John Iekel

For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).  In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little... READ MORE

The Social Security Administration (SSA) announced Oct. 12 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 3.2% in 2024. The change will affect more than 71 million Americans and translates to an increase in Social Security benefits of more than $50... READ MORE

Summer—also known as the third quarter—brought some sunshine for private-sector pension plans in 2023.  Funded Status  By three measures, private-sector defied benefit plans gained ground in their funded status in the third quarter. Two gauges report slight drops; however, those decreases were... READ MORE

The IRS has updated the content it provides through an issue snapshot on the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The refresh accounts for application of the SECURE 2.0 Act.  The Issue Snapshot discusses the timing rules of the Internal... READ MORE

For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).  In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little... READ MORE

The priority guidance plan that the Treasury and IRS have issued for 2023-24 includes plans for action that will affect retirement plans. They unveiled the plan on Sept. 29.  The 2023-2024 Priority Guidance Plan contains projects that will be the focus of guidance and regulatory efforts by the... READ MORE

The IRS on Sept. 13 issued guidance on exceptions from the electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. The guidance comes in Revenue Procedure (Rev. Proc.) 2023-31.  Rev. Proc. 2023-31 supersedes Rev. Proc. 2015-47, 2015-39 IRB 419 regarding the following forms... READ MORE

Of course, laws and regulations, as well as fiduciary duty, spell responsibilities that must be fulfilled. But sometimes what one does not do is as important as what one does, an industry expert reminds.  It is helpful to not only know what to do but also what to avoid, argues Mark Olsen, Managing... READ MORE

The timing of when one leaves the workforce has a variety of effects—and a recent study examines whether, and how, it affects one’s lifestyle during retirement. In “Retirement Consumption and Pension Design,” National Bureau of Economic Research Working Paper 31628, researchers study whether... READ MORE