News & Analysis as of

Benefit Plan Sponsors 401k Third Party Administrators

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Yes, I support TPAs

When I was at law school, I was the editor-in-chief of the law school’s newsmagazine. My rise to the top probably had a lot to do with the free time I had by not making law review or any other of the law journals. I failed to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure your plan is efficient

When you start fixing up the house and replacing appliances or items like the front door or the roof you realize that the replacements are more energy efficient. Replacing that old refrigerator or that washing machine can...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - November 2022

Unfiltered 401(k) Views On What Is Going On Now - For years, dating back to college and law school, I had an unfiltered view of things. I have strong opinions and the opinions are based on my experiences. The problem,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - Volume 13 Issue 11

401(k) Errors That Should Require A Plan Provider Change - Change for the sake of change is a bad idea, you need a reason for it. There are certain plan errors when 401(k) plan sponsors should consider change and that...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - Volume 13 Issue 6, June 2022

Organization Ideas For 401(k) Plan Sponsors To Limit Liability Organization tools always pop up for sale after New Year’s because a lot of people want to try to keep their resolutions. My local Costco always trots out the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

It’s your call

Unless you delegate a fiduciary function to a plan fiduciary such as an ERISA 3(16) and 3(38)fiduciary, it’s your call on things. When a third-party administrator (TPA) decides on their own that you will refund deferrals...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

They have to play by the rules

When it comes to my law practice, I have an open phone call policy. I entertain phone calls from financial advisors and TPAs around the country and try to help them by answering questions regarding their current clients or...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

ERISA Attorneys have to provide real value

10 years in, I’m glad I went on my own as an ERISA attorney, so I could provide value to clients, instead of being wedded to a billable hour because of a huge overhead working for a law firm....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You’re going to have to review the automatic rollover provider

While the Department of Labor (DOL) has been focusing on missing participants, expect them to question plan sponsors about missing participants and the automatic rollover provider that they use...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

401(k) Plan Sponsors Should Focus On What The Government Is Focusing On - In the movie Casino, Robert DeNiro as Sam “Ace” Rothstein wanted to take on the Nevada Gaming Board after they denied his request for his license....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make things easier, match at the end of the year

I served almost 10 years as an ERISA attorney for two third-party administration (TPAs) firms. A good chunk of my time was putting out fires, caused by my untrained plan administrators. So unlike some ERISA attorneys who know...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Review those hardship requests

It’s easier to steal when no one is looking. In Ohio, a former plan participant is facing criminal charges for a fraudulent hardship request....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

When Your Fired 401(k) TPA Takes Things Personally - Aside from Airplane!, my favorite movie of all time is The Godfather and the underpinning is the complete and utter transformation of Michael Corleone from “college...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t waste a plan provider’s time

I started my practice almost 12 years ago and I devoted a huge part of it, to helping advisors with their clients. It’s a great way to get referrals, but there are times when the help I provided led me to nowhere...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Bessemer Trust Company is latest proprietary fund/ 401(k) plan sponsors defendant

When you’re a plan sponsor and you run your own proprietary mutual fund business and have your 401(k) plan invest in said funds, expect to be sued....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

What makes a good TPA? Simple, service.

A bad third-party administrator (TPA) can be a weapon of mass destruction. So when plan sponsors focus on price or using their payroll provider in selecting the TPA, they neglect the most important attribute of a good TPA:...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

If your clients are wasting their time, say sorry

I referred a client to a third-party administrator (TPA) that would be the best fit for fixing a defined benefit plan that was a hot mess. The fees are a little higher, but the client would make that up with a quality TPA...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Changing TPAs, “don’t go into business for yourself”

Changing third-party administrators (TPAs) isn’t fun. If you have to for it, do it...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

The Problems With Free and Small Retirement Plans - There is no such thing as a free lunch. There is no such thing as free advice. The more years I spend in the retirement plan business; I know that there is no such thing...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Changes have to be smooth

I hate moving. I’ve lived in the same house now for 16 years and I dread the idea of moving and I haven’t put the house up for sale. That’s why I always loathe when there has to be a change of third-party administrators...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) contributions are up for 2022

In another consolidation for the retirement plan business, Ascensus, a recordkeeping services provider and third-party administrator announced it has reached an agreement to merge with Newport Group....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You can’t get paid more than you’re contracted to

It happened three years ago and I still can’t make sense of it. Where I come from, we call it chutzpah. The third-party administrator (TPA) of a 401(k) plan that I was serving as an ERISA §3(16) administrator overpaid the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

ERISA attorneys and the snowball effect

The snowball effect is a term for a process that starts from something that is small and builds upon itself, becoming larger and also perhaps potentially dangerous or disastrous. The idea is that an avalanche can be started...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get rid of the bad decision makers

I was a Vice President of a synagogue once and the biggest problem I had is that the people who had a greater say than I did were the same people who turned a synagogue from 750 member families to 300. They were ineffective...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Only bill for your work

You’ve got a lot on your plate as a retirement plan provider and the last thing you need is more headaches. So don’t add to your workload and headaches by deciding to bill for the work of another provider....more

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