Category Archives: Fiduciary Duties

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

By Jeff Chang 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 … Continue reading

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

By Jeff Chang 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 … Continue reading

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

By Jeff Chang 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” … Continue reading

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

By Jeff Chang 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 … Continue reading

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Plan Administrators, Plan Committees, and Public Agency 457(b) Plans

By Jeff Chang Many investment advisors for public agency 457(b) plans believe that their public agency clients must have a retirement plan committee in order for the plan to have a proper plan administrator or fiduciary structure. As discussed below, … Continue reading

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