John Iekel

IRS Issues Guidance on Funding Rule Changes for Single-Employer DB Plans

By John Iekel 8/3/2021

The guidance in Notice 2021-48, issued July 30, pertains to changes to the funding rules that were made by Sections 9705 and 9706 of the American Rescue Plan Act of 2021 (ARPA). Before the ARPA was enacted, the applicable minimum and maximum percentages for the 24-month average segment rates set... READ MORE

ERISA 403(b) vs. ERISA 401(k)

By John Iekel 8/2/2021

Which is better? It depends! That’s the verdict from an industry insider who compared and contrasted the two in a June 29 session of the 2021 NTSA Summit. “A vexing issue,” said Mark Heisler, CEO of ADMIN Partners, LLC, of the question. Not only that, he said, it is “probably the number one... READ MORE

Choosing the Right Plan

By John Iekel 8/2/2021

There is a broad array of plans from which an employer and plan sponsor can choose. In a 2021 NTSA Summit workshop session, an industry expert offered an overview. Nathan Glassey, Vice President, National Benefit Services, set the table by looking at which employers can offer particular kinds of... READ MORE

Don’t Ignore Often-Overlooked Fiduciary Duties

By John Iekel 8/2/2021

It goes without saying that fiduciary duties that must be fulfilled. But there are some that are often overlooked, an industry expert warns. “When a job becomes too familiar it’s easy to start taking things for granted,” writes Christopher Carosa in Fiduciary News. He adds that the belief that a... READ MORE

CRS Windfall Elimination Provision Info Updated to Reflect Bills to Replace it

By John Iekel 7/29/2021

The Congressional Research Service (CRS) has released an updated version of its report concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). It now includes discussion of bills that would affect both. The updated version of “Social Security: The Windfall... READ MORE

What Do Rising Prices Mean for Retirement Saving?

By John Iekel 7/26/2021

We all know what rising prices mean for the pocketbook and balances now, but what do they portend for retirement plans and saving? “They say it’s only temporary, but we’ve seen the highest rise in inflation in quite some time,” writes Chris Carosa in the Fiduciary News entry, “401k Plans and... READ MORE

IRS Proposes Electronic Filing Requirements for Certain Returns

By John Iekel 7/26/2021

The IRS has proposed electronic filing requirements for some information returns and other documents, including returns and documents relevant to retirement plans. The IRS is proposing regulations that would amend the rules for filing electronically. This would affect persons required to file... READ MORE

IRS Updates VCP for Plan Sponsors Ineligible to Sponsor SIMPLE IRA

By John Iekel 7/26/2021

The IRS on July 22 updated the Voluntary Compliance Program for plan sponsors that are ineligible to sponsor a SIMPLE IRA plan. More specifically, they have updated the VCP Submission Kit. Plan sponsors may use the VCP Submission Kit if they are ineligible to sponsor a SIMPLE IRA plan because... READ MORE

Tips to Heighten Investment Committee Effectiveness

By John Iekel 7/22/2021

A key factor in fulfilling the mission of a retirement plan is for the funds in the plan to be invested wisely. An investment committee can be helpful in making sure that happens; an industry insider offers tips on making that committee effective. In “How To Make Your Investment Committee More... READ MORE

Beware Mismatched Definitions of ‘Compensation’

By John Iekel 7/22/2021

There are many reasons that errors in plan operation may take place. An industry expert lays some of the blame on disconnection between the way a plan defines compensation and the way it functions. Christine P. Roberts, a benefits attorney practicing at Mullen & Henzell, LLP, in the E is for... READ MORE

IRS Security Summit Urges Multi-Factor Authentication

By John Iekel 7/22/2021

A coalition of representatives of the IRS, the software industry, tax preparers, payroll and tax financial product processors and state tax administrators are urging the use of multi-factor authentication. Those representatives—numbering 62 state and private-sector offices as well as the IRS and... READ MORE

Tips for Plan Committee Best Performance

By John Iekel 7/21/2021

Plan committees serve an important role, helping plan sponsors provide benefits, as well as protecting the plan and plan sponsor. A recent blog entry offers tips on how a plan committee can best perform its duties. In “Plan Checkup for Maximizing Outcomes,” consulting firm Portfolio Evaluations... READ MORE

Form 5500 Filing Date Fast Approaching

By John Iekel 7/15/2021

Tempus Fugit! DB plans, DC plans and 403(b) annuity arrangements with calendar year plan years—the Form 5500 filing deadline for the 2020 plan year is not far off. In most years that would mean July 31—but not in 2021. The form must be filed by the end of the seventh month after the end of a... READ MORE

Funded Status of Large DB Plans Down in Q2

By John Iekel 7/15/2021

The funded status of the 100 largest private-sector pension plans fell in the second quarter, according to a recent report. According to Milliman, much of that was fueled by a sharp drop in June, a reversal of the trend of the previous months, Milliman says that from October 2020 to May 2021,... READ MORE

Minimum Plan Participation Requirement Review

By John Iekel 7/12/2021

Nondiscrimination testing has many facets. One of them concerns minimum participation. A recent blog entry provides a refresher concerning the minimum participation requirements. In “Minimum Plan Participation: With or Without You,” consultant firm DWC in its blog looks at those requirements,... READ MORE

CalSavers Registrations Jumped in June; Other Measures Hold Steady

By John Iekel 7/12/2021

CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed strong growth in some respects in June but held steady in others. The CalSavers Retirement Savings Board reports that the number of employer registrations increased at double... READ MORE

DB Financing Flat in June, but Still Up for 2021

By John Iekel 7/9/2021

Private-sector pension plan finances were relatively static in June, say recent reports; nonetheless, the news for 2021 overall remains good—for now. Steady in June October Three, which tracks two hypothetical defined benefit plans—one that is invested in a more traditional way and another... READ MORE

PBGC, IRS Issue Guidance on Multiemployer Plan Assistance

By John Iekel 7/9/2021

The Pension Benefit Guaranty Corporation (PBGC) on July 9 announced that it has issued an interim final rule implementing a new Special Financial Assistance (SFA) Program for financially troubled multiemployer pension plans. The IRS on the same day issued guidance for multiemployer plans that... READ MORE

Plan Terminations and the PBGC: A Refresher

By John Iekel 7/7/2021

Editor’s Note: This is the third of a four-part series concerning a recent ASPPA webinar by Kelsey Mayo, ASEA Director of Regulatory Policy and Partner at Poyner & Spruill LLP, in which she took a look at the basics about plan freezes and terminations in the context of current circumstances and... READ MORE

Virtual Meetings: Fundamentals of Engagement

By John Iekel 7/7/2021

Not long ago at all, virtual meetings were an option but not the rule. But throw in a pandemic, and suddenly they are a staple. So what are the fundamentals of making them worthwhile? “Having effective virtual meetings is now more important than ever before,” writes Edward Dressel in the... READ MORE

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