News & Analysis as of

Benefit Plan Sponsors 401k Fee Disclosure

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

In Praise Of Fee Disclosure

People who didn’t sponsor a plan or weren’t involved in the retirement plan industry before 2012, think some 401(k) industry veterans like myself, are part of some multiverse when we talk about life before fee disclosure. The...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) Averages Book Shows More Fee Compression

Since 2012 with fee disclosure regulations, we have seen 401(k) fee compression and the latest 401(k) Averages Book shows that it’s continuing....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Focusing on fees, blinds you

For the past 9 1/2 years, fee disclosure has certainly helped you as a plan sponsor to finally understand the true cost of plan administration. That’s important because you have a fiduciary duty to only pay reasonable plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) fees are still sliding

The beauty of fee disclosure regulations and technological breakthroughs is that 401(k) fees have been sliding. Even 9 years after the promulgations of the fee disclosure regulations, it’s still sliding....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Well, it used to be worse

When I was younger, I was a pessimist. Everything to me, like a bad grade in Civil Procedure I was the end of the world and I realized eventually, that it wasn’t. I learned optimism is easier to manage than pessimism....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

TPAs need clear contracts

As an ERISA attorney, my retainer agreements are pretty straight and clear. Governed by the laws that govern attorney behavior, I have no choice. Yet, Third Party Administrators (TPAs) don’t have guidelines to live by. ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Participants more attentive thanks to fee disclosure

When fee disclosure regulations came into being by the Department of Labor (DOL) in 2012, so many detractors of it said it would cause plan sponsors to terminate their plans and there would be a race to zero in fees. The...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

ERISA litigators are always at the cutting edge

While every large 401(k) plan is a target for a class-action lawsuit over costs, I believe the years of litigation and fee disclosure regulations will exhaust the number of class-action lawsuits, as well as courts taking a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

There is nothing wrong with criticism

When I was at law school at American University Washington College of Law, I was the Executive Editor of The American Jurist, which was the student newsmagazine for my final year of law school. I wasn’t a particularly fond...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The eventual effect of COVID-19 on this business

When fee disclosure regulations were promulgated in 2012, you could see the changes a mile away. While some chicken littles thought the sky was falling, I knew it would lead to a more competitive marketplace and there would...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

MassMutual considering selling its retirement plan business

According to a report from Reuters, Massachusetts Mutual Life Insurance Company (MassMutual) is exploring a sale of its retirement services division, which has about $175 billion of assets under management and administration....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

There is room for everyone

When fee disclosure regulations were implemented, there were a few industry chicken littles that suggested that the disclosures would be a race to zero and only the cheapest providers would win out. History has proven that...more

Snell & Wilmer

2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on

As 2019 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered health and welfare...more

Poyner Spruill LLP

The End (of the Year) is Nigh - Time to Prepare

Poyner Spruill LLP on

Yet again, the end of the year is rapidly approaching! To avoid costly penalties that can arise from inadvertent errors in the year-end crush, plan sponsors should begin talking with their service providers now about what...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

A plan sponsor shouldn’t pay more than they need to

When I was 13 and I had my Bar Mitzvah, I plunked down about $2,000 in 1985 money for a state of the art Apple IIe with a monochrome monitor. One of the first pieces of software I bought was that top desktop publishing...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The profound change in the end was good

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Will ERISA litigators live long enough to become the villains?

Everyone knows I love movies and the memorable lines that come from them. I’ma a big fan of The Dark Knight and the line uttered by Aaron Eckhart as Harvey Dent: You either die a hero or you live long enough to see yourself...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) Litigation Overkill?

The landscape for the retirement plan business has radically changed since when I first started in 1998. Normal courses of business such as revenue sharing and non-transparency of fees were the order of the day. No one cared...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - July 2016

How Retirement Plan Providers Can Deal With The Fiduciary Rule Change. Adapt to this change. At its prime, Blockbuster Video had 9,000 stores and was actually bought by Viacom in 1994 for $8.4 billion. Then some...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - June 2016

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - November 2015

Empathy and Communication by a Retirement Plan Provider Goes A Long Way. It goes way far. They say that game theory is the study of strategic decision making. It is "the study of mathematical models of conflict and...more

McDermott Will & Emery

DOL Provides Greater Flexibility for Distribution of Annual Participant Fee Disclosure Effective Immediately

McDermott Will & Emery on

The U.S. Department of Labor (DOL) recently issued guidance providing defined contribution plan administrators with additional flexibility on the timing requirements for distribution of the required annual fee disclosure to...more

Sherman & Howard L.L.C.

DOL Provides Flexibility in Timing of Annual Participant Fee Disclosures for Retirement Plans That Provide for Participant...

On March 18, 2015, the Department of Labor (DOL) issued a direct final rule that revises the annual disclosure requirement in the participant-level fee disclosure regulations under ERISA Section 404(a). The guidance provides...more

Stinson - Benefits Notes Blog

DOL Gives Retirement Plan Sponsors of Participant Directed Retirement Plans Additional Time to Provide Employee Fee Disclosures

U.S. Department of Labor (DOL) regulations require 401(k) plan fiduciaries to provide plan participants with a detailed disclosure statement about the plan’s designated investment alternatives, prior to initial enrollment and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - December 2014

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

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