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John Iekel
By John Iekel | 10/4/2021
Retirement assets in the United States grew in the second quarter of 2021, says a recently released report from the Investment Company Institute.
According to ICI, retirement assets comprised 33% of all household assets in the United States. At the end of the second quarter, U.S. retirement assets...
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By John Iekel | 9/28/2021
While there is broad agreement that it is necessary to boost retirement savings, there is less uniformity of thought regarding how exactly to accomplish that. A panel of experts recently shared some ideas.
Building a Better Retirement System for all Americans, a Brookings Institution webinar,...
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By John Iekel | 9/16/2021
A strong majority of parents in a recent study expressed willingness to use their retirement savings to finance their children’s college education.
According to Lending Tree, 68% of parents in a survey of 1,000 parents of children under age 18 would take money from their retirement savings to...
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By John Iekel | 9/15/2021
The Department of Labor (DOL), IRS and Pension Benefit Guaranty Corporation (PBGC) on Sept. 14 issued proposed revisions to the Form 5500. The changes primarily relate to statutory amendments to ERISA and the Internal Revenue Code enacted as part of the Setting Every Community Up for Retirement...
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By John Iekel | 9/2/2021
The increased prevalence of DC plans has heightened the importance of portability and the rules and circumstances affecting it, says a recent analysis that addresses common questions that arise as a result.
Portability is sometimes regarded as an impediment, the Institutional Retirement Income...
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By John Iekel | 8/31/2021
Nearly 8 in 10 employers did not report any out-of-pocket (OOP) costs associated with participating in the program.
Of course, one of the selling points of OregonSaves, the state-run retirement program for employees whose employers do not offer one, is that it spares employers the administrative...
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By John Iekel | 8/16/2021
Both participation and contributions generally were higher among older age groups, according to two new reports from the Congressional Research Service (CRS).
The CRS says it issued the reports, on contributions to defined contribution plans and individual retirement accounts, in response to...
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By John Iekel | 8/9/2021
The risks entailed in fiduciary duty gave rise to fiduciary insurance. But what affects the premiums charged for that insurance? A recent report gives an inside look at what fiduciary insurers think about that.
In “What Drives Fiduciary Liability?” Aon reports on what 12 fiduciary insurance...
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By John Iekel | 8/4/2021
The Connecticut Retirement Security Authority (CRSA) has announced the launch of a pilot of MyCTSavings, the state-run retirement savings program intended to provide coverage for private-sector employees whose employers do not offer them a plan. The pilot program is slated to begin in September. ...
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By John Iekel | 7/9/2021
There have been many changes in the last year in the rules governing distributions, rollovers, loans and more. A workshop at the recent annual conference of the National Tax Deferred Savings Association (NTSA) offered a detailed look at those changes.
In “Navigating the New Minefield of...
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By John Iekel | 7/1/2021
Which is better? It depends! That’s the verdict from an industry insider who compared and contrasted the two in a June 29 session at the 2021 NTSA Summit, the annual conference of the National Tax Deferred Savings Association.
“A vexing issue,” said Mark Heisler, CEO of ADMIN Partners, LLC, of...
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By John Iekel | 6/30/2021
There is plenty of activity on Capitol Hill, but it comes amid a climate that creates challenges for the retirement industry, NAPA Executive Director Brian Graff noted June 29. Graff addressed a virtual general session of the National Tax Deferred Savings Association's annual conference.
The...
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By John Iekel | 6/25/2021
The IRS announced June 24 that it is extending for a year temporary relief from the physical presence requirement for participant elections that must be witnessed by a plan representative or a notary public. The relief comes in Notice 2021-40 and is in response to the continuing COVID-19 pandemic...
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By John Iekel | 6/25/2021
The Department of Labor (DOL) announced June 23 that it is reopening the comment period for amendments to class exemptions from prohibited transaction rules set forth in ERISA and the Internal Revenue Code. The proposed amendments, which were originally proposed in 2013, are relevant to certain...
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By John Iekel | 6/23/2021
Rollovers from defined contribution plans to IRAs increased by more than 12.6% in 2020, according to a recently released study.
The Secure Retirement Institute estimates that rollovers from DC plans to IRAs totaled approximately $623 billion in 2020, up from the $565 billion transferred in 2019....
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By John Iekel | 6/18/2021
In a recent Plan Sponsor Council of America (PSCA) webcast, industry experts offered ways to approach employees about HSAs and strategies to be more effective in helping them meet their current and future needs.
Panelists in the June 10 webinar “HSA Thought Leadership: Challenging Conventional...
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By John Iekel | 6/18/2021
The Pine Tree State is poised to become the latest state to offer a state-run retirement plan to provide coverage to those whose employers do not offer a plan.
The Maine House of Representatives and Senate both passed LD 1622, An Act To Promote Individual Retirement Savings through a Public-...
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By John Iekel | 6/2/2021
A measure that would expand the Illinois Secure Choice Savings Program, the state-run retirement plan for workers whose employers do not offer one, awaits the signature of Gov. J. B. Pritzker (D).
Rep. Will Guzzardi (D-Chicago) introduced H.B. 0117 in the House of Representatives on Jan. 13, 2021...
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By John Iekel | 5/28/2021
Traditional approaches to finance and investment have had their day, said experts in a recent PSCA webinar, arguing that behavioral finance has changed the equation.
In “Investment Menu Design that Improves Retirement Readiness,” Matthew Gnabasik, Connie Mulligan and Neal Smith suggest that new...
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By John Iekel | 5/10/2021
The IRS has announced the health savings account (HSA) limits for 2022. The announcement came in IRS Revenue Procedure 2021-25.
HSA Limits
For calendar year 2022, the annual limitation on deductions under Internal Revenue Code Section 223(b)(2)(A) for an individual with self-only coverage under a...
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