One of my favorite movies of all time is The Deer Hunter. It’s a story about the Vietnam War and the post-traumatic stress disorder a group of friends from Western Pennsylvania who were drafted together and fought alongside...more
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
On February 21, 2014, the Seventh Circuit Court of Appeals, in a 2-to-1 decision, denied a preliminary injunction enjoining the federal government from enforcing the self-certification provisions of the Affordable Care Act...more
I always talk about my open door policy with financial advisors and third party advisors where I will help these plan providers out without me actively seeking their business. I kind of have that liberty because it’s my own...more
Last week, in Brown v. Bank of America et al., No. 1:13-cv-00367-JAW (D. Me. March 7, 2013), a federal district court in Maine refused to dismiss a Bank employee’s disability discrimination claims against a third party...more
I’m a beer snob and I’m proud of it. I like the taste of beer and I’m not going to waste my time, money, and calories on a mass-produced inferior product like Budweiser, Bud Light, Coors, and Miller. I would rather drink...more
Which comes first, TPP (the “Trans-Pacific Partnership”) or TPA (“Trade Promotion Authority”)? Alphabetically, and logically, TPA. Strategically, TPP. Politically, neither is likely to come at all. Nor, then, is TTIP the...more
While most of the news about 401(k) plan fiduciaries and their responsibilities is about plan expenses, plan investments, and participant education, there is very little topic about the one issue that is important that most...more
When I was a kid, I remember my parents were shopping for a car and the sticker price had a base fee for the car with so many add-ons that I seriously wondered whether they would charge you for the steering wheel. As with...more
I always talk about how plan sponsors need to work with experienced financial advisors, third party administration (TPA) firms, and ERISA attorneys on their plan needs....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
When I was an associate at a semi-prestigious Long Island law firm, the goal was that I would start a national single employer retirement plan practice. I couldn’t have my articles published because the marketing department...more
Yes, I will admit it, I love soap operas. My favorite show of all-time is Dallas and when I was a senior in high school and I was at home around 12:30 pm, I watched in succession, Young and The Restless, Bold and The...more
While they don’t have a book called Retirement Plan Sponsorship for Dummies, they should. So in the interim, here is a checklist that plan sponsors should review that can help them develop good practices and avoid unnecessary...more
One of my least favorite sayings is: “if it ain’t broken, don’t fix it.” I detest it because it suggests complacency of something that is mediocre. It kind of reminds me of when New York City Mayor Ed Koch was running an...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
On November 27, 2013, the Circuit Court of Cook County, Illinois issued an Order in a lawsuit filed by the American Council of Life Insurers, Inc. ("ACLI") v Andrew Boron, Director of the Illinois Department of Insurance and...more
What was good yesterday might not be a good today. Asbestos was a great fireproof building material until it was found to cause asbestosis and malignant mesothelioma Thalidomide was a great drug for morning sickness until it...more
The law firm I started a few years back is actually more than 13 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
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
Before departing for the 2013 Thanksgiving holiday, the Obama administration released several new regulatory announcements and guidance relating to the implementation of the Affordable Care Act (ACA). The new guidance delays...more
One of the most annoying phrases out there is: “if it ain’t broken, don’t fix it”. I have disliked it for more than 20 years after seeing a student government political candidates use it back at Stony Brook.
Seven Deadly Sins Every Retirement Plan Provider Should Avoid.
Stuff plan providers should avoid.
The movie Seven taught me that the seven deadly sins are wrath, greed, sloth, pride, lust, envy, and gluttony. It...more
A snippet from my forthcoming Kindle e-book, “How to Succeed in the 401(k) Plan Business (and 401(k)’d: A Life)”:
I always say that the main reason that I don’t want to have employees is because I was an employee once...more
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
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