by Jeff Chang | Nov 19, 2020 | 457(b) Plans, Income Tax
With the looming specter of COVID-related budget shortfalls, many cities and special districts are thinking about early termination incentives as a way to reduce payroll costs. If your city or public agency is considering the use of early termination incentives, you...
by Jeff Chang | Nov 17, 2016 | Retiree Health
Compensatory time off or “comp time” is paid time off taken in lieu of pay. In the case of State and local governments, the Fair Labor Standards Act (FLSA) allows them to provide non‑exempt workers with comp time in lieu of overtime. State and local...
by Jeff Chang | Jun 5, 2013 | Retiree Health
This entry comes to you with the help of my colleague Wendy Tauriainen. In our office, we enjoy the inside jokes of the pension and benefits world (yes there actually are jokes). One of them is the label “bitaxual” for those entities that are lucky enough...
by Jeff Chang | Sep 13, 2022 | 403(b), Plan Administration, Plan Qualification
Of California’s more than 75 public healthcare districts, a significant number of them maintain Internal Revenue Code (IRC) section 403(b) plans. The question is: of those that have them, are they “eligible” to have them? We raise this issue because we have become...
by Jeff Chang | Aug 8, 2022 | 401(a), 403(b), Governmental Benefits, Plan Qualification
Recently, a retirement plan advisor asked whether a “public” charity was “governmental” and eligible to maintain a non-ERISA retirement plan. This post explores some of the terminology that is used by the IRS, and in the retirement industry, and how one does not...
