by Jeff Chang | Aug 8, 2022 | 401(a), 403(b), Governmental Benefits, Plan Qualification
Recently, a retirement plan advisor asked whether a “public” charity was “governmental” and eligible to maintain a non-ERISA retirement plan. This post explores some of the terminology that is used by the IRS, and in the retirement industry, and how one does not...
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
By Jeff Chang 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...
by Jeff Chang | Jun 9, 2021 | 401(a), 457(b) Plans, Plan Administration, Record Keeping, Social Security
By Jeff Chang 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...
