Information Sharing Agreements

[austin3515]

Who is responsible for "drafting" these documewnts? We are under the impression that it is the fund company who would sign the documents with the employer. But please respond as though I don't know what I'm talking about, because I kind of don't...

[J Simmons]

Who is responsible for "drafting" these documewnts? We are under the impression that it is the fund company who would sign the documents with the employer. But please respond as though I don't know what I'm talking about, because I kind of don't...

Hey, Austin,

The ISA is between the PA for the 403b (usually the ER) and the financial institutions where the investments are held in 403b accounts. The PA can have a model ISA that it proposes to the various financial institutions, if there is more than one. Most financial institutions have a model ISA that they prefer. The ERs that I have advised that deal with more than one financial institution have generally insisted that the ER's/PA's ISA model be used and refused the financial institution's proposed ISAs. The ER's/PA's did this out of a need for uniformity in operating their 403b plans. Those that took this stance found that each investment house that accepted the "invitation" under section 8.01 of Rev. Proc. 2007-71 to be part of the ER's 403b plan eventually accepted and signed the model ISA proposed by the ER.