Category Archives: Fiduciary Duties

School District 403(b) Plans and Participant-Directed Investments

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. In an earlier post, … Continue reading

Posted in 403(b), Fiduciary Duties, Fiduciary Responsibilities, Plan Administration, record-keeping | Tagged , , , , | Leave a comment

Is Your 457(b) or 401(a) Plan Fee Allocation Fair and Reasonable?

Investment fiduciaries and plan administrators of California public sector 457(b) and 401(a) plans are required by law to act as “prudent experts” for the sole and exclusive purpose of providing benefits and defraying “reasonable expenses” of administering the plan. We … Continue reading

Posted in 401(a), 457(b) Plans, Fiduciary Duties, Investments, Plan Administration, record-keeping | Tagged , , , | Comments Off on Is Your 457(b) or 401(a) Plan Fee Allocation Fair and Reasonable?

The “Mechanics” of Combining Your Agency’s Multiple 457(b) Plans

Many public agencies have come to sponsor and maintain multiple 457(b) plans, which can unnecessarily increase the compliance burden as well the fees paid by participants. Although the human resource and finance managers who typically oversee these plans know that … Continue reading

Posted in 457(b) Plans, Investments, Plan Administration, record-keeping | Tagged , , , | Comments Off on The “Mechanics” of Combining Your Agency’s Multiple 457(b) Plans

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

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 … Continue reading

Posted in 401(a), 457(b) Plans, Fiduciary Duties, Plan Administration, record-keeping | Tagged , | Comments Off on Authorized Plan Representatives for Your Governmental 457(b) or 401(a) Plan

Why Most Retirement Plan Advisor or Recordkeeper Searches Are Not Subject to the RFP Requirements of the Sponsoring City or District

Many cities and their retirement plan investment advisors believe that the city must periodically issue an RFP for defined contribution plan recordkeeping or investment advisory services in accordance with the city’s RFP policy or ordinance. Having reviewed the results of … Continue reading

Posted in 401(a), 457(b) Plans, Fiduciary Duties, Plan Administration, record-keeping | Tagged , , , | Comments Off on Why Most Retirement Plan Advisor or Recordkeeper Searches Are Not Subject to the RFP Requirements of the Sponsoring City or District