Specifications include, but are not limited to:
A. Establishing LOSA Program
Assistance with initial startup and operation of the LOSA Program to include the following:
1. Establishing the plan in compliance with Internal Revenue Service Guidelines. This includes obtaining favorable ruling from the IRS establishing the plan.
2. Setting up the program to accept contributions from all funding sources (1. funding with contributions from the individual towns and, (2. contributions from the State of Maine and reporting contributions into each individual subaccount.
3. Assistance working with individual Fire Chiefs to verify participants attendance at Meetings, Trainings and Fire Calls to determine service credit.
4. Notification to participants that the Plan is in operation and available to accept contributions on participants behalf.
5. Certification that the proposed program design and investment products meet all applicable state and federal regulations including section 457 of the internal revenue code, security and exchange commission regulations and state and federal insurance laws and regulations.
B. Third Party Administration Services
Bundled third party administration (TPA) services (i.e., record-keeping/administration, communication/education) for State of Maine LOSAP Deferred Compensation Plan. In addition to providing administrative services, the TPA will be responsible for maintaining compliance with IRS qualification requirements, and establishing and maintaining a financial education/communication program. There are currently no Plan documents and other supporting information as we are in the initial stages of implementing this program.