News & Analysis as of

Revenue Sharing

No joke: Gucci sued for “expensive” 401(k) plan

by Ary Rosenbaum on

When I think of Gucci, I think of a high-priced brand. Coincidentally or not, they are being accused of running a high-priced 401(k) plan. Selling high-priced leather goods is OK, running an expensive 401(k) plan is not....more

Investment Services Regulatory Update - August 2017

by Vedder Price on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...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

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

The ERISA Litigation Newsletter - January 2017

by Proskauer Rose LLP on

Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

DOL puts out another Fiduciary FAQ

by Ary Rosenbaum on

With an April 2017 deadline fast approaching, the Department of Labor (DOL) issues another frequently asked questions (FAQs) concerning the fiduciary rule which is always nice to get their interpretations of the rules with...more

ERISA 404(c) lineup are a much bigger headache

by Ary Rosenbaum on

When I first started in the business in 1998, daily valued, participant 401(k) plans were starting to become a big deal because the technology caught up with the idea of plan participants directed investments and that their...more

All points lead to more index funds in 401(k) plans

by Ary Rosenbaum on

Thanks to the new Fiduciary Rule, I believe that you’re going to see more index funds in 401(k) plans. However, that’s no surprise because that‘s the way we’ve been heading now for the past 15+ years....more

Pointing to a zero revenue sharing world

by Ary Rosenbaum on

When I first started in the 401(k) plan business in 1998, it was a boom time for the stock market and mutual funds. That got plan sponsors wanting daily valued participant directed 401(k) plans and that helped put almost an...more

ERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing?

by K&L Gates LLP on

Retirement plan revenue sharing has a bad reputation. Numerous lawsuits have been filed during the past year against employers that sponsor 401(k) plans alleging breach of fiduciary duty under the Employee Retirement Income...more

ERISA Litigation Newsletter - July 2016

by Proskauer Rose LLP on

Editor's Overview - This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more

401(k) Litigation Overkill?

by Ary Rosenbaum on

The landscape for the retirement plan business has radically changed since when I first started in 1998. Normal courses of business such as revenue sharing and non-transparency of fees were the order of the day. No one cared...more

Revenue Sharing Demolition Night

by Ary Rosenbaum on

When I was a kid in the 1970’s, disco was the biggest thing. By 1980, disco was dead thanks to a backlash. People didn’t know it at the time, but disco died the night of July 12, 1979, thanks to the riot during a White Sox...more

You Can Always Be A Step Away From Getting Sued

by Ary Rosenbaum on

A well-respected registered investment advisor was recently named as a defendant in a class-action lawsuit against a $1 billion 401(k) plan. I’m not going to cite the particulars and I’m not going to opine because a...more

South Carolina Property Tax Incentives: The Special Source Revenue Credit

by McNair Law Firm, P.A. on

While South Carolina has low income taxes, and comparatively low sales taxes as well, the state makes up for this by having some of the highest business property tax rates in the Southeast. These property taxes are generally...more

Massachusetts Gaming Update: Commission Rejects Application for Resort Casino in Brockton

by Goodwin on

The wait is over and the decision is in. On Thursday, April 28, the Massachusetts Gaming Commission voted 4-1 against awarding a commercial license to Mass Gaming & Entertainment, LLC to build a resort casino in Brockton....more

On Your Mark, Get Set, Build!

by Goodwin on

It has been nearly five years since Massachusetts legalized casino gambling, but the state is still without an operating resort casino. The Mashpee Wampanoag Tribe, MGM Resorts International, and Wynn Resorts are all chomping...more

Advisors Advantage - February 2016

by Ary Rosenbaum on

Avoiding The “Bumps” Of Being A Retirement Plan Provider - I’m a big fan of business history and every successful company that has ever been founded has had a few bumps along the way. For example, Apple almost went out...more

New Great West case and Revenue Sharing

by Ary Rosenbaum on

Add Great West under their Empower Retirement brand name as the latest bundled provider being sued. Great West is being sued for revenue sharing fees from mutual funds as part of their program....more

Advisors Advantage - November 2015

by Ary Rosenbaum on

Empathy and Communication by a Retirement Plan Provider Goes A Long Way. It goes way far. They say that game theory is the study of strategic decision making. It is "the study of mathematical models of conflict and...more

Focus on Revenue Sharing

by Ary Rosenbaum on

Everyone has been focused on fees since the implementation of fee disclosure in 2012. It didn’t end retirement plans for everyone, but it put pressure on fees. While the focus on fees have affected those providers that...more

Wireless 101: Maximizing the Value of Your Wireless Lease

by Ervin Cohen & Jessup LLP on

You’ve been approached by a wireless carrier to lease space on your building or property—now what? While rent is an important consideration, you should keep in mind other ways to generate revenue in the future, including...more

European M+A News, Summer 2015

by Morrison & Foerster LLP on

IP Pitfalls in Tech M&A Transactions - Technology and IP-driven deals accounted for over 30 percent of M&A deal volume in Europe in 2014. This trend is bound to continue, with many deals involving strategic or financial...more

They aren’t laughing anymore

by Ary Rosenbaum on

Maybe it’s an insecurity of mine, but I always felt and still do that there are many times that I haven’t been taken seriously. There were family situations and professional situations where that came to be and it wasn’t a...more

District Court Weighs in on Level of Integration Required to Shield Health Care Collaborations from Section 1 Scrutiny

In Medical Center at Elizabeth Place v. Premier Health Partners et. al, Case No. 12-cv-26 (S.D. Oh. Oct. 20, 2014), the Southern District of Ohio held that previously-competing health care systems who join together in a...more

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