jhilliard
Oct 28 2003, 08:22 AM
I have been in the business a short time so forgive me.
While reviewing a plan document, I noticed the plan is non-trusteed. What determines whether a plan can operate as non-trusteed vs. needing a trustee?
This particular plan is a profit sharing plan with only post-tax employee contributions.
Thanks
Katherine
Oct 28 2003, 10:51 AM
Are the assets held with an insurance company?
jhilliard
Oct 28 2003, 01:14 PM
Yes the plan is with an insurance provider.
Katherine
Oct 28 2003, 02:50 PM
There are exceptions to ERISA Section 403's trust requirement for certain assets in insurance contracts or held with an insurance company. See ERISA 403(b).
pax
Oct 28 2003, 03:53 PM
ERISA section 403 is 29 CFR section 1103.
http://www4.law.cornell.edu/uscode/29/1103.html(No guarantee that this site is up to date.)
Joel L. Frank
Oct 28 2003, 04:02 PM
403(b) is for non-profits and public schools. It cannot be used for a profit-sharing plan.
Katherine
Oct 28 2003, 04:13 PM
We're talking about ERISA 403(b), not IRC 403(b).
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please
click here.