The California Public Agencies Self-Directed Tax-Advantaged Retirement Systems (STARS) are two trusts formed in September 2009 by California public agencies for the exclusive use of local government agencies for their employees. The trusts were formed by agencies signing the original formation documents for the 401(a) and 457(b) plans. The trusts are administered by a Board of local government representatives.
Agencies can participate in the STARS program either as ‘Member’ agencies or as ‘Associate’ agencies which elect not to engage in the governance of the Plans. Joinder agreements for the 401 and 457 plans are for each agency to specify the exact terms of its plan.
The Board selected two business partners who are committed to helping participants achieve their retirement objectives and transparency.
The Board of Trustees approved a services agreement with MassMutual to be the administrator and record-keeper of the 401(a) and 457(b) programs. MassMutual has also been engaged by the two STARS Board of Trustees to serve as discretionary trustee, selecting and monitoring top-performing funds for the plans.
SageView Advisory Group (SageView) is the advisory firm for the trusts. SageView serves the participants by providing education and individual retirement assistance. SageView also serves the Board of Trustees in performing their oversight role to help ensure the plans are operating in the best interest of local government employees.
For more information about STARS, or to become a member, visit their website by clicking here or contact: