non-specific trustees?

[AlbanyConsultant]

I'm taking over a governmental 401(k) plan where the former TPA was a bank who also served as trustee. Now they need a new trustee, and they want the document to read that the "Board of Commissioners" is the trustee. Is that specific enough? Especially as it would related to information on the SPD an an SS-4 application (well, I know it's not specific enough for that!). Thx.

[Peter Gulia]

Before evaluating who must, may, or may not serve as a trustee, it might be smart to evaluate whether the employer is authorized to maintain the plan.

A political subdivision (such as a municipality) or agency of a State has only the power that State law provides for it. Read the New York (or other State's) statute that authorizes this employer (perhaps by the class it belongs to) to maintain this plan.

If you find the statute, it might include information that could say (or at least help one discern) who must, may, or may not serve as a trustee.

If you don't find an enabling statute, there might be bigger problems because the "plan" might be beyond this governmental employer's powers.

As always, get your lawyers' advice.

If instead of 401(k) this is about an IRC 457(b) eligible deferred compensation plan of a New York local government employer, I can help point you to relevant provisions in the New York statute and implementing regulations (I've worked with these many times over the past 27 years.).

[AlbanyConsultant]

It's a Vermont entity, and they say this all checks out.