Bill Leitner: 457(b) Plans and Texas Public Plan Coalition

Be More Than A Fiduciary

Bill Leitner is the Vice President of ISC Group, an independent firm that has helped clients navigate the complexities of the financial world since 1987. ISC Group, Inc. is affiliated with and Securities offered through Institutional Securities Corporation (ISC), Member FINRA/SIPC. Bill is a registered representative of ISC.

In this episode, Eric and Bill discuss:

• Similarities and differences between 401(k) and 457(b) plans
• State-by-state legal considerations
• The crucial role of learning and networking
• The benefits of 457(b) retirement plans

Key Takeaways:

• Governmental 457(b) plans and more familiar options such as 401k's and 403b's share similar operational features, deferral limits, tax advantages, and investment options for participants. The most significant differentiator is that, unlike 401Ks, 457(b) plans can tailor specific benefits, like signing bonuses with vesting schedules, to certain employee types without the requirement to extend these to everybody within the organization.
• Depending on which state the organization exists, there are some legal considerations surrounding automatic enrollment in 457(b) plans, which would require you to navigate state-specific statutes and ERISA guidelines. Governmental benefit professionals face the daunting task of vendor procurement—often entangled with complex legal requirements and the intricacies of managing multiple providers.
• Learning and networking play crucial roles in navigating retirement plan options. The Texas Public Plan coalition's inaugural conference is a shining example of opportunities available for HR and financial professionals where they could make use of expertise sharing, planning, and networking opportunities.
• 457(b) retirement plans are the unsung heroes for governmental organizations, offering flexibility and a catered approach to employee benefits. Plan sponsors looking to design a feature-rich, flexible retirement plan would do well to consider the lesser-known advantages of 457(b) plans while keeping a recording of the educational resources and communities available to navigate their complexities.

“When you give somebody too much choice - either you get paralysis by analysis and nobody takes advantage of the plan or they just pick the flashiness.” - Bill Leitner

Connect with Bill Leitner:

Website: https://www.iscgroup.com/

LinkedIn: https://www.linkedin.com/in/bill-leitner-5b36628/

Texas Public Plan Coalition:

Website: https://txppc.org/

LinkedIn: https://www.linkedin.com/company/txppc/posts/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.