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 | 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...
by Jeff Chang | Jun 9, 2022 | 401(a), 457(b) Plans, Plan Administration, Record Keeping
Having more 457(b) or 401(a) plans than you really need can create administrative headaches, cost participants unnecessary fees, and sometimes result in “excessive” participant loan situations. If an employee participates in a 457(b) or 401(a) plan, it is likely that...
by Jeff Chang | May 27, 2022 | 401(a), Plan Administration, Plan Qualification, Record Keeping
In addition to the thousands of private sector 401(k) and 401(a) plans that must be restated by this July 31st, practically all governmental 401(a) plans using recordkeeper-provided plan documents – in other words, pre-approved plan documents – must also be restated....
