Retirement Plan

News & Analysis as of

Retirement Plan Sponsors Should Know Their Role as Plan Fiduciaries

I love professional wrestling and I’m not afraid to admit. Yes, I know it’s not real just like I know the Ewings don’t live on Southfork Ranch. Maybe it’s in my blood since both of my grandfathers watch it, but I find the...more

IRS Permits Puerto Rico-Qualified Plans in U.S. Group Trusts, Extends Deadline for Certain Puerto Rico Spin-Offs

The U.S. Internal Revenue Service (IRS) recently issued Revenue Ruling 2014-24, which expressly permits retirement plans that are tax qualified only in Puerto Rico (Puerto Rico-only plans) to continue to pool assets with...more

Being a long term Plan Provider can be a bad thing too

Being a long time plan provider for a client can be a good thing and it can be a bad thing. While having a long time base of clients is great for business and indicative of client satisfaction, it can be a bad thing too....more

Plan sponsors should replace the bad Bad Plan Decision Makers

If your company’s retirement plan got into some trouble because the powers that be who run the plan (whether it’s the C.E.O., human resources director, or retirement plan committee) took their eye off the plan, it may be a...more

Limiting Plan Sponsor Liability: The Board Game

After the downstairs play area was rebuilt after Hurricane Sandy, my wife went on a toy-buying spree to replace the board games we lost thanks to the five feet of water. My wife loves board games and the kids do too. Having...more

Reasonable Fee Issues for Fiduciaries on the Horizon

The Supreme Court is poised to address whether fiduciaries' decisions—especially in using fee sharing arrangements—are subject to deference when challenged. The Eighth and Ninth Circuit courts recently decided these issues,...more

Advisors Advantage - October 2014

Dumb Mistakes that 401(k) Financial Advisors Should Avoid - Stuff to think about. We all make mistakes, well except my mother. There are mistakes we make that we think are pretty good in hindsight, but end up...more

Read the 5500 before E-Filing It.

Now is the time that plan sponsors who are on extension to file their Form 5500 should be receiving them via email from their third party administrator (TPA). While plan sponsors just immediately file them to get it...more

Lies That Prospective Retirement Plan Providers May Tell You

When we were children, our mothers told us stories that we believed to be true because we always believed what our parents were telling us was the truth. Part of growing up is realizing that a good chunk of what your mom told...more

IRS Simplifies Procedures for Favorable Tax Treatment on RRSPs and RRIFs

The IRS has finally made it much easier for taxpayers who hold interests in either of two popular Canadian retirement plans—registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs)—to get...more

Does your Company’s Retirement Plan Need to be Restated?

Between May 1, 2014 and April 30, 2016, all pre-approved defined contribution plans (e.g. most 401(k), profit sharing, money purchase and other qualified plans) must be restated to reflect the provisions of the Pension...more

Tax Prepayment Window Closes on October 31, 2014, for Puerto Rico Retirement Plans

On July 1, 2014, Puerto Rico adopted new legislation (Tax Act 77), which provides a window from July 1, 2014 – October 31, 2014, for participants in Puerto Rico retirement plans to prepay at reduced rates Puerto Rico income...more

The Rosenbaum Law Firm Review

Keep those Plan documents and amendments. You will always need them. Plan sponsors aren't the greatest keeper of plan records because as a plan fiduciary, they think they get too many reports, prospectuses,...more

ESOPs: The Tax Law Provides a Buyer for Your Business

As baby boomer business owners begin to retire, many will want to monetize the value they have created in their businesses. An employee stock ownership plan (ESOP) is one alternative. The ESOP alternative, authorized by the...more

For Pension Plans – To Risk or to De-Risk: That is the Question!

U.S. private-sector retirement plans are voluntary in nature. There is no legal requirement that employers adopt or contribute to retirement plans in addition to the social security system. However, once established,...more

Creating Sustainable Retirement Income in 401(k) plans Using Managed Risk Funds

Los Angeles partners Fred Reish and Bruce Ashton authored a White Paper titled, “Creating Sustainable Retirement Income in 401(k) plans Using Managed Risk Funds,” for Milliman, Inc. The White Paper discusses how 401...more

Retirement Plan Crazy Season

It’s now Fall and it’s one of my least favorite time of the year because I love Spring and Summer and Fall means Winter is around the corner. For a retirement plan professional, it’s one of the best times of the year...more

Tales of a Former TPA Attorney

I was very lucky that when I started as an ERISA attorney in 1998, I worked as a staff attorney for third party administrators (TPAs) because it gave me insight and experience that I could never have gotten as an attorney...more

Plan Prospecting Tools only show you part of a Plan’s problem

As a retirement plan provider, tools like Brightscope, fi360, Fiduciary Benchmarks, and FRA Plan Tools among others, are great resources to prospect prospective clients....more

A Good Plan Sponsor is the key to a Good Retirement Plan

I was a fit at my old law firm sort of like how my son’s toddler clothes fit him at age 7. I wasn’t a good fit because I didn’t take myself too seriously, I tried to push for flat fee billing, and I tried to break down...more

Contingent Workers . . . From An ERISA Perspective

The Issue: Companies often divide their workers into a variety of categories . . . agency employees, temporary employees, provisional employees, independent contractors, and so on. Unfortunately, many companies believe that...more

ERISA Applied to Deferred Compensation Plan

Last month, the U.S. Court of Appeals for the Fifth Circuit found in Tolbert v. RBC Capital Markets that a nonqualified deferred compensation plan was an "employee pension benefit plan" under the Employee Retirement Income...more

New Money Market Fund Rules Require Review by Retirement Plan Sponsors

The U.S. Securities and Exchange Commission (SEC) recently amended the rules governing money market funds in an effort to increase the stability and liquidity of these funds in times of economic stress. Money market funds...more

Retirement Plan Professionals That Plan Sponsors Should Avoid

In the Nelson Algren novel, A Walk on The Wild Side, there are 3 important rules of life to follow: “Never play cards with a man called Doc. Never eat at a place called Mom’s. Never sleep with a woman whose troubles are worse...more

Arrogance is a bad trait for a 401(k) plan decision maker

Regardless of the business you’re in, one of the worst thing you can do in being the decision maker for your retirement plan is that you know better than most retirement plan professionals. No plan sponsor likes to get...more

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