John Iekel

Falls Church

Senior Writer at ASPPA

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Articles

Tick Tock! A Refresher on Timely Reporting

1 week ago | asppa-net.org | John Iekel

ERISA is the bread and butter of retirement plan regulation. And since it is so fundamental to plan regulation and compliance, consideration of how it is applied bears repeating. Accordingly, the Department of Labor (DOL) recently provided a series of webinars as a refresher. The “Getting it Right - Know Your Fiduciary Responsibilities” series of webinars furnish detailed overviews of fiduciary responsibilities and why and how to stay in compliance with the regulations concerning them.
PBGC Denial of SFA Funds Reversed; May Cost Taxpayers Dearly

1 week ago | asppa-net.org | John Iekel

A recent court ruling that upends the Pension Benefit Guaranty Corporation’s (PBGC) denial of a firm’s application for special financial assistance (SFA) program funds could cost taxpayers, says the Office of the Inspector General (OIG). Cost a lot. Nicholas J.
The ‘Big Three’ Demographic Issues Affecting Social Security’s Fortunes

1 week ago | napa-net.org | John Iekel

Social Security’s future prospects have long been a topic of discussion — and concern. Analyses attribute the challenges facing the storied program to a variety of factors; a recent paper by the Congressional Research Service (CRS) suggests that demographics are among them.
IRS Floats New Form to Streamline PLR Application Process

1 week ago | napa-net.org | John Iekel

The IRS has proposed a step it believes will streamline the process of applying for a private letter ruling (PLR). And it wants to know what you think about it. The IRS on June 16 announced that it has prepared a new form, Form 15662, which those who want a PLR would use in applying for one. Origin of Form 15662As 2024 was winding to a close, the IRS issued Revenue Procedure 2025-4.
NJ Assembly Okays Expanded NJ Secure Choice; Senate’s Turn Now

2 weeks ago | ntsa-net.org | John Iekel

Legislation that would expand the reach and scope of New Jersey Secure Choice has passed muster in the state Assembly. Now it’s the Senate’s turn. On May 22, the state Assembly in a vote of 49-28 passed A5358. One week later, it was received in the Senate. Current law provides that New Jersey Secure Choice (which has been renamed RetireReady New Jersey) applies to private-sector employers with 25 or more employees that do not offer a plan.
Expanded NJ Secure Choice Gets Assembly Ok; Senate’s Turn Now

2 weeks ago | asppa-net.org | John Iekel

The New Jersey Assembly has passed legislation that would expand the reach and scope of New Jersey Secure Choice. Now it’s the Senate’s turn. On May 22, the state Assembly in a vote of 49-28 passed A5358. One week later, it was received in the Senate. Current law provides that New Jersey Secure Choice (which has been renamed RetireReady New Jersey) applies to private-sector employers with 25 or more employees that do not offer a plan.
Maine Auto-IRA Expansion Moves Closer to Enactment

2 weeks ago | napa-net.org | John Iekel

Employers Down East with three or more employees may want to pay attention: The state House and Senate have given a nod of approval to legislation that says if you don’t offer a retirement plan to your employees, you would have to register with the state-run Maine Retirement Savings Program. Under current law, private-sector employers with five or more employees that do not offer a retirement plan to their employees must register with the Maine Retirement Savings Program.
IRS Updates Pre-Approved Plans Lists

2 weeks ago | asppa-net.org | John Iekel

The IRS has updated the third remedial amendment cycle (RAC) lists for defined benefit and defined contribution plans. The third RAC lists for both kinds of plans contain the pre-approved plans that were submitted to the IRS for opinion letters beginning Aug. 1, 2020, to May 28, 2025. For DB plans, adopting employers that used these pre-approved plan documents to restate their plan for the 2020 Cumulative List were required to adopt the plan by March 31, 2025.
Louisiana’s Teacher Retirement System Participation Expands

2 weeks ago | ntsa-net.org | John Iekel

The Teachers Retirement System in the Pelican State is open to more people now. Gov. Jeff Landry’s (R) signature on HB 24 has expanded the scope and reach of the program.
Expansion of Maine Retirement Savings Program Gets Legislature’s Nod

2 weeks ago | asppa-net.org | John Iekel

Employers Down East with three or more employees, pay attention: The state House and Senate have given a nod of approval to legislation that says if you don’t offer a retirement plan to your employees, you would have to register with the state-run Maine Retirement Savings Program. Under current law, private-sector employers with five or more employees that do not offer a retirement plan to their employees must register with the Maine Retirement Savings Program.