John Iekel

Hardship Withdrawals Not Widespread, Studies Say

By John Iekel 7/22/2020

The economic strains occasioned by the pandemic have had wide-ranging effects, and one of the actions put in place is to ease the rules concerning hardship withdrawals and loans. But availability has not made them a widespread response to economic challenges, recent studies have found. Loan and... READ MORE

Troubleshooting PBGC Premiums

By John Iekel 7/20/2020

A new white paper outlines some suggestions for easing the task of paying premiums to the Pension Benefit Guaranty Corporation (PBGC). “PBGC premiums remain a major burden for pension sponsors,” says October Three in “The PBGC Premium Burden Report – 2020,” an analysis of the experience of... READ MORE

Q&A on Electronic Disclosure

By John Iekel 7/20/2020

On May 21, the Department of Labor (DOL) finalized a new safe harbor for electronic disclosures. A July 9 Plan Sponsor Council of America (PSCA) webcast discussed the new safe harbor, the scope of the rules and what it all means. Panelists in “The New Electronic Disclosure Rule Is Here!” included... READ MORE

RMD Rules Different for 2020, IRS Reminds

By John Iekel 7/17/2020

The IRS on July 17 issued a reminder that under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the rules regarding required minimum distributions (RMDs) are different in 2020. The CARES Act waives RMDs during 2020 for IRAs and retirement plans, including beneficiaries with... READ MORE

Colorado Secure Savings Program Enacted

By John Iekel 7/16/2020

The Centennial State has joined those providing a state-sponsored program for those whose employers do not offer a retirement plan. Gov. Jared Polis (D) on July 14 signed into law SB20-200, a measure creating the Colorado Secure Savings Program. The measure amends the Colorado Secure Savings Plan... READ MORE

What’s Coming Up: ASPPA Webcasts

By John Iekel 7/15/2020

ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts. Live Webcasts ASPPA Webcast: Hardship Withdrawal Changes: COVID-19 Impact Wednesday, August 5, 2020 2:00 - 2:50 p.m ET Speaker: Michael F. Smith,... READ MORE

Studies Show Retirement Plan Gains, Resiliency

By John Iekel 7/15/2020

Retirement plans made gains in 2019—and although they’ve been challenged by a pandemic and sudden economic downturn, they show surprising resiliency, two recent studies show. Retirement plans had a good year in 2019, T. Rowe Price points out in its “Reference Point Annual Benchmarking Report,”... READ MORE

Nonqualified Plans in a COVID-19 Environment

By John Iekel 7/13/2020

Retirement plans are not immune to the pandemic and its effects, and that includes nonqualified plans. A recent Plan Sponsor Council of America webinar discussed issues affecting nonqualified plans during the time of COVID-19. Bruce J. McNeil, Partner, Stoel Rives LLP; E. Matthew Maier, Vice... READ MORE

IRS Updates 2018 Instructions for Form 8606—Nondeductible IRAs

By John Iekel 7/10/2020

The IRS has updated the 2018 instructions for Form 8606—Nondeductible IRAs. The IRS updated the Form 8606 to reflect tax relief for qualified 2018 disaster distributions. The IRS notes that recent legislation provides special rules that may apply to a 2018 return if one received a distribution... READ MORE

IRS Updates Operational Compliance List

By John Iekel 7/10/2020

The IRS has updated the information it provides to help plan sponsors and practitioners achieve operational compliance by identifying changes in qualification requirements effective during a calendar year. The operational compliance list: identifies matters that may involve either mandatory... READ MORE

Plan Sponsors’ Internal Controls Key to Effective Governance

By John Iekel 7/10/2020

Many plan sponsors seek the assistance of TPAs with the functions and responsibilities associated with running a retirement plan, but that does not absolve a plan sponsor from all responsibility. A recent blog entry argues that internal controls are key to fulfilling the duties plan sponsors can’t... READ MORE

IRA Contributions Made by July 15 Count as ’19 Deduction

By John Iekel 7/9/2020

The postponed tax return due date of July 15, 2020 is fast approaching, and the IRS has issued a reminder that contributions to traditional IRAs made by that date are deductible on a 2019 tax return. This means that taxpayers can file their 2019 tax return now and claim the deduction before the... READ MORE

Auto Features Succeeding, Study Says

By John Iekel 7/8/2020

Much has been said and written about retirement readiness, and auto features—enrollment and escalation—are widely considered a way to improve it. A recent study has added to the statistics that bolster that view. Auto features can improve retirement readiness by more than 15 percentage points,... READ MORE

Corporate Pension Funded Status Improves in Q2

By John Iekel 7/8/2020

The funded status of U.S. corporate pension plans improved in the second quarter of 2020, according to two recent studies. Chief among the reasons for the improvement, both studies say, is an improvement in the bond markets. Pension funded status for 366 Fortune 1000 corporate sponsors of U.S.... READ MORE

PBGC Regulatory Agenda Released

By John Iekel 7/8/2020

The Office of Management and Budget (OMB) has released the Pension Benefit Guaranty Corporation (PBGC) regulatory agenda. The PBGC’s plans include action on a variety of proposed and final rules relevant to retirement plans and to its own functioning. Proposed Rules The proposed rules on the... READ MORE

Form 5500 Issues and Resolution

By John Iekel 7/6/2020

One of the most important—and complicated—forms that must be completed and filed is the Form 5500. A recent ASPPA webcast took a look at issues concerning the form and how they can be addressed. In “Form 5500 Issues and Resolution”, Kizzy M. Gaul, Esq., QKA, QPA, CPC, TGPC, framed issues... READ MORE

Restaurant Menus and Retirement Savings Rates

By John Iekel 7/6/2020

What could a restaurant menu possibly have to do with retirement savings? A recent blog entry finds a connection. Think about it. A menu presents a finite set of options at a fixed price. One knows roughly what one will get if one orders a particular dish, but how exactly it will turn out when... READ MORE

A Deeper Dive into the New Electronic Disclosure Rule

By John Iekel 7/1/2020

In late May, the Department of Labor (DOL) issued something that had been a long time coming—rules for electronic disclosure. A recent ASPPA webcast took a look at the new rule and what it requires. In “The New Electronic Disclosure Rule Is Here!,” Kelsey Mayo, J.D., Lead Partner, Employee... READ MORE

IRS Issues Guidance on Mid-Year Amendments to Certain Safe Harbor Plans

By John Iekel 6/29/2020

As plans contemplate changes to safe harbor plans in the midst of the COVID-19 pandemic, the IRS has provided some guidance and relief for certain plans. The IRS on June 29 issued guidance that clarifies the requirements that apply to a mid-year amendment to a safe harbor 401(k) or 401(m) plan... READ MORE

Hurricane Season: How You Can Prepare

By John Iekel 6/26/2020

As if 2020 hasn’t been enough fun… now it’s the official hurricane season (the National Oceanic and Atmospheric Administration says it starts June 1). And we’ve already had four tropical storms in the Atlantic: Arthur, Bertha, Cristobal and Dolly—which serves as a reminder that it can be helpful to... READ MORE

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