Q: Is the plan sponsor in a non-ERISA (public education) 403(b) plan responsible for oversight of individual annuity contracts and individual custodial accounts?
A: Yes, in terms of compliance with the 403(b) final regulations; and it depends on whether state statute in that state applies any fiduciary responsibility for the plan in terms of investment oversight. State statutes would need to be carefully researched to answer the question of fiduciary responsibility for those 403(b) assets.
A: Yes, in terms of compliance with the 403(b) final regulations; and it depends on whether state statute in that state applies any fiduciary responsibility for the plan in terms of investment oversight. State statutes would need to be carefully researched to answer the question of fiduciary responsibility for those 403(b) assets.
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