News & Analysis as of

Retirement Plan Employee Retirement Income Security Act (ERISA) Third Party Administrators

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors should play nicely with other providers

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem of free or cheap plan documents

As an ERISA attorney who drafts plan documents at a flat fee, my biggest competitors are not other ERISA attorneys, but third-party administration (TPA) firms. ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Ask your TPA about training

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure your plan is efficient

When you start fixing up the house and replacing appliances or items like the front door or the roof you realize that the replacements are more energy efficient. Replacing that old refrigerator or that washing machine can...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - November 2022

Unfiltered 401(k) Views On What Is Going On Now - For years, dating back to college and law school, I had an unfiltered view of things. I have strong opinions and the opinions are based on my experiences. The problem,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The incentive to sell

When it comes to being a retirement plan provider, you should understand that it’s a relationship-driven business and your employees can be a positive outlet for that. One way for them to be a positive outlet is for you to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Coverage is a big deal

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - Volume 13 Issue 6, June 2022

Organization Ideas For 401(k) Plan Sponsors To Limit Liability Organization tools always pop up for sale after New Year’s because a lot of people want to try to keep their resolutions. My local Costco always trots out the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

It’s your call

Unless you delegate a fiduciary function to a plan fiduciary such as an ERISA 3(16) and 3(38)fiduciary, it’s your call on things. When a third-party administrator (TPA) decides on their own that you will refund deferrals...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

They have to play by the rules

When it comes to my law practice, I have an open phone call policy. I entertain phone calls from financial advisors and TPAs around the country and try to help them by answering questions regarding their current clients or...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - May 2022

Recent Changes That Plan Providers May Not Like - On Curb Your Enthusiasm, Ed Asner was a guest star, playing an elderly man who wanted to change his will. Based on a recommendation by Larry David, Ed’s character visited the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

ERISA Attorneys have to provide real value

10 years in, I’m glad I went on my own as an ERISA attorney, so I could provide value to clients, instead of being wedded to a billable hour because of a huge overhead working for a law firm....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You’re going to have to review the automatic rollover provider

While the Department of Labor (DOL) has been focusing on missing participants, expect them to question plan sponsors about missing participants and the automatic rollover provider that they use...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

401(k) Plan Sponsors Should Focus On What The Government Is Focusing On - In the movie Casino, Robert DeNiro as Sam “Ace” Rothstein wanted to take on the Nevada Gaming Board after they denied his request for his license....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make things easier, match at the end of the year

I served almost 10 years as an ERISA attorney for two third-party administration (TPAs) firms. A good chunk of my time was putting out fires, caused by my untrained plan administrators. So unlike some ERISA attorneys who know...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

ERISA: A Journey from a Promise of Protection to a Retirement Crisis

The closure of the Studebaker-Packard Corporation car manufacturing plant in 1963 was a major catalyst leading into the enactment of the Employee Retirement Income Savings Act of 1974 (“ERISA.”) ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

When Your Fired 401(k) TPA Takes Things Personally - Aside from Airplane!, my favorite movie of all time is The Godfather and the underpinning is the complete and utter transformation of Michael Corleone from “college...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t waste a plan provider’s time

I started my practice almost 12 years ago and I devoted a huge part of it, to helping advisors with their clients. It’s a great way to get referrals, but there are times when the help I provided led me to nowhere...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Bessemer Trust Company is latest proprietary fund/ 401(k) plan sponsors defendant

When you’re a plan sponsor and you run your own proprietary mutual fund business and have your 401(k) plan invest in said funds, expect to be sued....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

What makes a good TPA? Simple, service.

A bad third-party administrator (TPA) can be a weapon of mass destruction. So when plan sponsors focus on price or using their payroll provider in selecting the TPA, they neglect the most important attribute of a good TPA:...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

If your clients are wasting their time, say sorry

I referred a client to a third-party administrator (TPA) that would be the best fit for fixing a defined benefit plan that was a hot mess. The fees are a little higher, but the client would make that up with a quality TPA...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Let the TPA do their job

As a financial advisor, you’ve been volunteered as a plan ombudsman and the problem is that you probably don’t have the knowledge of an ERISA expert....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

There is a difference between TPAs

In any service industry, the quality of service and price can be far and wide. While people say that I focus way too much on the workings of the third-party administration (TPA) business, I have more experience in that field...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Changing TPAs, “don’t go into business for yourself”

Changing third-party administrators (TPAs) isn’t fun. If you have to for it, do it...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

The Problems With Free and Small Retirement Plans - There is no such thing as a free lunch. There is no such thing as free advice. The more years I spend in the retirement plan business; I know that there is no such thing...more

184 Results
 / 
View per page
Page: of 8

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide