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SECURE 2.0 Impacts on Governmental Plans

SECURE 2.0 Impacts on Governmental Plans

by Jeff Chang | Jan 23, 2023 | 401(a), 403(b), Governmental Benefits, Plan Administration, Plan Qualification

This post highlights many of the significant law changes affecting governmental retirement plans that are part of the recently adopted Secure 2.0 Act of 2022 (the Act). The table below simply highlights “what” is changed, “when” the change takes effect, and “whether”...
More on the Documentation of Employer “Pick-up” Contributions

More on the Documentation of Employer “Pick-up” Contributions

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...
Can Your Hospital District Have a 403(b) Plan?

Can Your Hospital District Have a 403(b) Plan?

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...
Authorized Plan Representatives for Your Governmental 457(b) or 401(a) Plan

Authorized Plan Representatives for Your Governmental 457(b) or 401(a) Plan

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...
Public Agencies Need to Make Sure That Their Retirement Plans Keep In Step With Their MOUs and Employment Agreements

Public Agencies Need to Make Sure That Their Retirement Plans Keep In Step With Their MOUs and Employment Agreements

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....
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