Who insures/regulates the Plan?

[Guest Ford]

I get the impression from speaking to my plan administrator and from reading my plan documents (a 457(B) for state employees) that not much if anything exists in the way of federal regulatory oversight or assurance.

That is, I see nothing akin to FDIC deposit insurance, but I do see a disclaimer statement that SEC registration is not required, and some generally confusing language about what comprises the formerly 'guaranteed' fund and what it is that the 'guarantee' covers and/or means now that they changed it to a 'stable value' fund.

Is this the way it is across the country or is ours different? Does any one particular federal agency have jurisdiction and/or watch these plans?

Thanks in advance.

--Ford

[mbozek]

There is no federal regulation of public employee retirement plans because Congress exempted public plans from regulation under ERISA. IRS does not have jurisdiction over employee rights to benefits under a retirement plan.

[Guest Ford]

Thanks. That helps explain why the plan documents have been so poorly written. Yikes!

--Ford

[smm]

The lack of federal oversight is not necessarily related to how well a document is written. I have reviewed many ERISA documents that leave a lot to be desired. Good luck!