News & Analysis as of

Benefit Plan Sponsors

The profound change in the end was good

by Ary Rosenbaum on

If you go and read through the marketplace news on 401khelpcenter.com, you see something recurring that was unfathomable 10-15 years ago,. You have an insurance company offering an open architecture platform....more

Legal Costs Don’t Have To Be Staggering

by Ary Rosenbaum on

The cost of correcting plan errors can be expensive. It can be expensive through corrective contributions and it certainly can be expensive through legal costs....more

The Time is Right to Contact Recordkeepers About Hardship Substantiation

If your 401(k) plan recordkeeper has not talked to your company lately about hardship distributions, it may be time to reach out to the recordkeeper. The short story is that the IRS recently issued an internal memorandum...more

What Phyllis Borzi got wrong

by Ary Rosenbaum on

It’s been about 4 months since Phyllis Borzi left her position as the head of the Employee Benefit Security Administration (EBSA) and as time passes by, we can certainly opine on her accomplishments in that position. Of...more

New IRS Guidance Allows Plan Sponsors to Use Forfeitures for Safe Harbor Contributions, QNECs and QMACs

by McDermott Will & Emery on

Earlier this year, the IRS released proposed regulations which permit employers to use forfeitures to fund safe harbor contributions, QNECs and QMACs. ...more

ACA Brief: Path to Repeal - House Resuscitates the AHCA

This ACA Brief is the fifth in a series of installments that will closely track congressional and administrative actions relating to ACA provisions that affect large employer-sponsored plans. On May 4, 2017, the US House...more

Canadian Court Dismisses ERISA “Controlled Group” Claim

by Latham & Watkins LLP on

Decision creates a substantial barrier to controlled group claims in Canada, may provide a template for other jurisdictions. Key Points: ..ERISA controlled group liability is joint and several for all members of a pension...more

The Rosenbaum Law Firm Review - April 2017

by Ary Rosenbaum on

The Wrong Reasons For Hiring 401(k) Plan Providers - Some really bad reasons that plan sponsors use in hiring plan providers. Selecting a retirement plan provider can be a lot like dating in the sense that plan...more

Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed

A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans....more

SEC Guidance Signals Approval for “Unbundled” Pricing for Mutual Funds

by Franczek Radelet P.C. on

A recent ruling by the Securities and Exchange Commission (SEC) indicates approval for mutual funds to be sold without servicing costs already built into the cost of the fund. In other words, the SEC ruling states that...more

Make Sure The Service You Offer Is More Than Just A Gimmick

by Ary Rosenbaum on

A few years back, a good friend of mine who is an ERISA §3(38) fiduciary won a case from a disgruntled broker who claimed that all 3(38) services was just marketing. A 3(38) fiduciary that does a competent job and assumes...more

Administrative Check-Up on Participant Plan Loans

by Poyner Spruill LLP on

The IRS just issued a memo to its auditors approving two different methods for calculating the statutory limitation on available loan amounts when a participant takes a new loan within 12 months of having paid off another...more

District Court Dismisses Allegations That Stable Value Fund is Too Conservative

A district court in Rhode Island dismissed claims by participants in the CVS Employee Stock Ownership Plan that plan fiduciaries imprudently invested plan assets in the plan’s stable value fund...more

Revenue sharing costs money

by Ary Rosenbaum on

I guess my comments regarding revenue sharing is a bit sarcastic, but I think accurate. While revenue sharing payments from mutual funds to TPA to help defray the costs of administration of a plan sponsor’s plan is legal, it...more

Company Liable for Not Providing Accurate Information about Benefits

by Dickinson Wright on

A recent court case, Erwood vs Life Insurance Company of North America, is a reminder that plan sponsors must understand the terms of their welfare and retirement benefit plans, and ensure that their staff follows the...more

Advisors Should Care About Plan Design

by Ary Rosenbaum on

In sports and in business, you are only as good as the team that you are on. I have been on some good teams and not so good teams, so I know that sometimes I was only as good as an ERISA attorney if my fellow employees were...more

Plan Design And Tax Deductions

by Ary Rosenbaum on

If you’re a retirement plan sponsor, why should you care about plan design? Retirement plan design is one of the most underappreciated facets of the retirement plan business and it really should be appreciated. The reason why...more

Get your clients over the fear of ERISA attorneys

by Ary Rosenbaum on

People hate dentists. I get it, having gone years at times without getting a checkup. Since I take care of my teeth, cavities weren’t a problem. I just hated the whole scaling process and the x-rays where I was gagging by...more

How to Avoid Costly Beneficiary Designation Litigation – Helpful Hints for All Benefit Plans

by Foley & Lardner LLP on

When administering an employee benefits plan, it is critically important to provide clear and specific instructions as to how a participant can designate a beneficiary. A recent federal district court opinion in Florida...more

Puerto Rico Legislation May Require Changes to Retirement Plans

by McDermott Will & Emery on

Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement...more

DOL Issues 60-Day Delay on Fiduciary Advice Rule and Exemptions

On April 4, the US Department of Labor (DOL) pushed the applicability date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule") from April 10 to June 9, 2017. The full text of...more

What Retirement Plan Sponsors and Employers Need to Know About Cybersecurity Risk and Liabilities

by Winstead PC on

Many employers historically were only concerned with privacy and security for health plans under the Health Insurance Portability and Accountability Act (HIPAA)1 and state laws; however, there are other references to...more

The Final Rule: Delayed But (Perhaps) Not Denied

On April 4, 2017, the Department of Labor released its final rule postponing the applicability date of its new “investment advice” fiduciary definition and related exemptions. This extension, which was published in the April...more

Oracle’s 401(k) and what doesn’t look right

by Ary Rosenbaum on

A district court judge has ruled that Oracle will in have to defend itself regarding its 401(k) Plan. Plaintiffs allege the Oracle Corporation 401(k) Savings and Investment Plan “caused participants to pay recordkeeping...more

You Can Lead A Plan Sponsor To Huge Retirement Savings, But……

by Ary Rosenbaum on

One thing I will always remember working as an ERISA attorney for third party administrators (TPAs) is when a plan sponsor would tell us that they wanted the maximum savings for retirement and when we came back up with a...more

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