John Iekel

The IRS announced on March 11 that it has updated the information package containing sample plan provisions concerning pre-approved 403(b) plans. The update is first since March 2013.The IRS has made changes to the language that concerns the following terms and topics: compensation contribution... READ MORE

Identical bills before both chambers of the Iowa legislature would end state taxation of pensions and other forms of retirement income — but only through 2020.HF 280 and SF 277 would remove from the Iowa income tax law two provisions that define income as including all forms of retirement income,... READ MORE

“Don’t throw out the baby with the bathwater” is an old — perhaps worn-out — cliché, but nevertheless sometimes it’s apt. And as the Obama Administration unveils the fiduciary rule reproposal, ASPPA CEO and Executive Director Brian Graff has warned that the regulations could have serious and... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) was not arbitrary and capricious when it concluded that Kentucky Bancshares was obliged to comply with the Section 1107 of the Pension Protection Act (PPA) as well as ERISA’s standard termination requirements when it terminated its retirement plan and... READ MORE

In the process of enforcing the law, the Pension and Benefit Guaranty Corporation (PBGC) needs to keep in mind that its mission is to preserve and protect defined benefit plans. That is one of the underlying themes in the first annual report of the PBGC participant and plan sponsor advocate.... READ MORE

Filers of Forms 5500 and M-1 will now be able to prepare for 2014 filing. Advance copies of the 2014 Forms 5500 and 5500-SF are now available, the DOL’s Employee Benefits Security Administration announced on Dec. 15. Changes to the Forms 5500 and 5500-SF for 2014 filing include:DOL Form M-1... READ MORE

New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The IRS issued that reminder Dec. 8 in news release IR-2014-112. Generally, RMDs from 401(k), 403(b) and 457 plans as well as IRAs must be made by Dec. 31.An IRA trustee must either report the amount of the RMD... READ MORE

June 30, 2015 is the new deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans for the plans’ second six-year remedial amendment cycle. The IRS said so in IRS Announcement 2014-41, which it issued on Dec. 5. The announcement also... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) on Nov. 24 issued a final rule that makes it easier for defined contribution plan participants to move their funds into defined benefit plans. The PBGC intends the new rule to better facilitate lifetime income. This rule provides guidance on treatment... READ MORE