it works. An Oct... READ MORE

Raising the B.A.R. Through Collaboration

By John Iekel 10/12/2020

How do we raise our bar through collaboration? At a session of the ASPPA TPA Summit, panelists discussed collaboration, especially in light of the circumstances facing TPAs and other professionals in 2020. Angie Grissom, owner and Chief Relationship Officer of The Rainmaker Companies, led a panel... READ MORE

Improved Pension Funded Status in Q3, Study Says

By John Iekel 10/9/2020

Corporate pension plans’ funded status did well overall in the third quarter, says a recent study. Improvement in funded status in July and August was strong enough for there to be net gains for the quarter despite funding status losses in September, says the investment consulting firm NEPC. ... READ MORE

NJ Proposed Financial Transaction Tax Would Come at High Cost, Study Says

By John Iekel 10/9/2020

A proposed financial transaction tax has not been enacted yet, and a recent study suggests that could save retirement plans in the Garden State billions of dollars. “A Case Study on the Effects of a Financial Transaction Tax on Savers in New Jersey,” an October 2020 study by Gourprabh, University... READ MORE

Cybersecurity More Effective if Regularly Reinforced, Study Says

By John Iekel 10/5/2020

Memory fades. But how fast? Within six months, at least regarding cybersecurity protocols, according to a study of how long employees retained the security measures they had learned. In “An Investigation of Phishing Awareness and Education Over Time: When and How to Best Remind Users,” researchers... READ MORE

Active Management in the COVID-19 Era

By John Iekel 10/5/2020

Active management is not new to retirement plans; however, the circumstances and context ala COVID-19 are. A recent blog entry discusses what active management means and entails in an environment affected by the global pandemic. In “Back to Reality: The Role of Active Management in Defined... READ MORE

ARA Submits Statement on Women and Retirement to Senate Committee

By John Iekel 10/5/2020

The American Retirement Association (ARA) submitted a statement to the Senate Special Committee on Aging in connection with its Sept. 24 hearing, “Women and Retirement: Unique Challenges and Opportunities to Pave a Brighter Future.” “Women face a series of interconnected issues that make them... READ MORE

PBGC Extends Opinion Letter Pilot Program

By John Iekel 10/5/2020

The Pension Benefit Guaranty Corporation (PBGC) has announced that it has extended until Sept. 30, 2021 its pilot program for employers considering establishing a plan. While the PBGC cannot provide coverage determinations for plans that do not yet exist, through the program employers may submit a... READ MORE

PBGC Updates 2018 Pension Insurance Data Tables

By John Iekel 10/2/2020

The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables by providing the third installment of 2018 data concerning its Single-Employer and Multiemployer Programs and the private defined benefit pension system. Highlights of information from this installment... READ MORE

DOL Following PRO Good Guidance Rule

By John Iekel 10/2/2020

Effective Sept. 28, the Department of Labor (DOL) began following the Promoting Regulatory Openness through Good Guidance Rule, a measure that requires that it use guidance appropriately, transparently and in a manner that is accessible to the public. The rule implements Executive Order 13891, “... READ MORE

Opportunity Ripe to Increase Retirement Income Literacy

By John Iekel 9/30/2020

There is much to be done about retirement income literacy, says a recent study that found great lack of understanding about successful planning for a financially secure retirement. In its 2020 Retirement Literacy Survey, says The American College of Financial Services, respondents got an average... READ MORE

IRS Issues Final Rules on Section 3405 Withholding

By John Iekel 9/29/2020

The IRS on Sept. 28 issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020. TD 9920 affects payors of certain periodic payments, plan administrators that are required to withhold on such payments, and... READ MORE

Washington Update Highlights Proposals, Wins and Likely Waits

By John Iekel 9/28/2020

What does the rest of 2020 portend for retirement plans? The election? American Retirement Association Retirement Education Counsel Robert Richter provided a look ahead, as well as a retrospective of recent months, in a Sept. 23 ASPPA Washington Update webcast. Not Taking Wing Richter said he is... READ MORE

CalSavers Registration Deadline for Large Employers Looms

By John Iekel 9/24/2020

The deadline by which large employers in California are to register with CalSavers—the state-sponsored retirement plan for employees whose employers do not offer a plan—is fast approaching. Employers in the Golden State with 100 or more employees have until Sept. 30 to register. The original... READ MORE

PBGC Issues Guidance on Relief for Variable-Rate Premium Filers

By John Iekel 9/24/2020

The Pension Benefit Guaranty Corporation (PBGC) on Sept. 23 issued a Technical Update providing guidance on contribution receipts and variable rate premiums due in 2020. Technical Update 20-02 concerns the timing of contribution receipts includable in the asset value used to determine variable-... READ MORE

PBGC Announces Expanded Flexibility for Variable-Rate Premium Filers

By John Iekel 9/23/2020

The Pension Benefit Guaranty Corporation (PBGC) has announced that it intends to provide new flexibility for variable-rate premium filers. “This relief will support the Administration’s efforts to continue driving economic recovery and helping those in need,” said PBGC Director Gordon Hartogensis... READ MORE

An Auditor’s Perspective on 401(k) Plan Issues

By John Iekel 9/21/2020

Few professionals have a bird’s eye view of 401(k) plans like that of an auditor. One such professional offers his observations regarding issues and concerns 401(k) plans face and need to address. In “401(k) Plan Concerns—from the Auditor Perspective,” Bradley Bartels, a partner at Mann, Urrutia... READ MORE

Where IRAs Stand in Retirement Saving

By John Iekel 9/17/2020

More than one-third of U.S. households had an IRA in mid-2019, says a recent report that looks at the prevalence and nature of IRA ownership in the United States. By the middle of 2019, write Sarah Holden and Daniel Schrass in the recently issued Investment Company Institute (ICI) report, “The... READ MORE

IRS Seeks Comments on Form 5330

By John Iekel 9/17/2020

The IRS has announced that it is seeking comments on the Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. It is seeking comments from the public and also from federal agencies. Internal Revenue Code Sections 4971, 4972, 4973(a)(3), 4975, 4976, 4977, 4978, 4978A, 4978B, 4979,... READ MORE

PBGC Issues Projections on Multi- and Single-Employer Programs’ Solvency

By John Iekel 9/17/2020

The Pension Benefit Guaranty Corporation (PBGC) has good news and bad news. The good news: It projects that its single-employer program will be solvent throughout the entire decade. The bad news: Its multiemployer program could be insolvent by 2026. In its recently released “FY 2019 PBGC... READ MORE

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