Skip to main content

You are here

403(b) Oversight of Individual Annuity Contracts and Custodial Accounts

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.