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Governmental Plans Answer Book, Fourth Edition by Cynthia L. Moore ,Keith Brainard National Association of State Retirement Administrators ,Carol V. Calhoun Venable LLP Governmental Plans Answer Book, Fourth Edition by Cynthia L. Moore ,Keith Brainard National Association of State Retirement Administrators ,Carol V. Calhoun Venable LLP

Governmental Plans Answer Book, Fifth Edition

By Carol V. Calhoun, Cynthia L. Moore, Keith Brainard
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Overview

Governmental Plans Answer Book, Fifth Edition, provides in-depth coverage of these complex plans, which must satisfy federal laws as well as pension, investment, and other laws of the applicable state or local governments. The authors analyze the most current developments in practice, as well as legislation, regulation, and law. Governmental Plans Answer Book, Fifth Edition, is the one resource that takes pension professionals step by step through all the aspects of plan administration and compliance in this demanding practice area.

Governmental Plans Answer Book, Fifth Edition, gives subscribers the most relevant, current, and practice-oriented answers to the daily issues faced by plan administrators, attorneys, actuaries, consultants, accountants, and other pension professionals as they navigate the requirements and procedures involved in administering their plans. The Fifth Edition examines significant changes and case law in this area and includes the following:

  • Major enactments affecting state and local governmental pension plans, including a table of issues summarizing the types of legislation (see What’s New).
  • The Supreme Court decision in Bostock v. Clayton County, holding that discrimination on the basis of sexual orientation or transgender status constitutes sex discrimination for purposes of Title VII of the Civil Rights Act of 1964
  • Proposed regulations under Internal Revenue Code section 4960, dealing with the excise taxes on excess compensation and excess parachute payments
  • Updated data on state and local governmental pension plans, including assets, number of members, composition of the plans’ boards of trustees, benefits and eligibility of general employees and teachers, defined benefit-defined contribution combination plans, and cash balance plans, accompanied by a table for each topic
  • Updated appendix on recent court decisions involving governmental plans (see Appendix C) with summaries of certain cases included in Chapter 2 and linked to Appendix C for easier access.
  • Deadlines announced or extended for adoption of pre-approved defined benefit, defined contribution, and 403(b) plans
  • Explanation of a public pension “stress test” (also known as risk assessment)
  • Proposed Department of Labor (DOL) regulations governing environmental, social and governance (ESG) investing
  • New DOL fiduciary regulations and proposed prohibited transaction class exemption
  • Description of changes to Bankruptcy Code Chapter 13 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020
  • Update to case law on whether the proceeds of a prepetition plan loan are property of the Bankruptcy Code Chapter 7 debtor’s bankruptcy estate
  • Updates to case law on whether plan loan repayments are excluded from the automatic stay
  • Discussion of the Sixth Circuit Court of Appeals’ recent opinion on voluntary post-petition contributions to a debtor’s 401(k) plan
  • Updates to case law on whether plan loans are dischargeable in Chapter 13 bankruptcies
  • Updates to case law on an employer’s participation in a multiple employer cost-sharing defined benefit governmental plan during bankruptcy

Previous Edition: Governmental Plans Answer Book, Fourth Edition ISBN 9781454886709

Note: Online subscriptions are for three-month periods.

Pages 1178
Last Updated 06/09/2021
Update Frequency Semi-annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781543830989
SKU 10085873-7777
Publish Frequency Semi-annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
SKU 000000000010073202
Table of Contents

1. Introduction to Governmental Plans

  • What Is a Governmental Plan?
  • Importance of Differences Between Governmental Plans and Private Plans

2. Structure of State and Local Governmental Plans

  • General Information About State and Local Governmental Plans
  • Creating Entity, Governing Law, and Individuals Covered
  • Entity That Administers the Plans
  • Assets in State and Local Governmental Retirement Plans
  • Types of Plans
  • Contributions to Fund State and Local Governmental Plans and Employer Pickups
  • Protections for the Plans and Their Participants
  • Other Issues
  • Special Types of Plans

3. Identifying the Employer

  • Reasons for Identifying the Employer
  • Definitions of Employer
  • Controlled Group Rules
  • Independent Contractors
  • Leased Employees

