News & Analysis as of

Retirement Plan Fiduciary Duty Third Party Administrators

They can’t see it, since they caused it

by Ary Rosenbaum on

A few years back, I had the worst call with a prospective client in the 19 years I have been an ERISA attorney. This 401(k) plan sponsor was like many prospective clients, poor participation and paying too much in fees....more

The problem with pushing other providers

by Ary Rosenbaum on

Many larger third party administration (TPAs) firms, especially those owned by insurance companies are feeling the heat and they’ve been feeling the heat of competition ever since everyone had to fully disclose fees thanks to...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

Some Brokers Will Leave, But Not Like What They’re Saying

by Ary Rosenbaum on

Experts saying how many brokers are going to leave the retirement plan business reminds me of the radio report that Henry Hill heard in the shower about the Lufthansa heist, in Goodfellas. Like the loot stolen in the heist,...more

The ERISA Litigation Newsletter - September 2016

by Proskauer Rose LLP on

Editor's Overview - This month, we have re-published an interview of our colleague Seth Safra discussing the Department of Labor’s final regulation concerning fiduciaries and conflicts of interest. In this interview,...more

The Rosenbaum Law Firm Review - September 2016 #2

by Ary Rosenbaum on

How 401(k) Plan Sponsors Can Improve Their Plan At Little Cost. It doesn't have to cost much. There are many ways that a retirement plan sponsor can improve their 401(k) plan, but they usually balk when it comes...more

The Bottom Line On What Retirement Plan Sponsors Need To Do

by Ary Rosenbaum on

I worked for a third party administrator (TPA) for almost 5 years and one of my favorite things about the boss there was that he just wanted to cut to the chase. We had an actuary who developed a speech im- pediment when he...more

Don’t make yourself a target

by Ary Rosenbaum on

Sometimes if you don’t want to be a target, don’t make yourself to be a target. Insperity Inc. a provider of outsourced human resource and business management services to small and midsized businesses has been sued by...more

Don’t Leave Your Level of Comfort

by Ary Rosenbaum on

The law firm I started a few years back is actually more than 15 years old as it was a shell where I could offer legal services on the side while I did my normal day job. It was an experiment on whether I could go out on my...more

How Retirement Plan Advisors Can Benefit From Any New DOL Fiduciary Rule

by Ary Rosenbaum on

One of my favorite companies is Netflix. The first time I came into contact with them, it was through an offer that was in the box of the first DVD player I bought in 2000. Instead of rentals through Blockbuster or Hollywood...more

The Worthlessness Of The 401(k) Fiduciary Warranty

by Ary Rosenbaum on

I am a firm believer in the idea that what you see is what you should get. If you’re promised the moon, anything short of that is wrong. Some of the biggest disappointments in my life is when I was sold a bill of goods that...more

The Rosenbaum Law Firm Review - February 2015

by Ary Rosenbaum on

In This Issue: - Small Steps That Plan Sponsors Can Take To Limit Their Fiduciary Liability - "Plain" Advice to Retirement Plan Sponsors - Pick Plan Providers Just Because They Are Cheap Is A Bad...more

How a Plan Sponsor Can Avoid Being a Deer Caught in the Headlights

by Ary Rosenbaum on

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

The needs of the Plan outweigh the needs of the Plan Provider

by Ary Rosenbaum on

A family member once said: “there are a lot of yous (sic) and only one me.” That may not be the nicest and most selfless thing to say, but that’s something retirement plan sponsors should think when it comes to the needs of...more

Advisors Advantage - January 2014

by Ary Rosenbaum on

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

Things They Never Tell You as a 401(k) Plan Sponsor

by Ary Rosenbaum on

When my wife and I bought our house, there were quite a few things that the previous owner forgot to tell us such as the fact they never bothered to pull the pipes from the dental office run by a previous owner 20 years...more

End of Year Tips For Retirement Plan Sponsors

by Ary Rosenbaum on

With the Holiday season about to start, we know that the end of the year will soon follow. While plan participants maybe more concerned about holiday shopping or the firm’s annual holiday party, it’s a great and necessary...more

10 Concepts That Every Retirement Plan Sponsor Should Know

by Ary Rosenbaum on

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

Austin 3(16) Fiduciary: Outsourcing Your Retirement Plan and its Liability at a Reasonable Fee

by Ary Rosenbaum on

Running a business is a complicated activity. You have to be an expert in your field, service, or specialty. In order to get your work, there is a point where you will need to outsource some key employer functions such as...more

Another 10 Major Misconceptions Plan Sponsors Have About Their Retirement Plans

by Ary Rosenbaum on

Throughout history, there have been misconceptions that people believe in (even until this day) despite the evidence to the contrary. Mrs. O’Leary’s cow didn’t start the Great Chicago Fire of 1871 and Benito Mussolini didn’t...more

Retirement Plan Sponsors Have More to Fear Than Fear Itself

by Ary Rosenbaum on

In his inaugural address in 1933 amidst the Depression, Franklin Delano Roosevelt said that the only thing we had to fear was “fear itself”. 1933 predates ERISA by 40+ years, so FDR clearly didn’t understand the dilemmas of...more

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