Category Archives: Plan Compliance

Why a Public Agency Might Want to Add a 401(a) Plan

The vast majority of public agencies already maintain a 457(b), or eligible deferred compensation plan. A much smaller number also maintains one or more 401(a) plans in addition. This post discusses some of the reasons a public agency might want … Continue reading

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Understanding the Difference Between Contributions and Allocations In Public Agency Plans

Most public agency defined contribution plan sponsors can easily recall the current amount being contributed to participants in their plan; however, not all can tell you “how” the contribution is being allocated amongst the participants. The distinction between a “contribution” … Continue reading

Posted in 401(a), 457(b) Plans, Governmental Benefits, Plan Administration, Plan Compliance, Plan Qualification | Tagged , | Leave a comment

Public Agencies May Want to Take Advantage of an Anonymous VCP Opportunity Before it Disappears at End of 2021

Recently announced changes in the IRS-sponsored Voluntary Compliance Program (VCP) may encourage public agencies with known plan compliance problems or defects to apply this calendar year under Anonymous VCP, before that option is replaced in 2022. As part of its … Continue reading

Posted in 401(a), 457(b) Plans, Governmental Benefits, Plan Administration, Plan Compliance, Plan Qualification | Tagged , , , | Leave a comment