Plan Administrators, Plan Committees, and Public Agency 457(b) Plans

By Jeff Chang

Many investment advisors for public agency 457(b) plans believe that their public agency clients must have a retirement plan committee in order for the plan to have a proper plan administrator or fiduciary structure. As discussed below, we think that there are a lot of good reasons: (a) not to establish a formal committee as the plan administrator; or (b) to limit the scope of a committee’s responsibilities.

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Public Agency 457(b) Plans Require Ongoing Attention and Maintenance

By Jeff Chang

Previously, we described the duties and responsibilities of the plan administrator of a public agency 401(a) or 457(b) plan. While it is important for public agency employees to understand the potential scope of the plan administrator position, there is little guidance on “how” the appointed individuals should carry out these additional duties – most 457(b)s don’t come with an owner’s manual.

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Moving Between 457(b) Recordkeepers When a Stable Value Fund is Involved

By Jeff Chang

Many public agency 457(b) plans offer a stable value fund investment option. When a plan moves to a new 457(b) plan recordkeeper, the plan’s investment lineup will usually change. In those cases where the lineup includes a stable value fund, the plan’s investment advisor and the plan administrator must be keenly alert to the potentially negative impact on the values of plan participant accounts when moving out of that stable value fund. This matter needs to be reviewed and considered well before the plan can be moved to a new recordkeeper.

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Are Your Agency’s Retirement Plan Committee Meetings Subject to the Brown Act?

By Jeff Chang

In addition to properly identifying your retirement plan fiduciaries, and substituting a knowledgeable administrative committee in place of your governing board or council, California local agencies also need to consider whether the meetings of their administrative committee are subject to the Ralph M. Brown Act – California’s open meeting law.

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The Duties and Responsibilities of a 457(b) or 401(a) Plan Administrator

By Jeff Chang

A surprisingly large number of public employees accept appointment as the plan administrator, or a member of the administrative committee, for their agency’s 457(b) or 401(a) plan. An explanation of the typical duties and responsibilities of a plan administrator should help agencies and their staff better match available staff with the demands of the position.

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