Maybe it’s an insecurity of mine, but I always felt and still do that there are many times that I haven’t been taken seriously. There were family situations and professional situations where that came to be and it wasn’t a...more
If you don’t feel right and you go to the doctor and you get some grim or fantastic news about your health, isn’t it a good call to get a second opinion? Especially with certain types of cancer, speaking to a different doctor...more
One of my favorite sayings is that “the road to hell is paved with good intentions.” To me, it means that good intentions could have some bad results.
A big part of my practice has been helping advisors and brokers get...more
In This Issue:
- Pearls of "Wisdom" for 401(k) Plan Providers.
- Bells and whistles not being used is worse than having no bells and whistles.
- The Fallout from Fee Disclosure continues.
- As a 401(k)...more
I am no genius and I’m sure all of you will agree. I have only been success- ful as an ERISA attorney because of my ambition and an uncanny ability to connect with my audience even though I’m still that shy kid from Canarsie,...more
If I hire a bad contractor for my home or a bad accountant or bad attorney, it’s my cross to bear. Plan sponsors don’t have it that easy. If they choose a plan provider, they will be on the hook for liability because they are...more
In This Issue:
- Stuff That Prospective 401(k) Plan Providers Tell You That's True.
- An Employer's "Recipe" for having a Great Retirement Plan.
- Why An Employer Can And Should Set Up A Retirement Plan...more
When 401(k) retirement plan providers are courting you, your instinct when listen- ing to the sales pitch is that the provider is telling you only what they want you to hear. However, a good chunk of the time, they aren’t...more
Every good meal needs a good recipe and every good recipe needs good ingredients. While many products out there have secret ingredients (Coca- Cola), others have secret ingredients that aren’t (that Big Mac special sauce is...more
My wife will admit I am a dutiful husband. For years, I have been forced from sleep to stand online for Black Friday sales. One year, I stood on line at Sports Authority for the 5 am open to buy a treadmill. A treadmill is...more
When I was fresh out of school and started my first job working for a third party administration (TPA), the paralegal that I was working with told me her experience with the retirement plan business that was pre-ERISA. Marge...more
In This Issue:
- How A Plan Provider Can Lose Clients in 7 Easy Ways
- Being a long term Plan Provider can be a bad thing too
- Advisors should help grow Client's assets
- Be accountable as a Plan...more
In Moon v. BWX Technologies, Inc., 2014 U.S. App. LEXIS 12525 (4th Cir. July 2, 2014), the Fourth Circuit rejected fiduciary breach and equitable estoppel claims, determining that an employer’s failure to alert an employee...more
Keep those Plan documents and amendments.
You will always need them.
Plan sponsors aren't the greatest keeper of plan records because as a plan fiduciary, they think they get too many reports, prospectuses,...more
The courts have been busy in 2014, addressing a variety of issues in the employee benefits field in decisions that impact everyone from union travelers to ESOP fiduciaries. This advisory summarizes a selection of the 2014...more
Insurers have a duty to process claims in good faith, but sometimes they farm the job out to third-party administrators (TPAs). If the TPA fouls up, many states hold that the insurer is still liable—for its own breach of...more
I was very lucky that when I started as an ERISA attorney in 1998, I worked as a staff attorney for third party administrators (TPAs) because it gave me insight and experience that I could never have gotten as an attorney...more
The Affordable Care Act (“ACA”) requires that non-grandfathered health plans make preventive care and screenings available to their members at no cost (i.e. no deductibles, coinsurance, or co-payments). The Department of...more
What makes a good retirement plan financial advisor? Well it takes an attention to detail, an understanding of what the role to entails, and a dedication to the client. In addition, what I find is the way a good financial...more
In England, many of the top pubs are owned by British breweries because watering holes are an effective means of beer distribution. If a business can control the method of distribution of their own products, they can expand...more
I stick to what I know, so I venture very little outside the retirement plan space. I do that because I believe it is less likely to cause trouble. The two largest payroll providers don’t follow that philosophy -- they are...more
I worked for someone once who I thought was the biggest pain in the rear end and I think when I got older and started my own business, I finally understood where he was coming from....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
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
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