Regulatory agency for governmental and non-governmental 457(b) plans.

[joel]

What federal agency has regulatory authority over section 457(b) plans of government and non-government employers?

Thanks,

Joel L. Frank

[david rigby]

457 is a section of the Internal Revenue Code.

IRS

[mbozek]

While there have been proposals to regulate public retirement plans with legislation similar to ERISA there has never been any interest in enacting such legislation given the anti-regulatory environment in DC. 457 plans are regulated by state retirement plan legislation where such legislation has been enacted. It is also possible that fed regulation of state retirement plans may exceed consitutional authority since the states do not operate in interstate commerce and the 11th amendment prevents law suits by employees in fed ct.

[joel]

Thank you. What about 457(b) plans of non-governmental tax-exempt entities?

[mbozek]

ERISA Section 502 provides for filing of suits for benefits and 503 provides for filing of claims. Otherwise top hat plans are exempt from regulation under ERISA and state laws are preempted.