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The Fourth Edition of Carol Calhoun’s book, the Governmental Plans Answer Book (Wolters Kluwer), came out on Thursday, October 19, 2017. The book provides in-depth coverage of these complex plans, which must satisfy federal laws as well as pension, investment, and other laws of the applicable state or local governments.

The Fourth Edition examines significant changes and case law in this area, including:
  • Department of Labor regulations that define who is a fiduciary as a result of rendering investment advice to a plan or to its participants or beneficiaries.
  • Elimination of the ability to obtain IRS determination letters on individually designed plans, except on their inception or termination.
  • Recent legislative developments affecting governmental plans.
  • New and updated information regarding public pension financial reporting and communications practices.
  • Expanded and updated descriptions of hybrid retirement plans provided for employees of state and local government.
  • A review of a Supreme Court case that held a Chapter 7 trustee could not contest the validity of a claimed exemption after the objection deadline expired.
  • Expanded discussion of pre-approved plans.
  • Issuance of IRS opinion and advisory letters on pre-approved 403(b) plans.