News & Analysis as of

Employee Retirement Income Security Act (ERISA) Fee Disclosure

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Always trying to find an angle for an ERISA lawsuit

Fee disclosure regulations and a whole bunch of excess fee settlements in litigation have curbed excessive fees. So ERISA litigators, especially on the low end, are trying to. find angles for litigation....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

Foley & Lardner LLP

401(k) Compliance Check #4: Required Participant Notices

Foley & Lardner LLP on

In last month’s 401(k) Compliance Check, we discussed what to do if you inadvertently failed to enroll someone in your 401(k) plan. In this month’s Compliance Check, we focus on the variety of typical notices that are...more

Snell & Wilmer

An Interesting Intersection: No Surprises Act Claims and the New Fee Disclosure Requirements for Group Health Plans

Snell & Wilmer on

As reported in our January 7, 2022 SW Benefits Blog “The DOL Asks and Answers Questions About the New Welfare Plan Fee Disclosure Rules,” group health plans must now comply with the ERISA Section 408(b)(2) disclosure...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Temporary Enforcement Policy Announced on Fee Disclosure Requirements for Group Health Plan Service Providers

Through Field Assistance Bulletin 2021-03 (FASB 2021-03), the Department of Labor (DOL) announced a temporary enforcement policy for the new fee disclosure requirements that apply to group health plan service providers, added...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

A marketing Tip on TPA fees

The one drawback in the fee disclosure regulations was that the Department of Labor (DOL) never bothered to develop a model fee disclosure form for plan providers, I understand the hesitancy of the DOL because it’s hard to...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

Dickinson Wright

Fee Disclosures Coming for Group Health Plans

Dickinson Wright on

The Consolidated Appropriations Act ("CAA") includes a number of provisions enhancing transparency in the operation of group health plans. One of those provisions will require brokers and consultants to make fee disclosures...more

Faegre Drinker Biddle & Reath LLP

Fee Disclosure Rules Will Soon Apply to Group Health Plans

Buried in the year-end Consolidated Appropriations Act (CAA) is a provision that requires group health plan brokers and consultants to make comprehensive fee disclosures similar to those that apply to retirement plans. As...more

Holland & Hart - The Benefits Dial

Tell Me More, Tell Me More…Fee Disclosures are Coming for Group Health Plans

One of the employee benefits items tucked into the recently-passed Consolidated Appropriations Act, 2021 (the “Act”) will soon require group health plan service providers to issue fee disclosures. Service providers to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - November 2020

I'm a big fan of business history when it comes to brilliant business moves, as well as some pretty awful ones. In terms of bad business decisions, I always find it amusing when I can spot one when it's made and I could see...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 always room to grow

Years ago, a lot of financial advisors weren’t aware of their role as a retirement plan advisor when it came to handling their plan sponsor clients. Most advisors were mailing it in, pocketing the quarterly fee without...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL Finalizes Electronic Notice Safe Harbor

The Department of Labor (DOL) has finally issued final regulations providing a new “notice and access” safe harbor for retirement plans to furnish required disclosures by email or other electronic ways to plan participants...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Delaware hammers a 403(b) Provider

The non-ERISA §403(b) space is the last bastion of high, hidden costs in retirement plans. That’s the problem when a plan isn’t covered under ERISA and the fee disclosure regulations. So when it comes to 403(b) plans for...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem of a recordkeeping asset-based fee

A long time in a galaxy, far far away (the time before fee disclosure regulations), I talked to the top salesman of a certain third-party administration (TPA) firm that charged an asset-based fee. The TPA wasn’t a producing...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.

The problem with shelf space payments

Fidelity is being sued and being investigated for shelf space payments they receive from mutual fund companies for room on their fund platform. They’re not the only provider to receive these fees and I find it totally...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

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

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

McDermott Will & Emery

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

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

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.

The DOL Script

I had a client who had been undergoing a Department of Labor (DOL) audit. Their mistake? Years ago, a former participant asked for a distribution from this trustee directed profit sharing plan (so no 401(k)) and my client...more

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