News & Analysis as of

Benefit Plan Sponsors Fee Disclosure

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

Dear Plan Sponsors, it’s about Reasonableness

by Ary Rosenbaum on

Thanks to fee disclosure regulation and litigation against plan sponsors, plan sponsors are focusing on the costs of administering their plan. That’s great, but there’s a problem because of the focus. A study recently shows...more

Furnish those documents to Plan Participants or Pay Through The Nose

by Ary Rosenbaum on

Plan sponsors should understand that under ERISA, plan participants are entitled to certain disclosures and documents. We should all know that a participant is entitled to the summary plan description, summary annual report,...more

Will ERISA litigators live long enough to become the villains?

by Ary Rosenbaum on

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

Proposed Changes to Form 5500 Reporting Requirements May Have Significant Impact on Retirement Plan Sponsors

by McDermott Will & Emery on

On July 11, 2016, the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) announced a proposal to implement sweeping changes to the forms and regulations that govern...more

401(k) Litigation Overkill?

by Ary Rosenbaum on

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

Advisors Advantage - July 2016

by Ary Rosenbaum on

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

You’re Always Going Against The Tide

by Ary Rosenbaum on

I always get the call from my third party administrator (TPA) and financial advisory clients concerning the same topic. The topic is how it’s still difficult to get across with potential plan sponsor clients on the urgency to...more

The Rosenbaum Law Firm Review - June 2016

by Ary Rosenbaum on

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

The Bottom Line On What Retirement Plan Sponsors Need To Do

by Ary Rosenbaum on

I worked for a third party administrator (TPA) for almost 5 years and one of my favorite things about the boss there was that he just wanted to cut to the chase. We had an actuary who developed a speech im- pediment when he...more

Too often, they get it when it’s too late

by Ary Rosenbaum on

I talk to a lot of advisors and I have many advisor clients around the country and one of the things that I keep on hearing is that even with fee disclosure regulations almost 4 years later, it is still difficult to get...more

Advisors Advantage - November 2015

by Ary Rosenbaum on

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

July and August 2015 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

by King & Spalding on

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

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

by 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

DOL Opens Window for Annual Participant Fee Disclosures

by Poyner Spruill LLP on

After several annual cycles of participant fee disclosures, sponsors of participant-directed retirement plans have discovered that sometimes pulling together the relevant information from vendors and issuing timely disclosure...more

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

by Sherman & Howard L.L.C. on

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

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

Advisors Advantage - December 2014

by Ary Rosenbaum on

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

Revenue Sharing is becoming the 401(k) Leisure Suit

by Ary Rosenbaum on

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

Plan Sponsor Should Avoid These Retirement Plan Provider “Con Games”

by Ary Rosenbaum on

The George Clooney-Brad Pitt trilogy of heist films known as Ocean’s Eleven, Ocean’s Twelve, and Ocean’s Thirteen were remembered for their twist endings, stylish pacing, and lightheartedness. Since the Ocean gang were...more

The Law Firm Review

by Ary Rosenbaum on

Plan Sponsors' Misconceptions About Retirement Plan Fee Disclosure. There are many. To me, there is no greater television show than Seinfeld because it's timeless and there is something about each episode that...more

Some plan sponsors will only “get it” when it’s too late

by Ary Rosenbaum on

I talk to a lot of advisors and I have many advisor clients around the country and one of the things that I keep on hearing is that even with fee disclosure regulations almost 2 years later, it is still difficult to get...more

This is What a TPA Does and Why a Retirement Plan Sponsor Should Hire a Good One

by Ary Rosenbaum on

One of my favorite movies of all time is The Deer Hunter. It’s a story about the Vietnam War and the post-traumatic stress disorder a group of friends from Western Pennsylvania who were drafted together and fought alongside...more

Dumb Things Retirement Plan Sponsors Should Avoid Doing

by Ary Rosenbaum on

Whoever said that there is no such thing as a dumb question obviously wasn’t in attendance at my Global History class in high school when someone asked whether it was true that if you take a picture of an Amish person, the...more

Future Threats That a 401(k) Plan Sponsor Should Be Aware Of

by Ary Rosenbaum on

What was good yesterday might not be a good today. Asbestos was a great fireproof building material until it was found to cause asbestosis and malignant mesothelioma Thalidomide was a great drug for morning sickness until it...more

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