News & Analysis as of

Retirement Plan Benefit Plan Sponsors

Company Liable for Not Providing Accurate Information about Benefits

by Dickinson Wright on

A recent court case, Erwood vs Life Insurance Company of North America, is a reminder that plan sponsors must understand the terms of their welfare and retirement benefit plans, and ensure that their staff follows the...more

Advisors Should Care About Plan Design

by Ary Rosenbaum on

In sports and in business, you are only as good as the team that you are on. I have been on some good teams and not so good teams, so I know that sometimes I was only as good as an ERISA attorney if my fellow employees were...more

Plan Design And Tax Deductions

by Ary Rosenbaum on

If you’re a retirement plan sponsor, why should you care about plan design? Retirement plan design is one of the most underappreciated facets of the retirement plan business and it really should be appreciated. The reason why...more

Get your clients over the fear of ERISA attorneys

by Ary Rosenbaum on

People hate dentists. I get it, having gone years at times without getting a checkup. Since I take care of my teeth, cavities weren’t a problem. I just hated the whole scaling process and the x-rays where I was gagging by...more

Puerto Rico Legislation May Require Changes to Retirement Plans

by McDermott Will & Emery on

Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement...more

What Retirement Plan Sponsors and Employers Need to Know About Cybersecurity Risk and Liabilities

by Winstead PC on

Many employers historically were only concerned with privacy and security for health plans under the Health Insurance Portability and Accountability Act (HIPAA)1 and state laws; however, there are other references to...more

ERISA Newsletter - First Quarter 2017

by Proskauer Rose LLP on

After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more

The one thing you should never throw out as Plan Sponsors

by Ary Rosenbaum on

I’m always asked about how long plan sponsors keep records and there is one thing plan sponsors should never throw out, their plan documents....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

Don’t hire relatives as your plan providers

by Ary Rosenbaum on

I have some simple rules to live by. I never bet on the Mets, eat at a place called Mom’s, play cards with a guy named Doc, or do business with family. Yet I have come across so many financial advisors who bemoan to me...more

DOL Proposes to Delay Fiduciary Advice Rule, Requests Comments on Delay and on Costs, Benefits of the Rule

On March 2, the US Department of Labor (DOL) published a proposed extension (the "Proposal") of the effective date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule"). The Rule...more

Does the Fiduciary Exception Apply to Legal Advice Received By Insurers During the Claims Process

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Adding to the body of conflicting authority on the scope of the attorney-client privilege in ERISA lawsuits, a district court has found that the fiduciary exception to attorney-client privilege applies to...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

401(k) Plan Design and its Effect on Employees’ Retirement Readiness

by Miles & Stockbridge P.C. on

Most American adults are concerned that they will not be able to retire or will outlive their retirement income. In fact, research shows that Americans are not saving enough for retirement. This retirement crisis is, in part,...more

Referrals are about helping, not making you $$$$

by Ary Rosenbaum on

The retirement plan industry is very close knit. Everyone knows who does great work and the few that don’t. Word travels fast about the good, the bad, and the ugly in this business....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

Sometimes Plan Sponsors just want to throw you off their “scent”

by Ary Rosenbaum on

When you meet retirement plan sponsors just at different networking events and they find out that you’re a retirement plan provider, they may volunteer that their retirement plan is in perfect shape. As we know as retirement...more

Cybersecurity Risks and Liabilities for Employers, Retirement Plan Sponsors and Fiduciaries

by Winstead PC on

Many employers historically were only concerned with privacy and security for health plans under the privacy regulations issued under the Health Insurance Portability and Accountability Act of 1996 (‘‘HIPAA’’) and State laws;...more

Ask the TPA about their administrators’ training

by Ary Rosenbaum on

If I want to get a new doctor or an attorney, I certainly want to know their background. Same with a financial advisor, I don’t want the next Bernie Madoff. When you hire a professional, you want to know their credentials....more

As a plan provider, make sure there are security processes in place

by Ary Rosenbaum on

As a retirement plan provider, you have something to do with the retirement plan assets and may have some access to it as a third party administrator (TPA) or financial advisor...more

Education is an important part of the fiduciary process

by Ary Rosenbaum on

Advisors ask me all the time of the role of education in participant directed 401(k) plans. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

The Problem With Loans

by Ary Rosenbaum on

When I draft a new 401(k) plan for a client, I’ll recommend a loan provision even though it can be an administrative headache. The reason that I add it because I think participants need to have access to money if in their...more

403(b) Remedial Amendment Deadline Finally Set

by Seyfarth Shaw LLP on

On January 13, 2017, the IRS issued guidance setting March 31, 2020 as the last day of the remedial amendment period for 403(b) retirement plans. A remedial amendment period is a time frame during which an employer can...more

Employee Benefits Advisory: White House Orders Review of DOL Final Fiduciary Rule

by Sherman & Howard L.L.C. on

On February 3, 2017, President Donald J. Trump issued a Presidential Memorandum ordering the US Department of Labor (DOL) to conduct a full review of its final fiduciary rule and related guidance, anticipated to go into...more

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Cybersecurity

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