Nurturing The Nest Egg: School districts get new federal duties in overseeing workers' 403(b) supplemental retirement accounts
Source: Michele McNeil, Education Week, September 29, 2008
Seemingly arcane new federal rules about supplemental retirement plans have sparked a seismic shift in responsibility for school districts, thrusting them into the retirement business with new oversight--and burdens--involving their employees' 403(b) accounts.
Once merely paper-pushers between their employees and investment choices, district business officials must now vet and pick the investment firms that offer such plans, craft a highly technical document governing the 403(b) accounts, and assume responsibility for making sure employees seeking hardship withdrawals or loans from their accounts are following the rules.