Governing agency over 457 plans

[Guest greymann]

Where can complaints about 457 plan administration be addressed? Specifically, a friend of mine participates in a 457 plan, and they are trying to get information on an unregistered annuity option in the 457 plan. The city plan sponsor is not providing any information regarding this investment option, and my friend would like to put some pressure on the sponsor to cooperate. I called the

state department of labor and they incorrectly told me to check with the US department of labor. Does anyone know which government agency (I am assuming state) has oversight over 457s? Thanks in advance.

[Guest jamesfdavis]

I notice you're in California. PERS might be able to direct you to the right agency, even if your friend is not in a PERS plan.

[Guest greymann]

Thanks. The California PERS group has a division that oversees state 457 plans.

[Guest jope terry]

is there a federal agency to monitor 457 plan. my funds were incorrectly invested and i need to write a letter of complaint

[Guest Ralph Amadio]

California Assembly Bill 2764 was passed effective Jan. 1, 1999, providing that 457 and 401(a) plans that are self-directed must comply with the terms of SBJPA and also, if self-directed, may choose to lay off fiduciary responsibility by providing proper education, etc. similar to ERISA 404© from which governmental plans were exempt. The "pension trust" requirements, which 457's are deemed to be, of exclusive benefit trusts in California are the responsibility of the State Controller