Benefit Plan Sponsors Retirement Plan

News & Analysis as of

401(k) Plan Fee Litigation Update

The wave of fee litigation is ongoing and has significantly increased the responsibility of 401(k) plan fiduciaries to follow well documented, prudent processes to monitor 401(k) plan fees and expenses....more

Face facts: Retirement Plan Sponsors Only Seek Help When They Need It

When I was at that semi-prestigious law firm many moons ago, I developed this plan review called the Retirement Plan Tune-Up. I’d look at the plan document, plan design, costs, the Fiduciary process, basically anything that...more

Coverage is always the biggest problem

When you look at the problems of retirement plans, one that gets short shrift is coverage and that is one of the pillar of qualified plans needed to be fulfilled in order to be a qualified plan. It’s a forgotten rule of...more

Are HR employees ‘investment advisors’ under the DOL’s fiduciary rule?

In April 2016, the Department of Labor promulgated final regulations that fundamentally changed the ERISA fiduciary rules governing advisors to retirement income investors. Though the rule is final, the new provisions...more

My opinion on Payroll Provider TPAs

If there is one opinion that I have that is argued about many times it is my two cents in the use of the largest payroll providers being in the Third Party Administration (TPA) business. Usually, the people who criticize my...more

Qualified Retirement Plan Amendments and IRS Filings — Upcoming Deadlines

This advisory reminds plan sponsors of deadlines for amending qualified retirement plans and for submitting certain plans to the IRS for a determination letter, as well as other significant changes to the determination letter...more

Furnish those documents to Plan Participants or Pay Through The Nose

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

California’s New State Sponsored Retirement Program to Debut Soon: California Employers Blog

In September 2016, the California legislature amended the California Secure Choice Savings Trust Act of 2012 (“Secure Choice”). This law will eventually require employers with at least five employees, and which do not offer...more

All points lead to more index funds in 401(k) plans

Thanks to the new Fiduciary Rule, I believe that you’re going to see more index funds in 401(k) plans. However, that’s no surprise because that‘s the way we’ve been heading now for the past 15+ years....more

IRS Retirement Plan Limitations for 2017

Recently, the Internal Revenue Service (IRS) issued the updated retirement plan limitations for 2017. IRS Notice 2016-62 sets forth the 2017 limits to amounts that can be deferred under 401(k) plans, 403(b) and 457(b) plans...more

View From McDermott: Protecting Defined Contribution Plan Retirement Savings During Disability

As employers have moved away from traditional defined benefit plans toward defined contribution plans as the primary retirement savings vehicle for their employees, much has been written about the risks of shifting the...more

Do You Need to Send an Annual Notice to Plan Participants? If So, You May Need to Do So by December 1, 2016*

Plan sponsors of defined contribution qualified plans may need to issue one or more annual notices to participants before the end of each plan year. Failure to issue a required annual notice can have significant consequences....more

IRS Releases Benefits and Contribution Limits for 2017

The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017. Please see full...more

The Rosenbaum Law Firm Review - October 2016

401(k) Sponsors Say Their Plan is OK, but They Really Have No Idea. They really have no idea. When I was dating my wife, she asked me if I had a good credit score and I said I did. I never checked my credit score, but...more

ERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing?

Retirement plan revenue sharing has a bad reputation. Numerous lawsuits have been filed during the past year against employers that sponsor 401(k) plans alleging breach of fiduciary duty under the Employee Retirement Income...more

IRS Restates EPCRS Correction Methods and Procedures

The Internal Revenue Service recently issued Revenue Procedure 2016-51, a new version of the Employee Plans Compliance Resolution System (EPCRS) to consolidate and update its prior guidance regarding how to correct of errors...more

Sometimes it’s about control

As a retirement plan provider, you meet a potential client and you just do so well in the meeting that you think there should be no way that you’re going to lose this prospect. Yet you get the call that a competing provider...more

The IRS Voluntary Compliance Program Is Like Your Parents

As a child, you’re usually told by your parents that they just want to hear the truth and that telling the truth is going to carry a far less punishment than if you lie and try to hide whatever bad thing you do. The...more

The Problem with “Top-Heavy” Administration

If you know about a thing or two about plan administration, you know about the top-heavy rules. The top-heavy rules generally ensure that the lower paid employees receive a minimum benefit if the plan is top-heavy. A plan is...more

Keep Politics and Your Business Apart

We’re closing in on Election Day and no matter what side you’re on, you have to admit that it’s one of the most divisive elections in recent memory. So I’m shocked when I see professionals post their political diatribes on...more

Clients are Happy With Their Advisors, But That Can’t Stop You

“Fidelity’s 2015 Plan Sponsor Attitudes Survey,” disclosed the satisfaction level of plan sponsors with their advisors improved to 70 percent last year, reflecting a nice increase from 2010 when it was just 57 percent...more

The Sky Will Not Fall Because Of The Fiduciary Rule

You’ve heard people screaming up and down about the fiduciary rule. They just had someone screaming that the fiduciary rule is a boon for lawyers (thank you) and that 100,000 to 150,000 advisors will leave the 401(k)...more

How Secure is Your Retirement Plan?

Most employers are generally aware of their fiduciary status as a “plan sponsor” of an ERISA-governed retirement plan (e.g., 401(k) and 403(b) plans). In fact, the employer’s hiring of a service provider is in and of itself a...more

Cutting Through the Fog: The Applicability of DOL Conflicts of Interest Rule to Financial Advisors

The Department of Labor’s (DOL’s) new Conflicts of Interest rule1 expands the scope of the definition of “fiduciary” under ERISA2 and the Code3 to cover more classes of financial advisors. This rule replaces a long-standing...more

The Rosenbaum Law Firm Review - September 2016 #2

How 401(k) Plan Sponsors Can Improve Their Plan At Little Cost. It doesn't have to cost much. There are many ways that a retirement plan sponsor can improve their 401(k) plan, but they usually balk when it comes...more

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