This post discusses some of the interesting and special rules and laws that govern the retirement plans established by Indian tribal governments (ITGs). Concerns over state and local government sovereignty caused Congress to exempt the plans of state and local...
Like their private sector counterparts, governmental retirement plans (e.g., defined benefit, 401(a), 457(b), and 403(b)) are all subject to the general retirement plan rules pertaining to “required minimum distributions.” The good news is that several recent law...
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”...
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...
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...
This post addresses the availability of participant-directed investments in practically all California public school district 403(b)s and why the special rules mentioned in California Government Code section 53213.5 must apply if the 403(b) plan is employer-sponsored....
Continuing our commentary on California public school and charter school 403(b)s, we shift focus from the ability of a 403(b) employer to limit investment selection to a discussion of the California law on the selection by public school districts and charter schools...
When it comes to 403(b) plans of California school districts or charter schools, there is confusion about the ability of the sponsoring district or charter school to limit the participant’s ability to select a particular insurance provider for their tax-sheltered...