Advisory Committee on Tax Exempt and Government Entities (ACT ...

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PROTECTING PLAN BENEFITS:IMPROVING GOVERNMENTAL DEFINED CONTRIBUTION PLAN COMPLIANCEIX.Enhance the Employee Plans Compliance Resolution System (EPCRS).....................................25Develop Educational Tools tailored to Governmental Plans..........................................................25Multiple Plan Administration Guide ................................................................................................26Governmental Plan Q & A Publication...........................................................................................26Additional Publications...................................................................................................................26Build on Initiatives to Partner with Governmental Plan Sponsors and Practitioners .....................26Conclusion.......................................................................................................... 27Appendix A – Data Sources Appendix B – Benefits Link Survey Appendix C – NAGDCA Listserv Message Appendix D – Acknowledgments Appendix E – History of Pre-Approved Plans Appendix F – NAGDCA Communicator Article ADVISORY COMMITTEE ON TAX EXEMPT AND GOVERNMENT ENTITIES (ACT) June 11, 2008 iv
PROTECTING PLAN BENEFITS:IMPROVING GOVERNMENTAL DEFINED CONTRIBUTION PLAN COMPLIANCEI. Executive SummaryGovernment employees serve the public in many ways. They are public safetyprofessionals, highway engineers, clerical professionals, teachers, managers andarmed services personnel. Regardless of occupation, however, public employees arepassionate about employee benefits. This passion extends to their employer-sponsoreddefined contribution plans.Thanks to favorable legislation, initiatives undertaken by the IRS and other regulatorsand increasingly professional management, governmental employers now offer definedcontribution plans that are better than ever in terms of cost, quality and soundness ofoperations. By building on steps it has already taken to improve service, the IRS canhelp public sector employers take their retirement plans to the next level in terms ofbenefits, compliance and security.The objective of this report is to advance the interests of governmental retirement plansand their participants by developing recommendations that will ultimately help planssponsors achieve their compliance objectives and thus protect employees’ planbenefits. The report includes information pertaining to Federal government retirementplans and State and local defined benefit plans. However, the primary focus is InternalRevenue Code Section 401(a), 401(k), 403(b) and 457(b) plans offered by the nation’s79,000 State and local governments, 560 Federally-recognized Indian TribalGovernments, 16,000 public educational employers and 1,100 public healthcareinstitutions 1 .JustificationThe ACT believes these recommendations are well-justified and timely considering thefollowing:• Increased complexity in the governmental plan market place• An expected increase in IRS governmental plan audit and examination activity• Increased utilization of defined contribution plans by governmental employers• History of governmental plans being underserved in terms of education, outreachand toolsAs previewed to the IRS executive team in June 2007, the recommendations focusprimarily on the potential establishment of a Pre-Approved Plan Program forgovernmental plans, tools and initiatives aimed at facilitating compliance across 401(k),401(a), 457(b) and 403(b) plans and general discussion of governmental compliancechallenges, gaps and solutions.1 State of the 403(b) and 457 Marketplace, Challenges and Opportunities, Cerruli Associates, 2007ADVISORY COMMITTEE ON TAX EXEMPT AND GOVERNMENT ENTITIES (ACT) June 11, 2008 1
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