BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status
With Thanksgiving done, we look to the holidays and the New Year. While many of us are busy shopping for loved ones, many businesses and individuals have their eye geared to- wards next year. As a retirement plan sponsor, you...more
In This Issue:
- Pearls of "Wisdom" for 401(k) Plan Providers.
- Bells and whistles not being used is worse than having no bells and whistles.
- The Fallout from Fee Disclosure continues.
- As a 401(k)...more
Most professionals who work in the 401(k) arena would agree that managed accounts are, on balance, a favorable development for 401(k) plan participants. However, such accounts are, in many ways, still in their infancy,...more
I am no genius and I’m sure all of you will agree. I have only been success- ful as an ERISA attorney because of my ambition and an uncanny ability to connect with my audience even though I’m still that shy kid from Canarsie,...more
In This Issue:
- Stuff That Prospective 401(k) Plan Providers Tell You That's True.
- An Employer's "Recipe" for having a Great Retirement Plan.
- Why An Employer Can And Should Set Up A Retirement Plan...more
When 401(k) retirement plan providers are courting you, your instinct when listen- ing to the sales pitch is that the provider is telling you only what they want you to hear. However, a good chunk of the time, they aren’t...more
ERISA litigators need to eat and once they exhausted much of the fee litigation prior to the implementation of fee disclosure, they needed something else to sink their teeth in. Then we got cases regarding using the wrong...more
In This Issue:
- How A Plan Provider Can Lose Clients in 7 Easy Ways
- Being a long term Plan Provider can be a bad thing too
- Advisors should help grow Client's assets
- Be accountable as a Plan...more
The percentage of workers who participate in a retirement plan increased in 2013 for the first time since 2010, according to a report by the nonpartisan Employee Benefit Research Institute.
Participation rose to 40.8...more
Dumb Mistakes that 401(k) Financial Advisors Should Avoid -
Stuff to think about.
We all make mistakes, well except my mother. There are mistakes we make that we think are pretty good in hindsight, but end up...more
When we were children, our mothers told us stories that we believed to be true because we always believed what our parents were telling us was the truth. Part of growing up is realizing that a good chunk of what your mom told...more
Regardless of the business you’re in, one of the worst thing you can do in being the decision maker for your retirement plan is that you know better than most retirement plan professionals.
No plan sponsor likes to get...more
You Might Have a Problem With Your Retirement Plan When....
Things to look for.
There are so many situations when you know you have a problem like when you forget to shut off the stove before you left home or when...more
“For Want of a Nail” is a proverbial rhyme that shows that the smallest of action can have huge consequences later down the line, just like a snowball effect “For want of a nail the shoe was lost. For want of a shoe the horse...more
I would say that if that if you ask a retirement plan expert for their opinion, 3,000 experts will yield 5,000 opinions. It’s great to be opinionated, but for the plan sponsor, it can be a bit confusing....more
Dealing with adversity.
It's about how you deal with it.
I'm a huge Aerosmith fan since high school and it's because the music resonates with me because it reminds me of the experiences that I have gone through...more
401(k) participants face the risk of outliving retirement assets. However, earlier this month, the Internal Revenue Service and the Treasury Department issued final regulations that make it easier for 401(k) plans, individual...more
When I was a child, I remember bringing the soundtrack to Saturday Night Fever for my first grade class’ Chanukah party (I went to a Jewish day school). To this day, I still don’t how to operate a record player. Around the...more
The Pension Benefit Guaranty Corporation (PBGC) recently issued a proposed regulation designed to encourage participants in defined contribution plans (e.g., 401(k) plans) to roll over their account balances to their...more
I stick to what I know, so I venture very little outside the retirement plan space. I do that because I believe it is less likely to cause trouble. The two largest payroll providers don’t follow that philosophy -- they are...more
If they made the poor Plan decisions, they may take offense on your criticism.
They will take offense.
Two years ago, I had the worst call with a prospective client in the 14 years I have been an ERISA attorney...more
10 years before I went on my own and started my own practice, I started The Rosenbaum Law Firm P.C. It was a side venture, kind of an attempt to see if I can start my own practice without actually having to leave my day job....more
Two years ago, I had the worst call with a prospective client in the 14 years I have been an ERISA attorney.
Without divulging any information about this prospective client, this 401(k) plan sponsor was like many...more
In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan...more
Do you have it?
It will determine whether you'll be a big hit or not.
When it comes to being a retirement plan provider and selling your services, you have to have it. Those who have it, succeed. Those who don't,...more
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