by Jeff Chang | Nov 21, 2022 | 401(a), Governmental Benefits, Plan Administration, Plan Qualification
In an earlier post, we explained what “pick-up” contributions are, and how they are used by many governmental employers to convert mandatory after-tax employee contributions into pre-tax contributions. IRS Revenue Ruling 2006-43 contains specific guidance on what the...
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 | Apr 28, 2021 | 401(a), 457(b) Plans, Fiduciary Duties, Plan Administration, Record-keeping
Whenever you engage a new recordkeeper for your governmental 457(b) or 401(a) plan, the plan sponsor will be asked to complete, sign and return an authorized plan representatives form (APRF). The APRF designates the so-called “contact persons” and the plan sponsor...
by Jeff Chang | Mar 31, 2021 | 401(a), Fiduciary Responsibilities, Plan Administration, Plan Qualification
Having worked with dozens of cities and special districts, we are familiar with the focus and attention placed on memorandums of understanding (MOUs) and management employment contracts – especially provisions relating to retirement benefits and compensation....
by Jeff Chang | Mar 17, 2021 | 401(a), 457(b) Plans, Plan Administration, Record-keeping
If you are responsible for the administration of a public agency 457(b) or 401(a) plan, you know that these tax-favored plans are complicated and subject to myriad rules and requirements found in the plan document, the Internal Revenue Code (and related IRS guidance),...
