John Iekel
By John Iekel 2/25/2021
The Pension Benefit Guaranty Corporation (PBGC) on Feb. 25 announced that its Comprehensive Premium Filing Instructions for 2021 Plan Years are now available. The agency has made them available on its website after approval by the Office of Management and Budget (OMB).
What’s New
The filing...
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By John Iekel 2/23/2021
Concern about retirement and paying for it cuts across sharp societal divisions and has been heightened by the pandemic; nonetheless, confidence regarding some saving vehicles persists, says a recent report.
In the National Institute on Retirement Security (NIRS) study “Retirement Insecurity 2021...
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By John Iekel 2/23/2021
The Pension Benefit Guaranty Corporation (PBGC) on Feb. 23 announced the appointment of Russell Dempsey as General Counsel.
In that capacity, Dempsey will provide advice and counsel for the PBGC Director and the agency on legal and regulatory issues, including:
enforcement of Title IV of ERISA...
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By John Iekel 2/22/2021
Several states have programs up and running to make retirement plan coverage available to those whose employers do not offer it. So where do they stand? A recent report provides a look.
The Center for Retirement Initiatives at Georgetown University’s McCourt School of Public Policy in a Monthly...
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By John Iekel 2/19/2021
The Pension Benefit Guaranty Corporation (PBGC) will launch a new version of the My Plan Administration Account (My PAA) premium filing application on April 26.
The PBGC made the announcement on its web page that outlines upcoming changes. The agency says that it intends the enhancements to...
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By John Iekel 2/18/2021
The Oklahoma legislature is considering a measure that would make the Sooner State one of the next states to provide a state-run retirement plan for employees whose employers do not offer one.
The Oklahoma Prosperity Act was introduced in both chambers on Feb. 1. The House of Representatives...
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By John Iekel 2/18/2021
The Pension Benefit Guaranty Corporation (PBGC) on Feb. 17 announced the appointment of Nicholas J. Novak as the agency’s Inspector General.
Novak served as the PBGC’s Acting Inspector General since April 2020. He also spent nearly 20 years in the PBGC’s Office of the Inspector General and its...
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By John Iekel 2/18/2021
The Pension Benefit Guaranty Corporation (PBGC) has issued a report concerning single-employer contribution policy assumptions related to the Single-Employer Pension Insurance Modeling System (SE-PIMS). It provides updated assumptions used to project future single-employer plan contributions in...
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By John Iekel 2/17/2021
The IRS has confirmed that no action is needed on recent 2019 Form 5500 extension letters. The confirmation came in the Feb. 17 edition of the IRS newsletter, Employee Plans News.
This confirmation is consistent with the Feb. 11 report by Kelsey Mayo, American Retirement Association’s Director of...
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By John Iekel 2/17/2021
One of the incentives for adopting and participating in an employer-sponsored qualified plan are tax benefits for employees and employers. A Feb. 9 ASPPA webinar focused on tax credits for small employers that adopt plans and for participants with modest incomes.
In “Working with Qualified...
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By John Iekel 2/16/2021
If the recommendations of the Wisconsin Retirement Security Task Force are followed, the Dairy State could join others that have implemented a state-run plan to provide coverage for workers whose employers do not offer a retirement plan.
The task force, headed by Wisconsin State Treasurer Sarah...
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By John Iekel 2/16/2021
Finding missing participants is serious business. But one industry expert likens it to a children’s game—though the stakes are higher than simply finding someone else to be “it.”
“I am sure it feels like a cruel game of hide-and-seek for plan sponsors that are unable to find a participant or...
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By John Iekel 2/12/2021
The Department of Labor’s (DOL) Employee Benefits Security Administration has confirmed that the Trump administration’s “Improving Investment Advice for Worker & Retirees” Prohibited Transaction Exemption for investment advice fiduciaries will go into effect as scheduled on Feb. 16, 2021.
The...
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By John Iekel 2/11/2021
COVID-19, along with the measures adopted to address the pandemic’s effects and the actions taken under those measures, have had unexpected effects—including an impact on plan audits.
The changes that have taken place, as well as the pandemic itself, have affected both plan sponsors and...
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By John Iekel 2/11/2021
The massive amount of student debt and its effect on saving for retirement are in sharper relief than ever, argues a recent analysis.
Student debt is an even more serious concern today as many of the young adults who are joining the workforce have amassed a considerable debt, writes Kara Melber in...
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By John Iekel 2/11/2021
The Pension Benefit Guaranty Corporation (PBGC) has announced that it is soliciting nominations for appointment to its Advisory Committee. The term of one of the committee members representing the general public will have expired; therefore, the PBGC is seeking nominations for one seat.
The...
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By John Iekel 2/11/2021
In observance of Presidents Day on Monday, Feb. 15, the ASPPA offices will be closed. Accordingly, ASPPA Connect will not be published on Feb. 15. ASPPA Connect will reappear on Wednesday, Feb. 17.
The recent election was remarkable for the controversy surrounding it. But while some events...
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By John Iekel 2/10/2021
How well a plan fiduciary fulfills its duties and complies with ERISA is always important, but heightened enforcement efforts bring that into sharper relief, write two experts in legal issues and practices concerning plan governance.
What fiduciaries and committees do—and don’t do—are subject to...
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By John Iekel 2/5/2021
A recent blog entry discusses the role of the Form 5500 in tripping the triggers for an investigation by the Employee Benefits Security Administration (EBSA).
Jerry Kalish in the Retirement Plan Blog notes that the DOL, the IRS and the Pension Benefit Guaranty Corporation (PBGC) have released...
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By John Iekel 2/5/2021
The new year has brought some good news for private-sector defined benefit plans, according to recent reports.
Willis Towers Watson, in its Pension Index that gauges the performance of a hypothetical benchmark pension plan, says that its index had a strong start to 2021, and rose to a level it...
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