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Chapter 23: Have You Checked Your Retirement Plan Fees Lately?

Chapter 23: Have You Checked Your Retirement Plan Fees Lately?

by Jeff Chang | Jan 7, 2016 | 457(b) Plans

Many public agencies’ 457(b) plans, where all fees are paid by the plans, may be neglected for years or even decades.  And while this neglect may not cost the district or the city any more money, it is definitely costing plan participants. Recently, we advised a...
Does Your Agency’s Plan Have Dormant Accounts That Should Be Paid Out?

Does Your Agency’s Plan Have Dormant Accounts That Should Be Paid Out?

by Jeff Chang | Aug 18, 2021 | 401(a), 457(b) Plans, Plan Administration, Plan Qualification, Record-keeping

Quite often, a review of the participant status within an agency’s 401(a) and 457(b) plans will reveal that the plans have a large number of dormant accounts – accounts relating to previously terminated, deceased, or divorced employees (who have divided their accounts...
Take a Closer Look at Your 401(a) and 457(b) Plans When You Change Providers

Take a Closer Look at Your 401(a) and 457(b) Plans When You Change Providers

by Jeff Chang | Aug 4, 2021 | 401(a), 457(b) Plans, Plan Administration, Plan Qualification, Record-keeping

Previously, we have discussed a number of the do’s and don’ts of switching plan providers, such as investment advisors and recordkeepers. This post focuses on why plan sponsors, plan administrators and plan recordkeepers all should take greater care in reviewing plan...
Is Your 457(b) or 401(a) Plan Fee Allocation Fair and Reasonable?

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

by Jeff Chang | Jul 7, 2021 | 401(a), 457(b) Plans, Fiduciary Duties, Investments, Plan Administration, Record-keeping

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....
Have You Developed All of the Policies and Procedures Needed to Properly Administer Your Governmental 457(b) or 401(a) Plan?

Have You Developed All of the Policies and Procedures Needed to Properly Administer Your Governmental 457(b) or 401(a) Plan?

by Jeff Chang | Mar 17, 2021 | 401(a), 457(b) Plans, Plan Administration, Record-keeping

If you are responsible for the administration of a public agency 457(b) or 401(a) plan, you know that these tax-favored plans are complicated and subject to myriad rules and requirements found in the plan document, the Internal Revenue Code (and related IRS guidance),...
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