rlb64 Posted February 18, 2011 Posted February 18, 2011 Are tax-exempt 457(b) plans subject to the ERISA bond requirement?
John Feldt ERPA CPC QPA Posted February 22, 2011 Posted February 22, 2011 No. They are exempt from ERISA.
mbozek Posted February 23, 2011 Posted February 23, 2011 No. They are exempt from ERISA. That is not correct. ERISA exempts non profit 457 plans from the vesting, funding, eligibility and the fiduciary (including bonding) requirements of Parts 2,3, and 4 of Title I. They are exempt from the annual reporting and disclosure requirements of Part 1 such as 5500 and SPD if a notice is filed with the EBSA within 120 days of the date the plan was established. Otherwise the R and D requirements must be complied with. However, a NP 457 plan is not exempt from Part 5 of Title I of ERISA and is subject to the claims provisions/preemption since it is a pension plan established to provide benefits after termination of employment under Section 3(2) of ERISA. mjb
John Feldt ERPA CPC QPA Posted February 23, 2011 Posted February 23, 2011 Yep, sorry - mostly exempt from ERISA - specific to the OP they are exempt from the bond requirements of ERISA.
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