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...
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...
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 | 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...
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),...
