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...
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...
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....
by Jeff Chang | Jun 9, 2021 | 401(a), 457(b) Plans, Plan Administration, Record-keeping, Social Security
As we previously explained, most public agencies are not automatically subject to Social Security. They have a choice between voluntarily participating in Social Security pursuant to a section 218 agreement, or they can exempt some or all of their payroll by providing...
by Jeff Chang | May 26, 2021 | 457(b) Plans, Investments, Plan Administration, Record-keeping, Trending Topics
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 it...
