What is involved in 457 administration?

[Guest nicdaryl]

I am a broker and have just won a bid for a hospital 457 plan. The mutual fund company does not require a third party administrator. What is involved in the administration?

Also, the hospital offers the 457 to everyone, isn't only legal to offer to "highly compensated employees"?

THank you.

[Everett Moreland]

The plan may cover all employees if the hospital is a government hospital. The plan may cover only a select group of management and highly compensated employees if the hospital is a 501©(3). Some government hospitals also have 501©(3) status (so employees can make 403(B) contributions), in which case the plan may cover all employees.

As to what is involved in administration, the short answer is you need to see a Missouri employee benefits lawyer and be willing to pay him or her lots of money and also be willing to spend a lot of time learning.