News & Analysis as of

Retirement Plan 401k Benefit Plan Sponsors

The Problem With Multiple Loans

by Ary Rosenbaum on

When drafting new 401(k) plans, I always recommend allowing for a loan provision. I know there are quite a few plan providers who don’t want any provisions that allow “leakage” of retirement assets, but I believe that when...more

Advisors Advantage - December 2017

by Ary Rosenbaum on

How A Plan Provider Should Handle Employees. Some tips from a former plan provider disgruntled employee. I always say that the main reason that I don't want to have employees is that I was an employee once too. An...more

The Rosenbaum Law Firm Review - December 2017

by Ary Rosenbaum on

Plan Features And Services Aren't A Fit For Every Plan Sponsor. There is nothing out there that is a fit for everything. Did you ever buy a car and the dealer was trying to sell you things you didn't really need like...more

2017 End of Year Plan Sponsor “To Do” List Qualified Retirement Plans (Part 4)

by Snell & Wilmer on

As 2017 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered...more

A Moving Target: Tax-Qualified Plans and Other Employee Benefits

The House and Senate propose changes to the tax rules governing retirement plans and other employee benefits. House passes the Tax Cuts and Jobs Act with substantive changes to the tax rules affecting retirement plans and...more

Advisors Advantage - November 2017

by Ary Rosenbaum on

The Bottom Line For Retirement Plan Providers. More plan assets for your clients is a good thing for many reasons. When I had the idea of starting a National ERISA practice 10 years ago, I knew I would have a tough time...more

Massachusetts proposes a MEP and why it’s a bad idea

by Ary Rosenbaum on

After Vermont decided to proceed with sponsoring an open multiple employer plan (MEP), legislation proposed would make Massachusetts the second state to sponsor a 401(k) MEP. Prior to May 2012, we had a decent market for...more

2017 End of Year Plan Sponsor “To Do” List (Part 2) Annual Cost of Living Adjustments

by Snell & Wilmer on

As 2017 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end...more

What You Should Know When Establishing a 401(k) Plan: A Guide for New Plan Sponsors

by Fenwick & West LLP on

Setting up a new 401(k) plan seems like it should be simple. Many companies offer a 401(k) plan to their employees, and prospective plan sponsors appear to have a substantial variety of vendors to choose from, ranging from...more

Well here is where an advisory firm gets in trouble

by Ary Rosenbaum on

A good chunk of my work as an ERISA attorney is working with financial advisory firms in managing their retirement plan practice especially with 401(k) plans. I have many registered investment advisory clients around the...more

Advisors Need To Offer Education

by Ary Rosenbaum on

Advisors ask me all the time of the role of education in participant directed 401(k) plans and it’s an important question. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors...more

Plan Providers and Plan Sponsors Can Still Lose By Winning

by Ary Rosenbaum on

The news comes trickling in for 401(k) plan providers and plan sponsors beating back class action lawsuits. Many plan providers win their case as defendants because the plan participants fail to convince a judge that the...more

Grow your client’s plan assets

by Ary Rosenbaum on

If you’re a financial advisor, more assets under management equal more money. It’s pretty simple to me. So that means a financial advisor working in the 401(k) plan space should do their best to making sure that their Plans...more

Pick a Provider That Is Ahead of The Curve

by Ary Rosenbaum on

When it comes to plan sponsors in choosing providers for their retirement plan, I think one rule of thumb is to choose plan providers that are ahead of the curve. What do I mean by ahead of the curve? Retirement plan...more

Should Your 401(k) Plan Go Safe Harbor?

by Ary Rosenbaum on

December 1 is pretty quickly going to be upon us, which reminds me that I have some notices to send out shortly. For those in the retirement plan business, we know December 1 marks the date that safe harbor notices have to be...more

Using Funds From Only One Family Is An Awful Idea

by Ary Rosenbaum on

You must know about the shoemakers’ children and how they go barefoot and have no shoes. In the retirement plan industry, we have retirement plan providers and their employees’ retirement plan....more

Special Rules for Plans due to Hurricane Irma

by Robinson & Cole LLP on

On September 12, 2017, the Internal Revenue Service (IRS) issued Announcement 2017-13, which provides guidance on the ability of qualified plans to provide plan loans and hardship distributions to people in Florida affected...more

If it bleeds, it leads. If it’s thrown out, forget about it.

by Ary Rosenbaum on

I serve as the attorney for a registered investment advisor out on Long Island and they forwarded me an email from a plan sponsor regarding a news article from last year of a potential class action lawsuit against a...more

The Trouble With 401(k) Investment Policies

by SmithAmundsen LLC on

The most common area in which 401(k) plans are being scrutinized these days is in their selection and design of investment offerings. While participants often get to direct how their funds are invested, that direction is...more

Internal Revenue Service Provides Helpful Relief to Hurricane Victims

Announcement 2017-11 (Announcement) provides that a tax-qualified employer retirement plan may treat a distribution to a current or former employee covered by the Announcement as on account of hardship or an unforeseeable...more

Time to Prepare for the End of the Year - Part One

by Poyner Spruill LLP on

The end of the year is rapidly approaching! To avoid costly penalties that can arise from inadvertent errors in the year-end rush, plan sponsors should begin talking with their service providers now about what must be done by...more

Advisors Advantage - September 2017

by Ary Rosenbaum on

Avoid Mistakes Other Plan Providers Make. Learn from the mistakes of others. Being a retirement plan provider is tough. I know because as an ERISA attorney, I am one and I play on TV. There are many mistakes to be made...more

IRS Provides for Expedited Loans and Hardship Distributions from Retirement Plans

by Jackson Walker on

The IRS announced last week that it will allow victims of Hurricane Harvey and their families to more easily access assets held in employer-sponsored retirement plans. Specifically, the IRS will allow certain retirement plans...more

401(k) Plan Sponsor Steals Assets To Support Country Club Life

by Ary Rosenbaum on

One of my favorite lines from Seinfeld is when George Costanza gets a job where Elaine works at Pendant Publishing. He’s fired for having sex in the office with the cleaning woman. George pardons ignorance, asking whether it...more

Can Financial Institutions Use In-House Funds for Their Own Retirement Plans?

by Burns & Levinson LLP on

Financial institutions that sell mutual funds to the public often maintain 401(k) and other retirement plans for their own employees. In these plans, many financial institutions make their own mutual funds available to...more

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