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Public Agencies May Need Help “Managing” Their Managed Account Offerings

Public Agencies May Need Help “Managing” Their Managed Account Offerings

by Jeff Chang | Sep 16, 2021 | 401(a), 457(b) Plans, Fiduciary Responsibilities, Plan Administration, Record-keeping

Although financial industry reports reveal that more and more plan sponsors are offering managed account options, it is not clear that public agency 457(b) and 401(a) plan fiduciaries understand their responsibilities to select and monitor these investment options....
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...
The “Mechanics” of Combining Your Agency’s Multiple 457(b) Plans

The “Mechanics” of Combining Your Agency’s Multiple 457(b) Plans

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...
Improving Administrative Service Agreements For Public Agency Retirement Plans

Improving Administrative Service Agreements For Public Agency Retirement Plans

by Jeff Chang | Apr 14, 2021 | Plan Administration, Record-keeping

Although many of our municipal and special district clients have sophisticated contracting and RFP departments, they often do not have balanced and well-negotiated administrative service agreements (ASAs) with their 401(a) and 457(b) recordkeepers. This is due in part...
Using a Plan Administration Expense Account  as Part of An Agency’s 457(b) or 401(a) Plan

Using a Plan Administration Expense Account as Part of An Agency’s 457(b) or 401(a) Plan

by Jeff Chang | Aug 11, 2020 | Plan Administration, Record-keeping

Not surprisingly, many cities and special districts no longer have monies available in their budgets to spend on things such as legal fees to analyze and correct plan administration problems and compliance issues. When it is not feasible for the plan sponsor to pay...
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