Author Archives: Jeff Chang

Why a Public Agency Might Want to Add a 401(a) Plan

By Jeff Chang The vast majority of public agencies already maintain a 457(b), or eligible deferred compensation plan. A much smaller number also maintains one or more 401(a) plans in addition. This post discusses some of the reasons a public … Continue reading

Posted in 401(a), 457(b) Plans, Governmental Benefits, PEPRA, Plan Administration, Plan Compliance, Plan Qualification, Social Security | Tagged , , , | Leave a comment

Understanding the Difference Between Contributions and Allocations In Public Agency Plans

By Jeff Chang Most public agency defined contribution plan sponsors can easily recall the current amount being contributed to participants in their plan; however, not all can tell you “how” the contribution is being allocated amongst the participants. The distinction … Continue reading

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Public Agencies May Need Help “Managing” Their Managed Account Offerings

By Jeff Chang Although financial industry reports reveal that more and more plan sponsors are offering managed account options, it is not clear that public agency 457(b) and 401(a) plan fiduciaries understand their responsibilities to select and monitor these investment … Continue reading

Posted in 401(a), 457(b) Plans, Fiduciary Responsibilities, Plan Administration, record-keeping | Tagged , , | Leave a comment

Public Agencies May Want to Take Advantage of an Anonymous VCP Opportunity Before it Disappears at End of 2021

By Jeff Chang Recently announced changes in the IRS-sponsored Voluntary Compliance Program (VCP) may encourage public agencies with known plan compliance problems or defects to apply this calendar year under Anonymous VCP, before that option is replaced in 2022. As … Continue reading

Posted in 401(a), 457(b) Plans, Governmental Benefits, Plan Administration, Plan Compliance, Plan Qualification | Tagged , , , | Leave a comment

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

By Jeff Chang 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 … Continue reading

Posted in 401(a), 457(b) Plans, Plan Administration, Plan Qualification, record-keeping | Tagged , , , | Leave a comment