John Iekel
By John Iekel 5/17/2024
There’s always more to learn—even for teachers—and retirement saving is a prime example.
The notion that there is more to be done to educate the educators about preparing for retirement is not new. In a paper released in early 2022, “Teachers’ Knowledge and Preparedness for Retirement: Results...
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By John Iekel 5/13/2024
Teachers are closer to having expanded options for retirement income in two states as their legislatures consider—and chambers pass—bills that would do that.
Alaska
In Alaska, teachers would be able to choose between defined benefit or defined contribution coverage if a bill that would allow...
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By John Iekel 5/10/2024
Legislation that would create Alaska Work and Save, a state-run program that would provide retirement plan coverage to private-sector employees in Alaska whose employers do not, is still under consideration.
The bill that would create Alaska Work and Save, SB 135, is not new. Sen. Bill...
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By John Iekel 5/9/2024
Arctic Circle, the Big Easy: they could not be in more different parts of the country, but the legislatures of Alaska and Louisiana are considering measures that would do the same thing—call on Congress to repeal the Windfall Elimination Provision (WEP).
And they share similar reasoning: the WEP...
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By John Iekel 5/3/2024
The effects of the SECURE 2.0 Act cover the gamut from profound and far-reaching to the more mundane yet still important—and that includes reporting about certain retirement plans and saving arrangements—including certain Roth arrangements.
In FS-2024-18, a fact sheet issued May 2, the IRS...
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By John Iekel 5/1/2024
CalSavers, one of the first state-run programs that provides retirement plan coverage for private-sector employees whose employers do not, continues to grow—especially in assets.
As one of the longest-lived such programs, CalSavers provides a useful snapshot regarding how such plans function and...
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By John Iekel 4/26/2024
Legislation that seeks to bolster the retirement income of teachers in Rhode Island—including through participation in the federal Social Security system—is going to receive further study.
The Finance Committee of the Rhode Island House of Representatives at an April 25 hearing decided to further...
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By John Iekel 4/19/2024
For the IRS, fiscal year (FY) 2023 “was a transitional year,” largely due to funding provided under the Inflation Reduction Act of 2022 and application of technology, according to Commissioner of Internal Revenue Danny Werfel. His made his remarks in the agency’s most recent data book, an annual...
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By John Iekel 4/19/2024
The Green Mountain State and the Centennial State are going to partner in establishing VT Saves, the state-run program that will provide retirement plan coverage for private-sector employees in Vermont whose employers do not.
On June 1, 2023, Gov. Phil Scott (R) signed into law a measure creating...
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By John Iekel 4/18/2024
Legislation that would put the interests of participants and their beneficiaries ahead of “nonpecuniary” interests when assets of publicly funded retirement plans are invested is closer to enactment in Georgia. And the ball has just begun rolling on a similar measure in Louisiana.
The Peachtree...
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By John Iekel 4/16/2024
The IRS on April 16 issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025.
The guidance is...
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By John Iekel 4/12/2024
Collective investment trusts (CITs) are a greater focus of attention and activity in the wake of SECURE 2.0, as a recent Congressional Research Service (CRS) report highlights.
In “Pensions and Individual Retirement Accounts (IRAs): Investment Issues,” the CRS provides an overview of pension...
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By John Iekel 4/10/2024
Retirement plan coverage for certain private-sector employees would expand under measures legislators in Rhode Island and Hawaii are considering.
Securing Coverage in the Ocean State
Increasing private-sector retirement plan coverage in a shifting retirement landscape is a major factor behind...
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By John Iekel 4/3/2024
Add private-sector employees in Alaska and Wisconsin to those covered by state-run plans if their employers do not offer a retirement plan. Maybe. And throw in Georgia.
That is, if the governments of Alaska and Wisconsin enact bills that would create state-run retirement savings plans for private...
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By John Iekel 4/2/2024
A variety of factors slow some individuals’ retirement saving, if not impede it outright—and one of them is student loan debt. A recent NTSA webinar looked at a step some entities pursue that affects those with loans as well as retirement saving—student loan forgiveness.
In a March 27 NTSA...
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By John Iekel 3/28/2024
Washington is the latest state to run a retirement program that will provide coverage for private-sector employees whose employers do not.
On March 27, Pat Sullivan, Executive Director of Legislative Affairs in Inslee’s office, issued an announcement that SB 6069 was among the bills the Gov. Jay...
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By John Iekel 3/27/2024
Editor’s Note: This is part II of a two-part series. Part I is available here.
Generation Z is looking ahead and shows a healthy regard and respect for their financial future, long-term. Studies show that they have a strong interest in financial literacy, saving and employer-provided retirement...
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By John Iekel 3/22/2024
If bills before both chambers of the Wisconsin legislature are enacted, America’s Dairyland will have a retirement plan marketplace to connect individuals and small employers with retirement plans offered by private financial services firms.
Sen. Melissa Agard (D-Madison) introduced SB 1035 in...
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By John Iekel 3/20/2024
Automatic enrollment of eligible employees in the Hawaii Retirement Savings Program is closer to being put in place.
Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024. Under the bill, employees would no longer be required to opt in to participate in the Hawaii Retirement Savings...
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By John Iekel 3/19/2024
It is now possible to offer plan participants in 401(k), 403(b), and 457(b) plans the option to treat employer contributions as Roth contributions, under the SECURE 2.0 Act.
More precisely, it is Section 604 of the SECURE 2.0 Act that allows plan participants to elect to have any fully vested...
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