News & Analysis as of

Benefit Plan Sponsors 401k Investment Adviser

Pillsbury Winthrop Shaw Pittman LLP

DOL Expands Investment Advice Subject to Fiduciary Liability

Following previous failed attempts to expand the fiduciary liability of financial services providers, the DOL released a new rule that broadens the definition of “fiduciary” under ERISA. The new rule is expected to face...more

Quarles & Brady LLP

2023 Year-End Employee Benefits Updates

Quarles & Brady LLP on

This newsletter provides updates employers should be aware of heading into 2024, including an outline of the updated 2024 retirement and welfare plan limits, instructions related to the “gag order” attestation requirements...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit: Changes to a Services Agreement Require Consideration of Indirect Compensation

A recent Ninth Circuit decision has generated considerable controversy amongst employee benefits practitioners by holding that plan fiduciaries engaged in prohibited transactions when they amended the plan’s existing...more

Faegre Drinker Biddle & Reath LLP

The SECURE Act 2.0: The Most Impactful Provisions (#1–Automatic Plans)

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022—the “enactment date”. SECURE Act 2.0 has over 90 provisions, some major and some minor. One of the most...more

Verrill

Next Steps for Making Collective Investment Trusts Available to More Retirement Plans

Verrill on

Collective investment trusts (“CITs”) have become an increasingly popular choice for 401(k) plan investment menus over the past decade, consistent with a trend toward lower-cost investment options that has been driven, in...more

Foley Hoag LLP

DOL Eases Restrictions on Use of ESG Factors in Retirement Plan Investment Decisions

Foley Hoag LLP on

The U.S. Department of Labor (“DOL”) has issued a final rule (the “Final Rule) addressing how ERISA fiduciaries may consider environmental, social and governmental (ESG) factors in making investment decisions for retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - November 2022

Unfiltered 401(k) Views On What Is Going On Now - For years, dating back to college and law school, I had an unfiltered view of things. I have strong opinions and the opinions are based on my experiences. The problem,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Education is all about a process

Advisors ask me all the time about the role of education in participant-directed 401(k) plans. Participant-directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Putting yourself as #1 is when you get into trouble

If there is one situation that I see consistently with plan providers landing in trouble, a good chunk of the time is when they put their needs ahead of the needs of their clients. The needs of the client should always come...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The #1 metric has to be client satisfaction

The thing I hated most of my time at that certain Long Island law firm was that the only thing they ever seem to care about what how many hours you billed per month. I still contend that monthly billable requirement leads to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - September 2021

Don’t Be Like These 401(k) Plan Providers - The beauty of being an ERISA attorney is that when you think you’ve seen it all, you’ve seen something new. While most plan providers are professional, ethical, and competent,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Bigger is not better for your competition

Bigger is not better. At least I think so since I come from the school of less is more....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - August 2021

How a Financial Advisor Can Start Or Grow Their 401(k) Advisory Business - It’s odd, but I do get some great ideas from professional wrestling in my business approach as an ERISA attorney/retirement plan provider. Like in...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Sometimes, they just want to throw you off

When you meet retirement plan sponsors just at different networking events and they find out that you’re a retirement plan provider, they may volunteer that their retirement plan is in perfect shape. As we know as retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - August 2021

You Have To Deal With Some Unpleasant Facts About Your 401(k) Plan. The greatest benefit you can provide as an employer is a qualified retirement plan, such as a 401(k) plan. The problem is that most employers treat a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - July 2021

As Retirement Plan Provider, Think Differently - It’s odd, but I do get some great ideas from professional wrestling in my business approach as an ERISA attorney/retirement plan provider. Like in pro wrestling, becoming a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

It no longer matters where your plan provider is

I’m the guy who will travel to a Target further from my home because the Target in Farmingdale is far better than Westbury and Valley Stream and people think I’m crazy to travel 15 minutes more for a better run store with...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

T. Rowe unloading duties on FIS

T. Rowe Price has announced plans to transfer responsibility for its retirement technology development and core operations to FIS National Information Services....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hire an advisor when you get an employee

I’m still amazed when I find participant-directed 401(k) plans without a financial advisor. While I understand how solo 401(k) plans don’t have an advisor because individuals think they can do it on their own, it makes no...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

It doesn’t have to be this way

Thalidomide was supposed to be the wonder drug that helped women manage morning sickness until they discovered it caused birth defects. Asbestos was supposed to be the ultimate fire-resistant material that was later found out...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Look within

The best way to keep clients is to look at what you’re doing as a plan provider and what is out there in the marketplace....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Where the PEP makes most sense

We still have a retirement crisis in this country as people don’t have enough retirement savings and so many people don’t have access to a retirement plan at work. The Georgetown University Center for Retirement Initiatives...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - May 2021

The Long Terms Effect Of COVID On 401(k) Plan Providers - The COVID pandemic is probably the most challenging thing we have gone through in our lifetime. I wasn’t alive during World War II nor have I ever served in our...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with an organization being “Top Heavy”

If you know about a thing or two about plan administration, you know about the top-heavy rules. The top-heavy rules generally ensure that the lower-paid employees receive a minimum benefit if the plan is top-heavy. A plan is...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Never give up

If you start a retirement plan provider practice, it can be frustrating. Like I always say about things 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...more

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