News & Analysis as of

Retirement Plan Benefit Plan Sponsors Third Party Administrators

Advisors Advantage - September 2017

by Ary Rosenbaum on

Avoid Mistakes Other Plan Providers Make. Learn from the mistakes of others. Being a retirement plan provider is tough. I know because as an ERISA attorney, I am one and I play on TV. There are many mistakes to be made...more

Plan Design Consultants try to Kickstart 401(k) plans for employers

by Ary Rosenbaum on

My friends at Plan Design Consultants have created a new program called KIC(k)START, which is an approach for them to garner more plans and help out the advisors they work with....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

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

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

Just tell them straight

by Ary Rosenbaum on

One of the big parts of my practice is assisting third party administrators (TPAs) who cant or don’t want afford an ERISA attorney on staff....more

Communication is key when dealing with your client

by Ary Rosenbaum on

I have been an ERISA attorney for almost 19 years now and it’s gone by pretty quickly. I have worked for a few ERISA attorneys and have seen quite a few out there giving speeches around here and there....more

The Thing about Payroll Provider TPAs

by Ary Rosenbaum on

Last week, I published on JDSupra.com my annual article regarding payroll provider third party administration (TPAs) firms and my recommendation that using them is a bad mistake....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

Don’t Chisel Other Plan Providers

by Ary Rosenbaum on

I sell some stuff on EBay. Basically I’m selling collectibles I no longer want for collectibles I do want (vintage graded sports cards). I set a starting bid and a buy it now price and occasionally I’ll get the EBay member...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

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

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

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

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

Dear Plan Sponsors, it’s about Reasonableness

by Ary Rosenbaum on

Thanks to fee disclosure regulation and litigation against plan sponsors, plan sponsors are focusing on the costs of administering their plan. That’s great, but there’s a problem because of the focus. A study recently shows...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

Coverage is always the biggest problem

by Ary Rosenbaum on

When you look at the problems of retirement plans, one that gets short shrift is coverage and that is one of the pillar of qualified plans needed to be fulfilled in order to be a qualified plan. It’s a forgotten rule of...more

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