In 1996, the IRS said that regardless of what you do, you have the responsibility. Not a single jurisdiction has been doing this correctly.
Participants are free to invest in annuities, variable annuities or with mutual fund companies.
Dozens of consulting firms aid districts in IRS compliance issues, but B.O.D. is one of the few that also weeds out weak, high fee-plans. Fueling the compliance problem is the hands-off approach taken by districts in providing guidance to their employees. Based on compensation, years of service, and previous contributions, calculating the MEA can be a tricky endeavor. It's enough to give even the best math teachers fits. Moreover, ten employees took advantage of the catch-up provision who were ineligible to do so.