News & Analysis as of

Third Party Administrators

Make sure everyone is on board with the change

by Ary Rosenbaum on

Sometimes no matter how hard you work on a plan and do such a great job, oe person working for your client can cost you them as a client....more

The problem with fiefdoms

by Ary Rosenbaum on

The Brady Bunch was probably everyone’s vision of what a perfect family was. There two sets of a parent with three children of their own and together they blended the families and everything ended up happily after a 22-minute...more

Advisors Advantage - May 2017

by Ary Rosenbaum on

For Retirement Plan Providers, It's All About Relationships. That is what it's about. The retirement plan business is a relationship driven business. It's about connecting with other plan providers and more...more

Culture only comes from the top

by Ary Rosenbaum on

I was leaving a position as an ERISA attorney at a third party administration (TPA) firm for what I thought would be greener pastures. The TPA quickly hired an unemployed ERISA attorney for the role and when he was telling me...more

New Kansas Insurance Department Bulletin Changes TPA Licensing and TPA Renewals

by Polsinelli on

On the heels of the Kansas Legislature’s recent adoption of Senate Bill No. 22 regarding third party administrators, the Kansas Insurance Department issued Bulletin 2017-2 to identify the states the Department has determined...more

Revenue sharing costs money

by Ary Rosenbaum on

I guess my comments regarding revenue sharing is a bit sarcastic, but I think accurate. While revenue sharing payments from mutual funds to TPA to help defray the costs of administration of a plan sponsor’s plan is legal, it...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

Advisors Should Care About Plan Design

by Ary Rosenbaum on

In sports and in business, you are only as good as the team that you are on. I have been on some good teams and not so good teams, so I know that sometimes I was only as good as an ERISA attorney if my fellow employees were...more

Plan Design And Tax Deductions

by Ary Rosenbaum on

If you’re a retirement plan sponsor, why should you care about plan design? Retirement plan design is one of the most underappreciated facets of the retirement plan business and it really should be appreciated. The reason why...more

Washington: Third-Party Administrators and Adjusters Can Be Liable in Bad Faith Actions

by Cozen O'Connor on

On April 11, 2017, the Division III Washington Court of Appeals, on a 2 to 1 vote, held that third party administrators and adjusters can be liable in bad faith actions under multiple legal theories. Merriman v. Am. Guar. &...more

It’s a mistake to only focus on fees

by Ary Rosenbaum on

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

Kansas Strengthens Third Party Administrator Laws

by Polsinelli on

Kansas Senate Bill No. 22, which became effective on March 9, 2017, amends the Kansas Third Party Administrator laws and appears designed to make them more robust by incorporating much of the language from the new National...more

You Can Lead A Plan Sponsor To Huge Retirement Savings, But……

by Ary Rosenbaum on

One thing I will always remember working as an ERISA attorney for third party administrators (TPAs) is when a plan sponsor would tell us that they wanted the maximum savings for retirement and when we came back up with a...more

The Rosenbaum Law Firm Review - March 2017

by Ary Rosenbaum on

Why an Employer Should Sponsor A 401(k) Plan. Lots of good reasons. Too many plan sponsors ignore their retirement plans and by doing that, they are unknowingly putting themselves in harm's way. I know hat plan...more

The IRS Provides Updated Guidance on Hardship Distributions

by Bass, Berry & Sims PLC on

The Internal Revenue Service (IRS) recently issued updated audit guidelines for its agents regarding the substantiation requirements for hardship withdrawals from 401(k) and 403(b) plans. This guidance is welcome news for...more

New Indiana Insurance Department Bulletin Changes TPA Licensing and TPA Renewals

by Polsinelli on

A recent Indiana Department of Insurance Bulletin announces a change regarding how the Department will issue initial third party administrator licenses and renew existing licenses for nonresident third party administrators in...more

401(k) and 403(b) Plan Hardship Distribution Substantiation: What Will the IRS Be Looking For?

by Jackson Lewis P.C. on

On February 23 and March 7, 2017, the Internal Revenue Service (“IRS”) issued memoranda to examination agents addressing review of substantiation provided in support of safe harbor hardship distributions under 401(k) and...more

You’re Paying for That

by Ary Rosenbaum on

The best third party administration (TPA) salesman I ever knew wasn’t happy with the typical GMC SUVs that he had leased in the past, so he wanted something more. After talking with the head of the company who he was very...more

Advisors Advantage - March 2017

by Ary Rosenbaum on

How You Can Stand Out From The Crowd As A Retirement Plan Advisor. It would be a detriment to focus only on this stuff. There are lots of financial advisors who claim they handle retirement plans, but there are...more

Guidance to IRS Examiners on 401(k)/403(b) Hardship Withdrawals

by Seyfarth Shaw LLP on

Substantiation Requirement Clarified for Examination Purposes - Over the past few years, employers and plan administrators have frequently asked how hardship withdrawal requests can/should be substantiated from 401(k)...more

Referrals are about helping, not making you $$$$

by Ary Rosenbaum on

The retirement plan industry is very close knit. Everyone knows who does great work and the few that don’t. Word travels fast about the good, the bad, and the ugly in this business....more

The Rosenbaum Law Firm Review - February 2017

by Ary Rosenbaum on

Why an Employer Should Sponsor A 401(k) Plan. Lots of good reasons. As an employer, a big reason for setting up a retirement plan is because it's an employee benefit and it can be used to recruit and retain...more

Read the plan document

by Ary Rosenbaum on

Being an ERISA attorney for a couple of third party administration (TPA) firms when I first started helps you develop a sense of humor because there are too many people I was associated with who had absolutely zero training...more

Ask the TPA about their administrators’ training

by Ary Rosenbaum on

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

As a plan provider, make sure there are security processes in place

by Ary Rosenbaum on

As a retirement plan provider, you have something to do with the retirement plan assets and may have some access to it as a third party administrator (TPA) or financial advisor...more

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