News & Analysis as of

Retirement Plan 401k Third Party Administrators

The Rosenbaum Law Firm Review - May 2017

by Ary Rosenbaum on

Using Your Payroll Provider As Your 401(k) TPA Is A Big Mistake. It's an absolute mistake. Like beating a dead horse, I will again say that it is a bad idea for plan sponsors to hire their payroll provider as their...more

The Rosenbaum Law Firm Review - March 2017

by Ary Rosenbaum on

Why an Employer Should Sponsor A 401(k) Plan. Lots of good reasons. Too many plan sponsors ignore their retirement plans and by doing that, they are unknowingly putting themselves in harm's way. I know hat plan...more

Advisors Advantage - March 2017

by Ary Rosenbaum on

How You Can Stand Out From The Crowd As A Retirement Plan Advisor. It would be a detriment to focus only on this stuff. There are lots of financial advisors who claim they handle retirement plans, but there are...more

Guidance to IRS Examiners on 401(k)/403(b) Hardship Withdrawals

by Seyfarth Shaw LLP on

Substantiation Requirement Clarified for Examination Purposes - Over the past few years, employers and plan administrators have frequently asked how hardship withdrawal requests can/should be substantiated from 401(k)...more

The Rosenbaum Law Firm Review - February 2017

by Ary Rosenbaum on

Why an Employer Should Sponsor A 401(k) Plan. Lots of good reasons. As an employer, a big reason for setting up a retirement plan is because it's an employee benefit and it can be used to recruit and retain...more

Some TPA Humor

by Ary Rosenbaum on

I worked 9 years working as an ERISA attorney for a couple of third party administrators (TPA) and I always felt like I was a fireman because I put out a lot of compliance fires for our clients and sometimes, it was our...more

The Rosenbaum Law Firm Review - December 2016

by Ary Rosenbaum on

The Potential Liability of Participant Directed 401(k) Plans. There is a liability lurking there. As children, we were told the story of Jack and The Beanstalk. Jack sells a cow for some "magic beans" and his...more

Your Business Can Fall A Lot Quicker That It Rose

by Ary Rosenbaum on

One of the business philosophies I learned while working for third party administrator is that it’s a lot easier to lose a client than to gain one. I know that first hand, seeing bad service that gets plan sponsors to fire...more

Is Your Advisor Knowledgeable About Investments, or Just a 401(k) Wonk?

by Saul Ewing LLP on

I recently had a conversation with Lee Lyon of Lyon Investment Services, based in Jacksonville, Florida. Lee’s office is near downtown Jacksonville in a quaint area of town known as San Marco. Lee advises both...more

Bundled providers going unbundled makes sense

by Ary Rosenbaum on

Someone I know in the industry advised me again how a low cost index fund company was all of a sudden joining together with a well known third party administrator (TPA) in going after smaller plans because their bundled...more

Advisors Advantage - December 2016

by Ary Rosenbaum on

A "Crystal Ball" On Life After The New ERISA Fiduciary Rule. We can see the future if we look closely enough. The Department of Labor's (DOL) new fiduciary rule that is going to go in effect in April 2017 is going...more

My opinion on Payroll Provider TPAs

by Ary Rosenbaum on

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

Advisors Advantage - November 2016

by Ary Rosenbaum on

401(k) Plan Providers' Behavior To Avoid That Loses Clients. Things to avoid. Over the past 18 years as an ERISA attorney, I have some pretty weird reasons why retirement plan providers get fired. I'll never get the...more

Sometimes it’s about control

by Ary Rosenbaum on

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

Who is the biggest 401(k) Recordkeeper and what really matters

by Ary Rosenbaum on

A few weeks back, I wrote an article about 401(k) hustlers you should watch out for and I mentioned the caveat of using a payroll provider as your 401(k)’s third party administrator (TPA). I posted it on LinkedIn and someone...more

State Run IRA Programs Can Actually Be An Opportunity for Plan Providers

by Ary Rosenbaum on

A few states including California are going into the retirement business. While ordinarily competition in the shape of a state government is cause for concern, I believe that it’s an actual opportunity for both third party...more

The ERISA Litigation Newsletter - September 2016

by Proskauer Rose LLP on

Editor's Overview - This month, we have re-published an interview of our colleague Seth Safra discussing the Department of Labor’s final regulation concerning fiduciaries and conflicts of interest. In this interview,...more

The Rosenbaum Law Firm Review - September 2016 #2

by Ary Rosenbaum on

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

Advisors Advantage - August 2016

by Ary Rosenbaum on

Why 401(k) Plan Providers Should Push Automatic Enrollment. It just makes sense. We have a retirement crisis in this country thanks to a Social Security program that has too many retirees to pay to, and the death...more

Don’t make yourself a target

by Ary Rosenbaum on

Sometimes if you don’t want to be a target, don’t make yourself to be a target. Insperity Inc. a provider of outsourced human resource and business management services to small and midsized businesses has been sued by...more

How to Deal with Employees

by Ary Rosenbaum on

I always say that the main reason that I don’t want to have employees is because I was an employee once too. The union lawyers I worked with just didn’t understand the whole dynamic of the employer-employee relationship. They...more

The Rosenbaum Law Firm Review - September 2015 #2

by Ary Rosenbaum on

What Plan Sponsors Don't Know, May Hurt Them. And they don't know a lot. When I worked at a semi-prestigious lawfirm, one of the named partners (whose son was a respectable politician) asked me what my practice...more

Looking Beyond the 401(k) for Advisors

by Ary Rosenbaum on

Too often brokers and financial advisors think about their client’s retirement plan needs and only think about the 401(k) plan. It’s understandable based on their lack of understanding retirement plan basics, but it’s not...more

Advisors Advantage - September 2015

by Ary Rosenbaum on

Retirement Plan Provider Marketing Do's and Don'ts. What to do and not do. I never took a marketing course in college and I probably should have if I was going to go on my own and start a law practice. While I never...more

The Rosenbaum Law Firm Review - August 2015

by Ary Rosenbaum on

Good Bets by a 401(k) Plan Sponsor to Avoid Liability. As close to a sure thing you'll get. I don't gamble because I don't like to lose and that's a big problem about gambling because people do lose. I stopped playing...more

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