On April 14, 2015, the US Department of Labor (the “DOL”) issued its proposed rule clarifying when individuals and institutions providing advice to employee benefit plans and individual retirement accounts (“IRAs”) will be...more
On April 14, 2015, the U.S. Department of Labor (DOL) issued new proposed regulations that changed the definition of “fiduciary investment advice” as currently found in DOL Regulation 2510.3-21(c). These proposed rules also...more
Last week, the U.S. Department of Labor (DOL) issued its widely anticipated re-proposed rules for defining fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA) for providers of investment advice...more
The U.S. Department of Labor (the “DOL”) on April 14, 2015 issued the long-awaited re-proposal (the “2015 Proposed Regulations”) of the regulations defining “investment advice” in connection with the “fiduciary” rules under...more
On April 14, 2015, the U.S. Department of Labor (DOL) reissued the long-awaited re-proposal of its regulation expanding the definition of "fiduciary" under the Employee Retirement Security Act of 1974, as amended (ERISA), and...more
Reproposal would broaden the fiduciary definition, narrow exceptions, and substantially revise prohibited transaction exemptions applicable to current and newly covered fiduciaries....more
The U. S. Department of Labor (DOL) has reissued long-awaited proposed regulations describing the circumstances in which a person who provides investment advice in connection with a retirement plan or individual retirement...more
In a no-action letter dated February 18, 2015, the U.S. Securities and Exchange Commission (SEC) extended relief from the application of Rule 482 of the Securities Act of 1933 to certain retirement plans that are exempt from...more
On Wednesday, the U.S. Department of Labor (DOL) announced a modification to the fee and investment-related disclosure requirements for ERISA individual account retirement plans that allow participants to direct the...more
I always say that when I have a good idea, it’s despite the fact that most of my other ideas suck. Having been in this business for almost 17 years and in my practice for almost five, I hear lots of ideas from other...more
It’s unfortunate, but the facts are that most people don’t respond to a complaint until there is a letter from an attorney. Service providers and companies hate correspondence from attorneys because that suggests litigation....more
The White House backs a “fiduciary rule” for IRAs.
The U.S. Department of Labor (DOL) has sent its proposed “Conflict of Interest Rule-Investment Advice” to the president’s Office of Management and Budget (OMB) for...more
The PBGC has recently initiated efforts to enhance retirement security for Americans by promoting lifetime income options (i.e., annuitized benefits). As part of these efforts, as well as those of the IRS and U.S. Department...more
Dealing with adversity.
It's about how you deal with it.
I'm a huge Aerosmith fan since high school and it's because the music resonates with me because it reminds me of the experiences that I have gone through...more
Plan Sponsors' Misconceptions About Retirement Plan Fee Disclosure.
There are many.
To me, there is no greater television show than Seinfeld because it's timeless and there is something about each episode that...more
10 years before I went on my own and started my own practice, I started The Rosenbaum Law Firm P.C. It was a side venture, kind of an attempt to see if I can start my own practice without actually having to leave my day job....more
In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan...more
There are few sure things in life, and although it is probably safe to say that ERISA disclosure regulations would not be considered one of them, there has certainly been a steady stream of new ERISA-related disclosure and...more
The term “deer in the headlights” explains the mental state of a person who shows behavioral signs that remind us of a deer subjected to a car’s headlights where the deer is in such panic that they show no motor reaction to...more
On March 12, 2014, the Department of Labor (DOL) published in the Federal Register a proposed amendment to its disclosure requirements for “covered service providers” to retirement plans under ERISA § 408(b)(2) that would...more
When it comes to your role as a retirement plan sponsor, outside of hiring a TPA (third party administrator), the most important plan provider that you need to hire is a financial advisor. Unfortunately, like my favorite...more
Things They Never Tell You as a Retirement Plan Provider.
Stuff plan providers should avoid.
I always say that whatever I learned as an ERISA attorney and the retirement plan business; I couldn't have learned...more
Future Threats That a 401(k) Plan Sponsor Should Be Aware Of.
What might be good today, may not be good tomorrow.
What was good yesterday might not be a good today. Asbestos was a great fireproof building...more
Unless they are involved in the retirement plan industry a plan sponsor must delegate much of their duties to retirement plan providers that may include third party administrators (TPAs), financial advisors, and ERISA...more
Recent guidance issued by the U.S. Department of the Treasury, the Internal Revenue Service (IRS) and the Employee Benefits Security Administration (EBSA) division of the U.S. Department of Labor (DOL) provides some initial...more
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