Plan sponsors seriously disadvantage themselves and their plan participants by announcing the migration of their plan from one record-keeper to a new record-keeper before all the conditions for a smooth transition have been fulfilled.
There are record-keepers that know this and take full ...
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Public Employer Plans: Giving Employees Benefit Choices Can Lead To Problems
When our public agency clients negotiate with their collectively bargained employees, both sides strive to make the most of limited compensation and benefits dollars. Sometimes the parties believe they can create greater value by letting the employees choose between two employer-provided benefits. ...
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It Pays to Give Your Retirement Plan A Comprehensive Review
Employee Benefits Law Group often works on retirement plans that have been in place for years and we know that simply making sure a plan is up to date is not enough.
We look at a plan’s “foundational basis.” If the underlying plan design, tax assumptions and fiduciary structure—the plan's ...
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Participant-Directed Individual Account Plans, An Overview Of The Department Of Labor Regulations And Their Application To Certain Public Retirement Plans In California
California public employers sponsoring participant-directed retirement plans such 457(b) plans can reduce the potential for fiduciary liability by complying Federal Department Of Labor Code section 404(c) rules of the Employee Retirement Income Security Act (ERISA). Although ERISA is the federal law ...
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GASB Statements 43 And 45 – The New Financial Disclosure Rules
New financial accounting and disclosure rules issued by the Government Accounting Standards Board (GASB) as Statements 43 and 45 will have far-reaching significance for public entity employers. The following Q&As are meant to serve as a "quick start" reference guide, focusing less on the details ...
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GASB 45: Is Your District Confronting The Challenge?
Dealing effectively with GASB 45 will take leadership, analysis, time, discipline, and a team of objective legal, actuarial, and financial advisers. If you've been waiting to deal with the challenge, the time to act has arrived…
As recently as six months ago, the questions many public agencies ...
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What’s A District To Do? Evaluating Your Various Employee Benefits Commitments And Whether You Can Modify Them
As the fallout from several years of budget crises continues to filter down and through state government, local government and special districts, elected boards and district managers are left only with the hard choices – cut jobs, essential services, or valuable benefits. Assuming that less critical ...
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Promises To Keep – The Nature Of A Public Agency’s Benefits Commitment To Its Employees
This updated article addresses several important legal issues that arise when a California public agency attempts to reduce the level of benefits that it provides to its employees.
State and local governments throughout the United States, especially in California, are feeling the ...
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Public Pension Plan Choices: Too Big, Too Small & Just Right?
If you are a California governmental employer, you may have more alternatives than you realize for providing significant and cost-effective retirement benefits to your employees. Many California public agencies incorrectly assume that they must participate in the behemoth California Public ...
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