Third Party Administrators

News & Analysis as of

A Warning to 401(k) Plan Sponsors Relying on Third-Party Administrators (TPAs)

A recent news bulletin from the IRS serves as a cautionary reminder that plan sponsors retain responsibility for the proper administration of participant hardship distributions and loans, and related recordkeeping...more

Retirement Plan Sponsors Need To Care About Plan Design

If you had your eyes set on a car and one model gave you 25 miles to the gallon and the other model gave you 45 with no difference in features or price, what would you choose? If you can find a coupon for items you were...more

Advisors Advantage - April 2015

In This Issue: - As a Retirement Plan Provider, Don't Turn Into A Bureaucracy - An RFP Process should not be a sham. - A Great Idea isn't Everything. - Sometimes, Networking can be bad. - Trust is an important...more

Recent Federal Court Ruling: No ERISA Preemption of Texas Prompt Pay Law Regarding Payment Deadlines; Texas Legislature May Act on...

What's new. A Texas federal district court has ruled that ERISA does not preempt or prohibit application of the Texas Prompt Pay ("TPP") law to Third Party Administrators ("TPAs") of self-funded benefit plans. Judge Lynn...more

Recent Federal Court Ruling on Application of Texas Prompt Pay Laws to Self-Funded, Medicaid and Out-of-State Plans and Their...

What's new? A Dallas federal district court recently ruled that the Texas Prompt Pay Law does not apply to employer-funded health plans, Medicaid plans, or out of state patients that use Texas providers, or to a Third Party...more

Divorcing that TPA can be a problem

The MTV reality series The Real World ends their opening intro by stating the show tries “to find out what happens… when people stop being polite… and start getting real.” As an ERISA attorney working with retirement plan...more

Another 10 Wrong Ideas That Plan Sponsors Have About Their Retirement Plans

Most of the time, sequels suck. Except for perhaps Terminator 2 and The Godfather Part II, most sequels are like such bombs as Caddyshack II and Beyond the Poseidon Adventure. Despite this dislike of sequels, giving Plan...more

The Top 10 Wrong Ideas That Plan Sponsors Have About Their Retirement Plans

People can get the wrong idea at times. I’ll never understand what Fred Silverman was thinking when he made Jean Doumanian the successor to Lorne Michaels as Executive Producer of Saturday Night Live or when he imported Pink...more

Human Emotional Mistakes A Retirement Plan Provider Should Avoid

We are all human unless someone of us are cyborgs sent by Cyberdyne Systems in the future. Seriously, humans are controlled by emotions and everyone knows that after going through their teenage years. Human emotion can make...more

The Rosenbaum Law Firm Review - March 2015

In This Issue: - It's The Plan Sponsor's Responsibility, Just Because. - Reasons When A Plan Sponsor Should Change Their Plan Providers. - What Retirement Plan Sponsors Have To Fear. - A great Retirement Plan?...more

Enrollment Meetings Don’t Have To Be Run Like Funerals

I have been to many funerals and many 401(k) enrollment meetings and I have to say that most funerals are livelier than 401(k) enrollment meetings. It doesn’t have to be that way....more

Reasons When Plan Sponsors Should Change Their Plan Providers

People are afraid of change and sometimes; change can be a good thing. Change for the sake of change isn’t a good idea and there are times when change is absolutely necessary. This article is about when it’s probably a good...more

Advisors Advantage - February 2015

In This Issue: - Marketing and Management Tips For Retirement Plan Providers - There is a price to pay for being outspoken - Never give into disillusionment - Tread Carefully with Plan Provider...more

Tread Carefully with Plan Provider Referrals

As a retirement plan provider, you are often asked to give a referral to other retirement plan providers. If you are a financial advisor, you maybe asked for a referral for a third party administrator or an ERISA attorney....more

Never give into disillusionment

If you start a retirement plan practice, it can be frustrating. Like I always say about thing in my life, “If it wasn’t a struggle, it wasn’t any fun”. Building a retirement plan practice isn’t easy because a stash of clients...more

Marketing and Management Tips For Retirement Plan Providers

I have been very lucky in my career. It has nothing to do with intelligence or good looks or being pushed by the right people. I‘ve been lucky because I’ve been able to reinvent myself and some- times turn lemons into...more

The Rosenbaum Law Firm Review - February 2015

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

There is a price to pay for being outspoken

I always say that plan providers need to stand out in the crowd. I follow my own advice and that’s how I tried to act when I started my law practice 5 years ago. I was pretty brazen in my comments and I know I...more

“Plain” Advice to Retirement Plan Sponsors

I don’t know about you, most of the advice I got growing up was usually wrong. Maybe some very unsuccessful people surrounded me when I was younger, but advice can be biased and self-serving at times. The best advice I would...more

Marketing is about drawing a dime of business

At my old law firm (yes, that semi-prestigious law firm in Long Island), we had a law firm administrator.  What he administered, I really had no idea.  I’m still waiting for him to help me with growing my practice after he...more

Focusing too much on Plan fees isn’t healthy either

I remember as a kid that there was move to use margarine because of the cholesterol that was in butter. Who can forget those talking Parkay carton commercials? Of course, we later learn that many margarines had high amounts...more

Advisors Advantage - January 2015

In This Issue: - 2015 New Year Tips for Retirement Plan Providers. - Give your clients their own "football". - They aren't laughing anymore. - Happy Clients Don't Leave. - 401kwire's Top 100...more

Your Privacy and Medical Authorization Releases

Some third-party administrators of Nevada workers’ compensation claims routinely send injured workers their own medical release forms which give the adjuster authorization to request any and all medical records from any...more

2015 New Year Tips for Retirement Plan Providers

With a new year, comes a renewed focus on business now that the holidays are behind us. For the retirement plan provider, there is never enough time to rest on their laurels because of the competitive nature of the business....more

Rosenbaum Law Firm Review - January 2015

In This Issue: - Stuff That Prospective 401(k) Plan Providers Tell You That's True - The Conduct Code for Retirement Plan Sponsors - Stuff That Won't Help A Retirement Plan Sponsor Limit Their...more

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