The National Association of Government Defined Contribution Administrators (NAGDCA) announced the availability of its new “Governance Best Practices Guide.”
The association, who provides educational resources for plan administrators and service providers of government-sponsored DC retirement plans, created the guide for plans exempt from ERISA regulations. NAGDCA members include 270 plan sponsors representing 15,000 governments in 49 states.
Public sector DC plans, unlike private sector DC plans, are exempt from ERISA rules. While many public sector DC plans voluntarily follow ERISA standards, state-based governance requires adherence to state-specific guidelines and nuances, which vary across jurisdictions, the NAGDCA explains.
“As ever, NAGDCA’s goal is to provide public sector DC plan sponsors with the information and tools necessary to provide the greatest benefit for their participants. To this end, this comprehensive Guide was designed to help public plan sponsors optimally manage their plans according to sound fiduciary principles, and in compliance with pertinent sections of the Internal Revenue Code and other applicable requirements. While the guidance provided aligns with general fiduciary principles, it’s essential that individual plan sponsors know their state’s specific regulations to ensure complete compliance,” stated Matt Petersen, NAGDCA executive director.
National Association of Government Defined Contribution Administrators’s “Governance Best Practices Guide” includes points focused on:
- Who Is a Public Sector DC Plan Fiduciary?
- Board and Committees
- Outside Expertise
- Plan Design
- Administrative Policies and Procedures
Its “Quick Guide” provides links to topics within the following areas:
- Governance and Fiduciary Oversight
- Education and Training
- Participant Communication and Education
- Administrative and Financial Management
- Record Retention and Compliance
“We extend hearty thanks to the NAGDCA public sector sponsor and services provider members comprising the Governance Guide Task Force who created this Guide. We are grateful for their valuable contributions and commitment to advancing the public sector DC industry,” Matt concluded.
National Association of Government Defined Contribution Administrators’s “Governance Best Practices Guide” may be accessed here. Additionally, NAGDCA plan members are able to access all of NAGDCA’s educational resources.
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