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457B Roth Launch Is At A Impasse!


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#1 sschullo

sschullo
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Posted 25 August 2015 - 07:51 AM

For benefit administrators:

 

Those of you who have launched a 457(b), 401k or 403b Roth or are planning to offer a Roth to your employees: here is our situation at Los Angeles Unified School District:

 

Our advisory committee voted unanimously to implement the 457(b) Roth over a year ago, April, 2014. The CFO approved. But payroll has been stonewalling ever since. At last week's meeting they said that they MIGHT be able to launch it by January, 2017. Yes, that's 2017 and they were clear, "unless other priorities come along." So they couldn't commit to that date either. Most of the committee members were not happy!

 

The chair of our committee, benefits administration and the CFO now appear to be neutral. They don't oppose it but they have done little to make this wonderful addition a reality. 

 

Here is our payroll system: http://notebook.laus...MENT REPORT.PDF

 

1. Does anybody have the BTS system?
2. How long and at what price did it take to implement a 457b Roth, 401k Roth or a 403b Roth in the BTS or other systems?
3. Did you need to hire experts to help you? If so, at what price?

 

We are looking into any opportunity to get payroll the help and expertise they need.

 

Thanks in advance,


Steve Schullo

Author and Co-Author of two books:

1. Late Bloomer Millionaires: A Financial Story and Investment Guide for the Late Starter (2013)

2. Fighting Powerful Interests: Educators Challenge Tax-sheltered Annuities and WIN! (2015)