Tenders are invited for qualified plan administrator to be responsible for enrollment and contribution investment, including, but not limited to, investment due diligence reporting, plan communications, and administration of its section 401(a) defined contribution plan and its section 457 deferred compensation plan
. the authority will require the plan administrator to administer both the plans and the products funding the plans.
According to the proposal, if a section 457 deferred compensation plan
met current requirements for inclusion in a government's fiduciary funds, it would be reported as an expendable trust fund in that government's financial statements.
An association also may not move Section 457 deferred compensation plan
assets into a 401(k) plan.
32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans
, rescinds the previous requirement that employers report the assets of IRC Section 457 deferred compensation plans
on their balance sheet, unless they are acting as a fiduciary for those assets.
For all Code Section 457 deferred compensation plans
maintained for government employees, a trust is required.
Until the mid-1980s, most governments did not report assets associated with IRC Section 457 deferred compensation plans
in their financial statements.
The project will cover all state and local government entities except defined benefit pension plans and Internal Revenue Code section 457 deferred compensation plans