News & Analysis as of

Benefit Plan Sponsors

Ascensus is becoming a big time player

by Ary Rosenbaum on

The first job I had was working as an ERISA attorney for a small law firm that was affiliated with a third party administrator (TPA) called CBIZ Retirement Services, Inc. Let’s just say that CBIZ wasn’t much of a moneymaker,...more

Just tell them straight

by Ary Rosenbaum on

One of the big parts of my practice is assisting third party administrators (TPAs) who cant or don’t want afford an ERISA attorney on staff....more

A quick guide to asset protection for pension schemes

by Allen & Overy LLP on

What protection is available for pension scheme assets in the event of provider failure such as negligence, fraud or insolvency, or the failure of the other parties involved in an investment? This question is particularly...more

Pensions Round-Up - May 2017 (UK)

by DLA Piper on

Welcome to the latest edition of DLA Piper’s monthly newsletter – Pensions Round-Up – in which we provide an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at key...more

Don’t gyp employees on retirement plans

by Ary Rosenbaum on

As I’ve stated before, I wouldn’t hire employees because I was an employee once too. That pretty much means that I never met an employee whoever thought they were overpaid. For that matter, I never met an employer who thought...more

Welcoming the New Client

by Ary Rosenbaum on

As you know, I’ve been a member of a few Synagogues because I’m a wandering Jew and the thing I’ve noticed is the usual coldness I’d get when joining. Aside from the last synagogue I joined last year (hopefully, the last one...more

403(b) Pre-Approved Retirement Plans List

by Bryan Cave on

We’ve recently updated the list of 403(b) pre-approved retirement plans that have received an IRS favorable opinion or advisory letter. A favorable opinion or advisory letter for a 403(b) pre-approved plan means that the IRS...more

ERISA: New Questions for Church-Affiliated Organizations After The Supreme Court Expands ERISA Church-Plan Exemption

On June 5, 2017, the U.S. Supreme Court expanded the scope of ERISA’s church-plan exemption in the case of Advocate Health Care Network v. Stapleton, — S. Ct. –, 2017 WL 2407476 (2017). The unanimous decision adopted a broad...more

Communication is key when dealing with your client

by Ary Rosenbaum on

I have been an ERISA attorney for almost 19 years now and it’s gone by pretty quickly. I have worked for a few ERISA attorneys and have seen quite a few out there giving speeches around here and there....more

Employers, Be Aware of - but Don’t Worry about - the Fiduciary Rule’s June 9 Deadline

by Miles & Stockbridge P.C. on

If you’ve had better things to do, you might only be vaguely aware that the new fiduciary rule becomes effective on June 9, 2017. We’ve written about this before (here and here), but a quick refresher might be helpful as the...more

The Thing about Payroll Provider TPAs

by Ary Rosenbaum on

Last week, I published on JDSupra.com my annual article regarding payroll provider third party administration (TPAs) firms and my recommendation that using them is a bad mistake....more

Supreme Court Rules That Church-Affiliated Hospitals Fall Within ERISA’s Church Plan Exemption

On June 5, a unanimous US Supreme Court reversed decisions of the US Courts of Appeal for the Third, Seventh, and Ninth Circuits, holding that a church-affiliated organization that establishes an employee benefits plan falls...more

Let Former Employees Roll Their Money Out

by Ary Rosenbaum on

One of the rules I live by is that I believe that you should never let someone who dislikes you be in a position where they can hurt you. Let’s just say that I worked for someone who should have taken that advice. That is why...more

Documentation Relief For Hardship Distributions

by Fisher Phillips on

Retirement plans are permitted, but not required, to provide in-service distributions of elective deferrals to participants if they can show financial hardship, which is defined as a hardship that is “deemed to be on account...more

Supreme Court clarifies definition of ‘church plan’ under ERISA

by Thompson Coburn LLP on

The Supreme Court on June 5, 2017, unanimously held that a benefits plan administered by an entity that is associated with a church and has as its principal purpose the administration or funding of that plan is a “church...more

When trust is gone, turn out the lights

by Ary Rosenbaum on

I’ve gone back into collecting sports cards because I need hobbies these days since I’m no longer involved in my synagogue and one of the interesting things I’ve discovered are something called card breaks. A sports card...more

Church-Affiliated Employers Get Win As SCOTUS Clarifies ERISA Exemption

by Fisher Phillips on

In a unanimous 8-0 decision published today, the U.S. Supreme Court (SCOTUS) ruled that employee benefit plans sponsored by church-affiliated organizations will qualify for the “church plan” exemption under the Employee...more

The Rosenbaum Law Firm Review - May 2017

by Ary Rosenbaum on

Using Your Payroll Provider As Your 401(k) TPA Is A Big Mistake. It's an absolute mistake. Like beating a dead horse, I will again say that it is a bad idea for plan sponsors to hire their payroll provider as their...more

Don’t Chisel Other Plan Providers

by Ary Rosenbaum on

I sell some stuff on EBay. Basically I’m selling collectibles I no longer want for collectibles I do want (vintage graded sports cards). I set a starting bid and a buy it now price and occasionally I’ll get the EBay member...more

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

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