News & Analysis as of

Retirement 401k

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Terminate the plan before the deal

Company A wants to buy Company B and everyone wants to terminate Company B’s 401(k) Plan. In an ideal world, this should be done before the closing date of the deal....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

There is no such thing as free administration

In England, many of the top pubs are owned by British breweries because watering holes are an effective means of beer distribution. Pepsico (owners of Pepsi) used to own Yum Brands (KFC, Taco Bell, Pizza Hut, etc.) for that...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I hate short plan years

When drafting new 401(k) plans for clients during the middle of the year, I like drafting them with an effective date of the first of the year and with deferrals effective as of when they can run the plan with payroll. Like...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

What 401(k) Plan Providers Never Tell Plan Sponsors

Ihave a college degree and two law de- grees (I’m not bragging), so I have three alma maters. I attended Stony Brook University, American University Washing- ton College of Law, and Boston University. Out of the three, my...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You can be critical of the business

When I was at law school at American University Washington College of Law, I was the Executive Editor of The American Jurist, which was the student news magazine for my final year of law school. I wasn’t a particularly fond...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Annuities in 401(k) Plans

As Michael Corleone said in the very underrated “The Godfather Part III”, “Just when I want to get out, they keep bringing me back in.”...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Problem of Plan design

When you start fixing up the house (for me, a never-ending battle) and replacing appliances or items like the front door or the roof (had to fix it again), you realize that the replacements are more energy efficient....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

How 401(k) Plan Sponsors Can Avoid The Scams And The Cons

There is a saying I have about scams: “I’m from Brooklyn, you’re go- ing to have to get up earlier in the morning to get one on me.” Growing up in Canarsie Brooklyn in the 1970s and 1980s allowed me to have street smarts,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fidelity to clamp down on third party access

Fidelity is clamping down on third-party access to 401(k) plans, which will likely restrict outside advisors from managing clients’ assets in those accounts....more

Kilpatrick

IRS Issues Guidance on Overpayment Correction Rules under SECURE 2.0

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) made significant changes to the rules governing the correction of overpayments from employer sponsored retirement plans, including 401(k) plans, 403(b) plans, and defined benefit...more

Groom Law Group, Chartered

Long-Term, Part-Time Employee Guidance for Section 403(b) Plans (and Two-Year Extension for 401(k) Regulations)

On October 3, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued Notice 2024-73 (the “Notice”) to clarify eligibility rules for long-term, part-time (“LTPT”) employees in 403(b)...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Offering Self Directed Brokerage Accounts In A 401(k) Plan Can Give You a Good Headache

In the movie “Back to School,” Thornton Melon, played by Rodney Dangerfield laments that his second wife, Vanessa is a pain and gives a “great headache.” While participants, namely business owners, want a self-directed...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Sometimes, a plan sponsors can’t just can’t say no thanks

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

Kelley Drye & Warren LLP

Student Loan Payments Need Not Derail Retirement Savings

The IRS recently released interim guidance to assist employers who wish to provide matching contributions to the 401(k) or 403(b) plan accounts of employees on their qualified student loan payments (“QSLPs”), in the same way...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

BAE wins forfeiture case

BAE Systems Inc. has won a class action lawsuit about misusing 401(k) plan forfeitures. U.S. District Judge Anthony Trenga, of the U.S. District Court for the Eastern District of Virginia, granted BAE’s motion to dismiss...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Collecting Solo 401(k) Plans is like collecting nickels

The fewer assets you have in a 401(k) plan, the less support you get. I know that since I have a Solo 401(k) plan. You open a plan at the local custodial firm and you are left to die....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Plan Sponsors are always Reactive, not Pro-Active

When I was at that semi-prestigious law firm many moons ago, I developed this plan review called the Retirement Plan Tune-Up. I’d look at the plan document, plan design, costs, the Fiduciary process, basically anything that...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Dealing With 401(k) Industry Consolidation As A Plan Provider

Unless you have been living under a rock or in a cave for the past dozen years, there has been a lot of consolidation in the retirement plan busi- ness. For many, it’s a great thing and for many, it’s not. As a retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Salesforce gives up $1.35 million for 401(k) lawsuits

Salesforce Inc. has settled a couple of outstanding 401(k) lawsuits alleging excessive retirement plan fees for $1.35 million....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I won’t write this article

I write a ton of articles as you may know and I will have advisors contacting me and suggesting some topic titles. I have adapted some of these suggestions, but there is one article idea that I had to turn down a few years...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

State mandates will spur private plans

I don’t need studies to tell me that States with mandated SIMPLE IRA programs for employers who don’t have a plan will spur the adoption of private retirement plans. There is no crowd in effect, the fact is that people are...more

Kelley Drye & Warren LLP

Colgate-Palmolive 401(k) Theft Case Settles on Undisclosed Terms, Leaving Open Questions

Many who work with defined contribution plan administrators and consult plan sponsors on their ERISA fiduciary duties have been carefully monitoring Disberry v. Employee Relations Committee of the Colgate-Palmolive Company...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Predictions In The 401(k) Space

Whether it’s a presentation or an article, predictions over the fu- ture don’t usually add up. Sure, then the 1964 World’s Fair predicted video phone calls, we all still don’t have our jet- packs, and an article on the Mets...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Essential Plan Providers Needed For A 401(k) Plan

When people are sick, especially with debilitating illnesses or diseases, it’s natural for them to travel far and wide to get the best medi- cal coverage possible. People who are ill will try to find the best medical coverage...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The way to grow a PEP is through the state mandates

I’m all for states requiring employers to offer a retirement plan or join the state-endorsed IRA program. It increases retirement plan coverage and as a member of the 401(k) industry, it can increase the potential client...more

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