News & Analysis as of

Investment Adviser Retirement Plan Providers

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (6): The Fiduciary Definition of Fiduciary

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Eversheds Sutherland (US) LLP

DOL opines on plan sponsor’s diverse investment manager program

The Department of Labor (DOL) recently advised that a program under which Citigroup Inc. (Citi) subsidizes investment management fees for its employee benefit plans’ diverse investment managers could be implemented without...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.

Advisors Advantage - May 2022

Recent Changes That Plan Providers May Not Like - On Curb Your Enthusiasm, Ed Asner was a guest star, playing an elderly man who wanted to change his will. Based on a recommendation by Larry David, Ed’s character visited the...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.

That Flinstones tie

I was a first-year law student participating in moot court, just because all second-year students participated even when I knew I had zero interest in ever being a litigator. In those days, my mother would buy me these cheap...more

Burns & Levinson LLP

Department of Labor Issues New Guidance on Cryptocurrency In Retirement Plans

Burns & Levinson LLP on

The U.S. Department of Labor issued Compliance Release No. 2022-01 on March 10, 2022, raising “serious concerns” over the prudence of retirement plan fiduciaries’ investing in cryptocurrencies, and cautioning plan fiduciaries...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure the plan custodian know who your plan trustees are

If you’re a closely held business or not, changes do happen. Whether it’s leadership or who serves as your plan’s trustee, change will likely happen. The problem sometimes is when the plan document has been updated to reflect...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Context is king

I had a great time on Joshua Itzoe’s podcast and one point, he brought up was that I was a proponent and defender of third-party administration (TPA) firms. If you followed me on LinkedIn when I started my practice 11 years...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just say you’re sorry

On Columbus Day, I was running an errand in my Prius V, and a woman in the right lane crossed over and hit my car. The woman immediately followed me into a parking lot. I was mad because I had damage and the car would have to...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.

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.

Don’t Nickel and Dime Plan Providers

I sell some stuff on eBay. I’m selling collectibles I no longer want for collectibles I do want (vintage graded sports cards). I set a starting bid and a buy it now price and occasionally I’ll get the eBay member who’ll ask...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with mini-fiefdoms

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

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

Faegre Drinker Biddle & Reath LLP

The New DOL Fiduciary “Rule” For Investment Advisers and Broker-Dealers and the December 20 Deadline: The Time to Act is Now

The DOL’s new fiduciary “rule” became effective on February 16, 2021. The rule is a combination of a new and expansive definition of fiduciary advice (and status) and an exemption from the prohibitions of ERISA and the...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.

Milk Carton Advisors are still a thing

When you hire a financial advisor for your plan, they typically are paid quarterly from plan assets. Yet some so many plan sponsors pay hat quarterly fee and their advisor have been missing in their job, that they should be...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.

That Chip On My Shoulder

I have spent 11 years on my own in a solo ERISA practice and if you read anything since that time I started on my own, you will know that I still have a chip on my shoulder for the two years I worked at a mid-sized Long...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Communication is key

I get along with people for the most part because I make the effort. It’s also a lot easier to function in the retirement plan business when you have more friends than enemies. Unfortunately, there has been a number of...more

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