John Iekel
By John Iekel 11/9/2021
The IRS has updated the instructions for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits.
Form 8955-SSA is used to report information relating to each participant who separated from service covered by the plan and is entitled to a...
READ MORE
By John Iekel 11/9/2021
The budget reconciliation bill wending its way through the House of Representatives includes provisions that would affect rollovers and conversions to Roth IRAs and designated Roth accounts.
In “Rollovers and Conversions to Roth IRAs and Designated Roth Accounts: Proposed Changes in Budget...
READ MORE
By John Iekel 11/8/2021
It’s no secret that the Social Security system needs help, and some suggest even life support. The Congressional Research Service (CRS) has released a report on a novel approach: removing the taxable earnings base.
Social Security payroll taxes are imposed on covered earnings up to an annual...
READ MORE
By John Iekel 11/8/2021
The IRS has released a draft version of Form W-4P, Withholding Certificate for Pension or Annuity Payments for review and feedback.
This is not the first early release of a draft of Form W-4P in 2021; in fact, it is the fourth. The IRS has issued this draft only to provide a revised worksheet for...
READ MORE
By John Iekel 11/5/2021
The Pension Benefit Guaranty Corporation (PBGC) is seeking nominations for upcoming vacancies on its Advisory Committee, which gives advice on investment issues and other matters related to PBGC’s mission.
The Advisory Committee, which has seven members, is appointed by the President; two...
READ MORE
By John Iekel 11/5/2021
October may be the month of ghosts and hobgoblins, but in 2021 it was anything but scary—at least for CalSavers. The program the state of California provides for employees whose employers do not offer a retirement plan showed strong growth in some respects during the month.
The CalSavers...
READ MORE
By John Iekel 11/4/2021
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022. The 2022 limits are contained in Notice 2021-61, released Nov. 4. Most rates have increased; a few are unchanged.
The limits for 2022 are as...
READ MORE
By John Iekel 10/28/2021
The CalSavers Retirement Savings Board has issued a Notification of Proposed Emergency Regulation Action to readopt regulations that took effect earlier in 2021.
The Board adopted those emergency regulations to:
amend the default investment option;
reduce the minimum contribution amounts for...
READ MORE
By John Iekel 10/27/2021
The ripple effects of economic developments and interactions touch many shores—including pension plans. Recent studies discuss factors now affecting plans as well as what developments may portend.
Funded Status
Insight Investment, in its quarterly U.S. Pension Market paper, reports that...
READ MORE
By John Iekel 10/26/2021
The Department of Labor’s Employee Benefit Security Administration (EBSA) has released a report that shows that retirement plans are growing by all measures: number of plans, participants, assets, contributions and disbursements.
The data is drawn from Form 5500 Series reports for plan years...
READ MORE
By John Iekel 10/25/2021
A recent SPARK Institute webinar discussed the importance of being aware of the risks cyber criminals pose as well as how their nefarious work can be thwarted.
There have been many breaches in the last decade, observed Mark Strosahl, Business Information Security Officer at the Principal. But...
READ MORE
By John Iekel 10/25/2021
The IRS has updated the questions and answers in which it provides information regarding COVID-related relief for retirement plans and IRAs.
The IRS makes the Q&A available in accordance with relief contained in Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act...
READ MORE
By John Iekel 10/22/2021
An Oct. 19 session of the 2021 ASPPA Annual conference took a look at what’s going on with restatements and what the future may hold.
Under Revenue Procedure (Rev. Proc.) 2020-10, said Brian Furgala, Director of ERISA Services of Wolters Kluwer, the Cycle 3 restatement period began May 1, 2020...
READ MORE
By John Iekel 10/20/2021
Employer involvement looms large in the overall retirement readiness picture. And current trends regarding financial preparation for retirement buttress the importance of employers acting on how influential they are.
How large? According to the Secure Retirement Institute® (SRI), actions by...
READ MORE
By John Iekel 10/20/2021
A paucity of financial assets among members of the middle class, and some saving behaviors, threaten many with retirement instability, two recent studies warn.
Middle Class Assets
The National Institute for Retirement Security (NIRS) has analyzed data from the Federal Reserve’s 2019 Survey of...
READ MORE
By John Iekel 10/20/2021
The Pension Benefit Guaranty Corporation (PBGC) announced on Oct. 20 that the guarantee limits for single-employer plans that fail in 2022 will be 2.82% higher than the limits that applied for 2021.
The increase in the guarantee limit is almost 1 percentage point less than that announced in...
READ MORE
By John Iekel 10/19/2021
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 has a long reach—and that extends to the Form 5500. An Oct. 18 session at the 2021 ASPPA Annual conference took a look at changes that have taken place in the form vis-à-vis the enactment of the measure.
Stephen Forbes...
READ MORE
By John Iekel 10/18/2021
The American Retirement Association has suggested numerous improvements to the Employee Plans Compliance Resolution System (EPCRS).
In an Oct. 14, 2021 comment letter responding to an IRS request (in Revenue Procedure 2021-30) for comments on improving the EPCRS program, the ARA thanked the IRS...
READ MORE
By John Iekel 10/18/2021
The retirement industry currently faces challenges—but there is opportunity and good news as well, Brian Graff pointed out in the Oct. 17 Washington Update session at the 2021 ASPPA Annual conference.
Work to Do
There is plenty of work to do, Graff suggested. The ASPPA Executive Director/ARA CEO...
READ MORE
By John Iekel 10/15/2021
The IRS on Oct. 13 released the Form 5500-EZ to be used in reporting concerning the 2021 plan year.
Part 1 of the Form 5500-EZ has been changed for 2021 reporting.
Boxes have been added in Part 1 B in which a filer can indicate whether one is filing under Form 5558, automatic extension or...
READ MORE
Pages
Most Popular
ASPPA Benefits Councils
The 19 ABC chapters feature networking and educational opportunities, right in your own neighborhood! For more information. Click HERE
Advertisement