John Iekel
By John Iekel 11/3/2023
The Delaware EARNS Program Board is considering cooperation with the state-run retirement plans serving private-sector employees in Maine and Colorado, Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment Trust, has confirmed.
Ted Griffith, Program Director of Delaware EARNS...
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By John Iekel 11/3/2023
Funding of private-sector defined benefit plans has been a rising tide. But why? And what does it mean? Two industry experts offer their insights in a deeper dive.
The State of Things
“Funding levels for private sector pension plans are very healthy—most plans are fully funded or overfunded at...
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By John Iekel 10/30/2023
Time is top of mind right now—soon we’ll manipulate the clocks again and “gain” an hour of sleep. But time figures heavily in regulation as well; aspects of time and its passage are relevant to some recent and impending regulations relevant to retirement plans and those who serve them, as well as...
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By John Iekel 10/30/2023
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 30 posted the applicable present values for maximum guarantees for 2024 plan years.
The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Internal Revenue Code (IRC) Section 436...
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By John Iekel 10/27/2023
Required minimum distributions (RMDs) are among the many plan features affected by laws enacted and regulations issued in the last few years. An Oct. 24 session of the ASPPA Annual conference held at National Harbor addressed some of the consequences of those changes.
In “Participant Journey: Let...
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By John Iekel 10/26/2023
RetireReadyNJ, the state-run retirement savings program that provides coverage for private-sector employes whose employers do not, has issued a request for quotes (RFQ) for investment advisor services. The New Jersey Secure Choice Savings Program Board issued the RFQ on Oct. 18.
The purpose of...
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By John Iekel 10/25/2023
How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? An Oct. 23 session of the ASPPA Annual conference held at National Harbor, MD provided a look.
Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele...
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By John Iekel 10/24/2023
PenChecks President and CEO Spiro Preovolos, at an Oct. 23 session of the ASPPA Annual conference, announced the recipients of the 2023 PenChecks Trust ASPPA Scholarships.
The scholarship program is now in its 10th year. After a rigorous application and selection process, a team of PenChecks and...
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By John Iekel 10/24/2023
Three industry professionals have been honored with the 2023 Martin Rosenberg Academic Achievement Award. Justin Bonestroo, 2023 ASPPA President, made the announcement on Oct. 23 at the 2023 ASPPA Annual Conference in National Harbor, MD.
The 2023 winners are:
Aaron Epstein, QKA®, Preferred...
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By John Iekel 10/24/2023
Nevin E. Adams, JD, is the 2023 recipient of ASPPA’s Harry T. Eidson Founders Award. He received the award at the ASPPA Annual Conference in National Harbor, MD.
Justin Bonestroo, 2023 ASPPA President, bestowed the award, recognizing Adams as having been “an integral part of the expansion of...
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By John Iekel 10/24/2023
A new proposed fiduciary rule will be coming “very soon,” according to Assistant Secretary of Labor Lisa Gomez. She was joined by Carol Weiser, Benefits Tax Counsel at the Department of the Treasury, at an Oct. 24 session of the 2023 ASPPA Annual conference at National Harbor, MD.
Issuing...
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By John Iekel 10/23/2023
Jeff Acheson, CPFA®, NQPA®, is assuming the 2024 presidency of the American Retirement Association (ARA).
Missy Matangola, QPA, QKA®, 2023 ARA President, at the Oct. 22 opening of the 2023 ASPPA Annual Conference at National Harbor, MD, expressed confidence in Acheson. “He will be a fabulous...
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By John Iekel 10/23/2023
Justin Bonestroo, MSEA, EA, CPC, QPA, QKA®, CPFA®, 2023 ASPPA President, in remarks at the Oct. 22 opening of the 2023 ASPPA Annual Conference at National Harbor, MD, noted the role the organization has played in the last year.
ASPPA has a positive influence, he said, and noted its work with...
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By John Iekel 10/23/2023
Adam C. Pozek, QPA®, QKC®, QKA®, CPFA® was announced as the recipient of the 2023 Thomas J. Finnegan III Educator of the Year Award. The announcement was made on Oct. 23 at the ASPPA Annual Conference at National Harbor, MD.
Pozek “dedicates a great amount of time to educating not only staff in...
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By John Iekel 10/23/2023
A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference expressed agreement with the notion of closing the coverage gap but also evinced great concern over the effect legislation that would create a federal retirement savings program could have on the private-sector retirement...
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By John Iekel 10/20/2023
The IRS on Oct. 19 issued updated mortality improvement rates and static mortality tables for defined benefit plans for 2024. The update is contained in Notice 2023-73.
Notice 2023-73 provides a mortality table for use in determining minimum present value under Internal Revenue Code Section (IRC...
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By John Iekel 10/18/2023
The Pension Benefit Guaranty Corporation (PBGC) announced on Oct. 17 that the guarantee limits for single-employer plans that fail in 2024 will be 5.30% higher than the limits that applied for 2023.
The increase in the guarantee limit is almost 3.5 percentage points less than that announced in...
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By John Iekel 10/18/2023
A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.
The Joint Committee on Financial Services of the Massachusetts legislature will...
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By John Iekel 10/16/2023
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 13 issued the premium rates for 2024.
2024 Premium Rates
The PBGC determined the premium rates applicable for 2024 plan years in accordance with the indexing rules provided in Section 4006 of ERISA, as amended by The SECURE 2.0 Act of 2022...
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By John Iekel 10/16/2023
The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean?
The milder-than-last-year hike in the Social Security COLA is due to the...
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