News & Analysis as of

Retirement Plan Benefit Plan Sponsors Employee Retirement Income Security Act

New OregonSaves Retirement Program Impacts Employers with Oregon Employees

by Benesch on

On July 1, 2017, OregonSaves Retirement Program (“OregonSaves”) went into effect. OregonsSaves is sponsored by the State of Oregon, and is a state-run automatic Roth Individual Retirement Account (“IRA”) for private-sector...more

Consider how an advisor uses other plan providers

by Ary Rosenbaum on

What makes a good retirement plan financial advisor? Well it takes an attention to detail, an understanding of what the role entails, and a dedication to the plan sponsor client. In addition, what I find is the way a good...more

Exhaustion of Plan Administrative Remedies: Important Considerations Following Hitchcock v. Cumberland

Recently, the Sixth Circuit ruled in Hitchcock v. Cumberland University 403(b) Plan that pension plan participants are not required to exhaust their plan’s administrative remedies before pursuing claims alleging statutory...more

Benefits Litigation Update – Summer 2017

by Epstein Becker & Green on

Welcome to the Summer edition of Benefits Litigation Update, brought to you by The ERISA Industry Committee (ERIC) and the law firm Epstein Becker & Green. With a new Administration and executive branch, we are already...more

Beware of Insurance Brokers Masked as TPAs

by Ary Rosenbaum on

A friend of mine who is a financial advisor asked me about a third party administration (TPA) firm that is actually about a village over from where I live in Long Island. My friend has this prospect with a defined benefit...more

The Rosenbaum Law Firm Review - June 2017

by Ary Rosenbaum on

Free Advice For 401(k) Plan Sponsors. Yes, it's free. They always say there is no such thing as a free lunch because most of the time, free has strings attached. Even when it comes to retirement plans, that free plan...more

FAQs for Fund Managers Related to DOL’S Fiduciary Rule which Became Partially Effective June 9, 2017

As stated in our May 25, 2017 Executive Compensation, Employee Benefits and ERISA Alert, the Department of Labor’s (DOL’s) new fiduciary rule (“Fiduciary Rule”) became partially applicable on June 9, 2017. Set forth below are...more

Ascensus is becoming a big time player

by Ary Rosenbaum on

The first job I had was working as an ERISA attorney for a small law firm that was affiliated with a third party administrator (TPA) called CBIZ Retirement Services, Inc. Let’s just say that CBIZ wasn’t much of a moneymaker,...more

Don’t gyp employees on retirement plans

by Ary Rosenbaum on

As I’ve stated before, I wouldn’t hire employees because I was an employee once too. That pretty much means that I never met an employee whoever thought they were overpaid. For that matter, I never met an employer who thought...more

Welcoming the New Client

by Ary Rosenbaum on

As you know, I’ve been a member of a few Synagogues because I’m a wandering Jew and the thing I’ve noticed is the usual coldness I’d get when joining. Aside from the last synagogue I joined last year (hopefully, the last one...more

Employers, Be Aware of - but Don’t Worry about - the Fiduciary Rule’s June 9 Deadline

by Miles & Stockbridge P.C. on

If you’ve had better things to do, you might only be vaguely aware that the new fiduciary rule becomes effective on June 9, 2017. We’ve written about this before (here and here), but a quick refresher might be helpful as the...more

Let Former Employees Roll Their Money Out

by Ary Rosenbaum on

One of the rules I live by is that I believe that you should never let someone who dislikes you be in a position where they can hurt you. Let’s just say that I worked for someone who should have taken that advice. That is why...more

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

Legal Costs Don’t Have To Be Staggering

by Ary Rosenbaum on

The cost of correcting plan errors can be expensive. It can be expensive through corrective contributions and it certainly can be expensive through legal costs....more

The Rosenbaum Law Firm Review - April 2017

by Ary Rosenbaum on

The Wrong Reasons For Hiring 401(k) Plan Providers - Some really bad reasons that plan sponsors use in hiring plan providers. Selecting a retirement plan provider can be a lot like dating in the sense that plan...more

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

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

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

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

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