4. Obtaining Favorable Tax Status

  • Effect of Favorable Tax Status
  • Types of Favorable Tax Status
  • Requirements for Qualified Plan (Section 401(a)) Status
  • Requirements for Qualified Plan (Section 403(a)) Status
  • Requirements for Tax-Deferred Annuity or Custodial Account (Section 403(b)) Status
  • Requirements for Section 457(b) Status
  • Requirements for Excess Benefit Plan (Section 415(m)) Status
  • Requirements for Deemed IRA (Section 408(q)) Status
  • Pretax Employee Contributions
  • IRS Audit Activity
  • Correction Procedures

5. Reporting

  • Purpose of Reporting by State and Local Governmental Plans
  • Annual Statement of Member's Account
  • Other Ways in Which Retirement Systems Communicate with Plan Participants
  • Summary Plan Description
  • Annual Reports
  • Open Meetings Laws
  • Open Records Laws

6. Governmental Plan Funding

  • Federal Rules
  • Qualified (401(a)) Defined Benefit Plans
  • Typical State Rules

7. Investment of Plan Assets

  • Federal Fiduciary Requirements
  • State Fiduciary Requirements
  • Federal Prohibited Transaction Rules
  • Uniform Management of Public Employee Retirement Systems Act and Uniform Prudent Investor Act
  • Legal List Statutes
  • Social Investing
  • Other State Provisions: Exclusive Purpose Rule, No Diversion of Assets Rule, Anti-Conflict of Interest Statutes, and Codes of Ethics
  • Wholly Owned Investments and Investments in Non-Publicly Traded Equity Securities
  • Unrelated Business Income Tax Issues

8. Selecting a Service Provider

  • State Law Issues
  • ERISA Analogies
  • Practical Steps for Meeting Fiduciary Duties in Choosing a Service Provider
  • Breaches of Fiduciary Duty in Selecting a Service Provider
  • Modification of Procedures for Selecting a Service Provider
  • Fiduciary Duties After a Service Provider Is Selected

9. Remedies for Fiduciary Breach

  • Criminal Penalties
  • Civil Remedies
  • Avoiding Fiduciary Liability

10. Participation

  • Federal Participation Rules
  • State Participation Rules

11. Distributions

  • Common Forms of Distribution
  • FederalRestrictions on Distributions
  • Definition of Retirement
  • Taxation of Distributions
  • Rollovers and Plan-to-Plan Transfers

12. Beneficiary Designations

  • Making a Beneficiary Designation
  • Who May Make a Beneficiary Designation?
  • Charitable Gifts
  • Family Rights That Restrain a Beneficiary Designation
  • How Divorce Might Affect a Beneficiary Designation
  • Other Events That Might Affect a Beneficiary Designation
  • Disclaimers
  • Giving Advice About Making a Beneficiary Designation
  • Common Mistakes

13. Domestic Relations Orders

  • Reason for Retirement Plan Domestic Relations Order Provisions
  • Elements of a Domestic Relations Order
  • Elements of a Plan-Approved Domestic Relations Order
  • PADRO Distribution Before a Participant’s Severance
  • Survivor Benefits, Beneficiaries, and Loans
  • State Variations
  • Deciding Whether an Order Is a PADRO
  • Plan Administration Procedures
  • Tax Treatment of a Distribution Under a Deemed QDRO
  • Tax Treatment of an Ineligible Plan’s PADRO Distribution
  • Bankruptcy
  • Divorce Negotiation
  • Lawyer's Professional Conduct

14. Impact of Bankruptcy Law on Participant Interests in Governmental Plans

  • Bankruptcy Overview
  • Governmental Plan Concerns
  • Chapter 7 Considerations
  • Chapter 13 Considerations

Appendices:

  • Selected Characteristics of Public Retirement Systems
  • Public Fund Survey Summary
  • Retirement Eligibility Provisions
  • Retirement Factors
  • Composition of Public Retirement System Boards
  • Uniform Management of Public Employee Retirement Systems Act (1997)
  • Uniform Prudent Investor Act
  • Federal-State Reference Guide
  • Recent Court Decisions of Interest Involving Governmental Plans
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