News & Analysis as of

Employee Benefits Retirement Retirement Plan

Groom Law Group, Chartered

2024 Retirement Plan Year-End Amendments and Operational Compliance

As the end of 2024 approaches, it’s again time for plan sponsors to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements and moving deadlines. While there...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

Groom Law Group, Chartered

Supreme Court to Decide ERISA Prohibited Transaction Dispute

On October 4, 2024, the Supreme Court agreed to hear an appeal in Cunningham v. Cornell University. The appeal involves review of a split among the United States Courts of Appeals over what plaintiffs must plead when...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Social media gets clients

As discussed so many times in the past, I went to that crappy law firm and thought I could use social media to bring in clients. The managing attorney had so much disdain for it. She thought it was such a lowly concept, like...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Why do TPA buyers botch the sale? They don’t know the TPA’s true value

A buddy of mine has been out of work for over a year. He’s a plan administrator who worked for several third-party administrators (TPAs) and he let me now that several changes were affecting a TPA I recommended he contact....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

Carlton Fields

Studebaker: From Coupe to Coup

Carlton Fields on

In the early days of the workforce, retirement was a foreign concept—people worked until they died. Life expectancy was significantly lower than it is today, making the idea of retirement nearly irrelevant....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.

AI will cut out jobs

Artificial Intelligence (AI) will help plan providers reduce cost. At least that’s what one article I read stated. Yet it will cost people their jobs. Just like with the assembly line, technological developments will lead to...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.

Alera buys Advanced Capital

The Alera Group Inc., from Deerfield, Illinois, announced the purchase of Minnesota-based Advanced Capital Group Inc....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.

DOL updates cybersecurity guidance

The Department of Labor (DOL) updated current cybersecurity guidance for plans governed by the Employee Retirement Income Security Act, including health and welfare plans....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.

TIAA partners with Accenture on recordkeeping

TIAA has entered into a strategic partnership with global advisory firm Accenture to help transform TIAA’s retirement recordkeeping capabilities and operations....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just another TPA screw up

Retirement plans with more than 100 participants with account balances require a CPA audit for their Form 5500. However, small plans with less than 100 participants may sometimes require an audit. This often happens when more...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.

The thing about experience

Manute Bol and Gheorghe Mureșan were 7’6” and 7’7”, but were pretty bad players in the NBA. It takes more than height to play basketball....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The affiliated service group issue

I own a piece of a business and provide services to it, through my sole proprietorship. Pretty much all of that business for the sole proprietorship is performing services for that business I own a piece of....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Surely, You Have To Do These Things As A Retirement Plan Sponsor

Since I first saw Airplane! When I was 9, it was my favorite movie. I didn’t understand all the jokes at first, but my love for the film has only increased over time. The beauty of the movie is that it’s played as a straight...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forfeitures cases will continue until they get thrown out

Federal court cases are a game, like chess. You file a complaint, you fight the inevitable motion to dismiss, and once you survive that, you either settle or take the chances with the case and see if the defendants settle...more

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