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Does Your Plan Have A Proper Fiduciary Structure?

Does Your Plan Have A Proper Fiduciary Structure?

by Jeff Chang | Apr 19, 2017 | 401(a), 457(b) Plans, Fiduciary Duties, Fiduciary Responsibilities, Investments, Plan Administration, Trending Topics

Recently, we have dealt with an “epidemic” of retirement plans, both very large and very small, that all have the same problem – the lack of a proper fiduciary structure.  Why? As with so many personnel and benefits-related programs, new managers and new...
Does Your Agency’s Plan Have Dormant Accounts That Should Be Paid Out?

Does Your Agency’s Plan Have Dormant Accounts That Should Be Paid Out?

by Jeff Chang | Aug 18, 2021 | 401(a), 457(b) Plans, Plan Administration, Plan Qualification, Record-keeping

Quite often, a review of the participant status within an agency’s 401(a) and 457(b) plans will reveal that the plans have a large number of dormant accounts – accounts relating to previously terminated, deceased, or divorced employees (who have divided their accounts...
Differences Between Plan Administrators, Third-Party Plan Administrators, and Recordkeepers

Differences Between Plan Administrators, Third-Party Plan Administrators, and Recordkeepers

by Jeff Chang | Mar 15, 2022 | 401(a), Governmental Benefits, Plan Administration, Record-keeping

Sponsors of governmental retirement plans seem to be hiring, firing, or transitioning to new third-party administrators (TPAs) or recordkeepers all the time. The differing roles, duties and legal responsibilities of plan administrators, TPAs, and recordkeepers need to...
When is a Public Employee a “Qualified Participant” in a Social Security Replacement Plan?

When is a Public Employee a “Qualified Participant” in a Social Security Replacement Plan?

by Jeff Chang | Feb 10, 2022 | 401(a), 457(b) Plans, Governmental Benefits, Plan Administration, Record-keeping, Social Security

As previously discussed, a public agency that does not have a section 218 agreement has a choice of participating in Social Security or providing a Social Security Replacement Plan (SSRP). Although many California local governments rely on CalPERS as their principal...
School District 403(b) Plans and Participant-Directed Investments

School District 403(b) Plans and Participant-Directed Investments

by Jeff Chang | Jan 5, 2022 | 403(b), Fiduciary Duties, Fiduciary Responsibilities, Plan Administration, Record-keeping

This post addresses the availability of participant-directed investments in practically all California public school district 403(b)s and why the special rules mentioned in California Government Code section 53213.5 must apply if the 403(b) plan is employer-sponsored....
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