John Iekel

A Look at Key Changes Made by the Pre-Approved Plans Guidance

By John Iekel 11/28/2023

The guidance the IRS just issued in Revenue Procedure (Rev. Proc.) 2023-37 on qualified and 403(b) pre-approved plans made some significant changes in order to conform, clarify, and update the rules. Here’s a look at some of the key changes, which generally became effective on Nov. 21, 2023, with... READ MORE

IRS Issues Guidance on Pre-Approved Plans

By John Iekel 11/27/2023

The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures. Rules for Pre-Approved Plans Rev. Proc. 2023-... READ MORE

IRS Releases Draft 2024 Form 1099-R

By John Iekel 11/22/2023

The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients. The form is used to provide information to recipients about... READ MORE

Witnesses at W&M Field Hearing Call for Changes to WEP, GPO

By John Iekel 11/22/2023

The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP... READ MORE

The Challenges of Covering Care Workers

By John Iekel 11/20/2023

Retirement coverage is not universal, and any employer can find it challenging not only to cover employees, but also to motivate them to participate in the retirement plan that it offers. But it can be particularly challenging for some industry sectors. Leaders from one sector—post-acute care... READ MORE

Financial Vitality for PBGC Programs in ’23, Says Report

By John Iekel 11/17/2023

Good news from the Pension Benefit Guaranty Corporation (PBGC): both its multiemployer and single-employer insurance programs are healthy, and are in an even better financial position than they were at the start of 2023. The PBGC—which protects the retirement benefits of more than 31 million... READ MORE

Informational Copies of the 2023 Form 5500 Series Released

By John Iekel 11/17/2023

The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS, and the Pension Benefit Guaranty Corporation (PBGC) on Nov. 17 released informational copies of the 2023 Form 5500 Series. They have been released online. These versions of the Form 5500, Form 5500-SF, and Form... READ MORE

Navigating the New Age of Retirement Services

By John Iekel 11/15/2023

Laying the foundation for long-term financial stability means more than the traditional approaches to saving for retirement. How can one meet the needs of participants as well as work together to add value and seize opportunity? Experts and industry leaders offered perspectives in recent panel... READ MORE

The Twilight Zone of Near Retirees in Challenging Jobs

By John Iekel 11/14/2023

Near retirees are in a unique position. The good news is that for the most part, they are living longer, are healthier than in the past, and have more work options than their predecessors. At the same time, there still is a significant number of them who perform physically challenging jobs—and that... READ MORE

Mixed Harvest for Private-Sector Pension Plans in October

By John Iekel 11/14/2023

The private pension plan cornucopia was half full or half empty in October, depending on one’s perspective. Analyses were mixed on how the plans fared. Willis Towers Watson, which tracks a hypothetical pension plan invested 60% in equities and 40% in fixed-income funds, reported that its plan... READ MORE

A Pivotal Point in Time for Retirement Plan Stakeholders

By John Iekel 11/13/2023

Retirement solutions need to adapt to a changing world—and that means meeting attendant challenges in order to meet the needs of retirees and those who serve them. “This is a pivotal point in time,” said SPARK Institute Executive Director Tim Rouse at the opening of the recent SPARK Forum. He... READ MORE

Building Better Days

By John Iekel 11/13/2023

There are challenges facing not only those saving for their retirement, but also the retirement industry and professionals who work to help them to do so. A panel of industry leaders recently offered their perspective on meeting those challenges in order to better facilitate effective saving for... READ MORE

Reinvention to Facilitate Better Delivery

By John Iekel 11/10/2023

Providing retirement benefits is a dynamic function, and in an age of accelerating technological transformation that requires reinvention of products and services. An expert panel at the recent SPARK Forum shared some of their experiences in that vein. Panelists included Balaraman Jayaraman, Co-... READ MORE

Form 5558 Can Be Filed Electronically Beginning Jan. 1, 2024

By John Iekel 11/9/2023

The IRS has updated the information on its website to indicate that beginning Jan. 1, 2024, Form 5558, Application for Extension of Time to File Certain Employee Plan Returns and its instructions, can be filed electronically or on paper. The American Retirement Association (ARA) in a Dec. 5, 2022... READ MORE

PBGC Updates Mortality Table for 2024 Valuations

By John Iekel 11/9/2023

The Pension Benefit Guaranty Corporation (PBGC) announced on Nov. 9 that it has updated the ERISA Section 4044 mortality table for 2024 valuations. How the Tables Are Used ERISA Section 4044 Mortality Table. This table is used: to determine liabilities and the value of annuities when a single... READ MORE

IRS Advisory Council Suggests EPCRS Be Expanded

By John Iekel 11/9/2023

The Internal Revenue Service Advisory Council (IRSAC) suggests that the Employee Plans Compliance Resolution System (EPCRS) be expanded. The suggestion is contained in the group’s 2023 annual report, issued on Nov. 9. In the report, IRSAC makes 23 recommendations on a wide range of topics. Among... READ MORE

LTPT and Auto-Portability Regs Coming Soon, Officials Reiterate

By John Iekel 11/8/2023

Much-anticipated regulations are perhaps closer than just on the horizon, officials from the IRS and the Department of Labor (DOL) reported in a Nov. 6 session of the SPARK Forum. LTPT Guidance In the wake of the enactment of the SECURE 2.0 Act, the Treasury Department worked on guidance... READ MORE

Newly Proposed Fiduciary Rule ‘A More Standard Approach’

By John Iekel 11/8/2023

The Department of Labor (DOL) on Halloween issued the latest iteration of a proposed rule defining who is an investment advice fiduciary for purposes of ERISA. As the initial dust settles, officials from the DOL’s Employee Benefits Security Administration (EBSA) have offered some further insights... READ MORE

PBGC Issues Final Rule Amending SFA Regulation, Updates Application Instructions

By John Iekel 11/8/2023

The Pension Benefit Guaranty Corporation (PBGC) on Nov. 7 issued a final rule to clarify the calculation methodology for the withdrawal liability condition requiring phase-in of special financial assistance (SFA) assets. On Nov. 1 it had issued updated instructions for multiemployer plans in... READ MORE

Formal Written Plans: Unappreciated Boost?

By John Iekel 11/6/2023

A formal, written plan (FWP) for managing income, expenses, and assets in retirement is fundamentally a tool that heightens financial security and clarifies what needs to be done in running an account. But it’s more than that, as an industry experts outline. The proportion of Americans completing... READ MORE

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