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....
by Jeff Chang | Apr 4, 2022 | 457(b) Plans, Plan Administration, Record Keeping
Although many people think that governmental section 457(b) plans and private sector 401(k) plans are the same – because they both allow pre-tax deferrals of similar amounts of income – they are not the same. Due to their differing origins, their rules and...
by Jeff Chang | Mar 15, 2022 | 401(a), Governmental Benefits, Plan Administration, Record Keeping
Sponsors of governmental retirement plans seem to be hiring, firing, or transitioning to new third-party administrators (TPAs) or recordkeepers all the time. The differing roles, duties and legal responsibilities of plan administrators, TPAs, and recordkeepers need to...
