John Iekel

The rules and regulations governing distributions have changed in the last two years. In a recent ASPPA webcast, two experts provided some helpful reminders.  In “FAQs about Distributions—it’s My Money and I Want it Now,” Robert M. Richter, J.D., LL.M., APM, American Retirement Association... READ MORE

In a private letter ruling (PLR), the IRS has issued a waiver of the 60-day rollover deadline for Roth amounts erroneously deposited in traditional IRA. It issued PLR 202147015 on Sept. 1, 2021, but only recently released it.  The Scenario In the circumstance about which the IRS issued the PLR, a... READ MORE

The Department of Labor announced on Nov. 23 that in FY 2021, the Employee Benefits Security Administration recovered more than $2.4 billion in direct payments to retirement plans, participants and beneficiaries.  Those recoveries resulted from 1,072 civil investigations, 741 of which resulted in... READ MORE

Editor’s Note: This is the second in a three-part series on pension plan funding. It features discussions with Brad Smith, Partner at consultant and investment firm NEPC and member of its Corporate Defined Benefit Team. The first installment is here; this one looks at some aspects of how plan funds... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) on Nov. 22 posted the applicable present values for maximum guarantees for 2022 plan years.  The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Code Section 436(d)(3) restriction. ... READ MORE

There are proposals to replace the current formula by which the Social Security windfall elimination provision (WEP) is determined to one that is proportional. The Congressional Research Service (CRS) has issued a study that compares such a formula to the way it is currently determined.  In “The... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) reports that in 2021, not only did the financial condition of its single-employer program continue to improve, but its multiemployer program has improved dramatically in what the agency calls “a sharp contrast” to its condition just one year ago. So... READ MORE

Editor’s Note: This is the first in a three-part series on pension plan funding. It features discussions with Brad Smith, Partner at consultant and investment firm NEPC and member of its Corporate Defined Benefit Team.  Pension plan funded status has long been a topic of interest and concern. But... READ MORE

October was a treat, not a trick, for pension plan funding. Two recent reports have good news for pension plans and their participants and beneficiaries.  Milliman reports that in its 100 Pension Funding Index—which measures the health of the 100 largest corporate defined benefit plans—the funded... READ MORE