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Governmental Plans Answer Book, Third Edition

By Carol V. Calhoun , Cynthia L. Moore, Keith Brainard
Book - Looseleaf

Book - Looseleaf

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Governmental Plans Answer Book, Third 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. It is the one resource that takes you step by step through all the aspects of plan administration and compliance in this demanding practice area.

Governmental Plans Answer Book gives you the most relevant, current, and practice-oriented answers to the issues you face daily as you navigate the requirements and procedures involved in administering plans.

Last Updated 10/03/2016
Update Frequency Published annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781454886082
SKU 10045248-7777
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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