truphao Posted November 16, 2023 Posted November 16, 2023 Which vendor is accomodating the prototype plan document services for municipal defined benefit plans?
Effen Posted November 16, 2023 Posted November 16, 2023 None that I am aware of. Also, I know in PA, plan documents are not even required so some municipalities just operate from ordinances. Plus, a lot of the ERISA rules do not apply to governmental plans, so be careful when trying to pound the round peg into the square hole. Luke Bailey 1 The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
truphao Posted November 16, 2023 Author Posted November 16, 2023 I am aware of non-applicability of ERISA. It is a good practice to have a plan document rather than operating by ordinances. I think FL is the same way as PA. Was hoping that some vendor offers those BPD and AA that are easy to manage.
david rigby Posted November 16, 2023 Posted November 16, 2023 1 hour ago, truphao said: I am aware of non-applicability of ERISA. To be precise, such "non-applicability" contains a pre-requisite. For example, IRC 411 (minimum vesting standards), see subsection (e)(1) for the governmental plan exemption. However, please keep reading: subsection (e)(2) includes the statement, "...if such plan meets the vesting requirements resulting from the application of sections 401(a)(4) and 401(a)(7) as in effect on September 1, 1974." Thus, ERISA exemption is conditioned on meeting pre-ERISA requirements. There are several other similar IRC sections. Luke Bailey 1 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
truphao Posted November 16, 2023 Author Posted November 16, 2023 David, totally agree. Do you know if anyone providing plan doc services for these type of plans?
Effen Posted November 16, 2023 Posted November 16, 2023 what State? The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
truphao Posted November 16, 2023 Author Posted November 16, 2023 multiple, looking for multi-state solution, OR, TX
Effen Posted November 16, 2023 Posted November 16, 2023 If you already have municipal plans in multiple states, why not just ask them who does their legal work? The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
truphao Posted November 16, 2023 Author Posted November 16, 2023 the existing arrangements will discontinue, special situation
Liz Hallam Posted November 17, 2023 Posted November 17, 2023 ASC offers pre-approved governmental defined benefit. Contact them directly. You may want to also reach out to the other mass submitters (e.g. Relius, FT William, Datair, Ascensus
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