Governmental Plans Answer Book

[Carol V. Calhoun]

For all those who have asked, the Governmental Plans Answer Book is here at last! In deference to this board's policy against commercial messages, I'll avoid further description (wouldn't do to have my own post reported to me as moderator! ), but given all the questions I've gotten, I thought I'd respond in one central location.

[Guest STLGiant]

Carol:

Does your book cover what Title I requirements a quasi-government entity, e.g. a public school district, must adhere to with respect to a 403(B) deferral only arrangement, OR, does the 403(B) Answer book better explain that.

In addition, your site outlines Code Sections that may or may not relate to Government Plans, but it appears to exclude 403(B) and 457s. Am I correct in this assessment? Is this something you're planning on updating?

Inquiring minds....

Thanks!

[Carol V. Calhoun]

The book definitely covers 403(B)s and 457(B)s (not to mention excess benefit plans), as well as 401(a) plans. Although in theory governmental plans are not subject to Title I of ERISA, many state statutes incorporate at least portions of Title I, and many state courts interpret common law rules (e.g., the common law fiduciary rules) by looking to comparable ERISA provisions. The book discusses these issues at length.

In general, the 457 Answer Book (to which I contributed a chapter) and the 403(B) Answer Book cover the issues of 403(B) or 457(B) plans, respectively, as applied to the plans of tax-exempt as well as governmental organizations. However, they concentrate primarily on issues of federal law. The idea behind the Governmental Plans Answer Book was to include in one book both federal and state materials applicable to governmental plans, whether they be 401(a), 403(B), 457(B), or excess benefit.

If you want to know more about the book, there is a description available by clicking here, and a copy of the table of contents available by clicking here.

[Guest STLGiant]

Thanks Carol. I think will go your suggested direction and purchase the 457 Book.

Can you let me know as to my second question with respect to updating your home page on ERISA or IRC items that government entities must adhere to, along with a possible reference to state law where necessary?

I think for everyone on BL this is an excellent and handy reference, and could possibly be enhanced further by changing it to an excel format, including columns 403(B) Title I Plans, 403(B) Non-TItle I Plans, 457 Plans, and 401(a) plans, depecting checkmarks in instances where the applicable ERISA or Code Sections Apply in fact or by State reference.

Thanks Carol!

[Carol V. Calhoun]

You're right, my chart, "Checklist of Federal Tax Law Rules Applicable to Public Retirement Systems" covers only qualified plans, and (except for the last paragraph) discusses only the federal tax requirements applicable to such plans. There is a separate chart comparing 401(k), 403(B), and 457(B) plans, but it is not a comprehensive list of federal tax requirements and does not cover state law issues. Unfortunately, when I started working on state law requirements, and other types of plans, there was just too much material to put into one chart (which is partly why I ended up writing the book). However, if anyone has materials they would like to share on this, I'd be happy to give them Web space--just e-mail me at cvcalhoun@benefitsattorney.com.

[Guest STLGiant]

Thanks Carol!

I look forward to your anticipated updates...as time allows, and will forward you info I think you might want to consider for either the Board, your site or both.

Regards,

STLG