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The Proper Timing of 457(b) Deferral Elections

The Proper Timing of 457(b) Deferral Elections

by Jeff Chang | Apr 4, 2022 | 457(b) Plans, Plan Administration, Record-keeping

Although many people think that governmental section 457(b) plans and private sector 401(k) plans are the same – because they both allow pre-tax deferrals of similar amounts of income – they are not the same. Due to their differing origins, their rules and...
Differences Between Plan Administrators, Third-Party Plan Administrators, and Recordkeepers

Differences Between Plan Administrators, Third-Party Plan Administrators, and Recordkeepers

by Jeff Chang | Mar 15, 2022 | 401(a), Governmental Benefits, Plan Administration, Record-keeping

Sponsors of governmental retirement plans seem to be hiring, firing, or transitioning to new third-party administrators (TPAs) or recordkeepers all the time. The differing roles, duties and legal responsibilities of plan administrators, TPAs, and recordkeepers need to...
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...
Authorized Plan Representatives for Your Governmental 457(b) or 401(a) Plan

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

by Jeff Chang | Apr 28, 2021 | 401(a), 457(b) Plans, Fiduciary Duties, Plan Administration, Record-keeping

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 sponsor...
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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