News & Analysis as of

Financial Services Industry Retirement Compensation & Benefits

Pullman & Comley, LLC

It’s Not Spam: Why Your Retirement Plan Vendor May Be Trying to Get Your Attention (and Why You Should Respond)

Pullman & Comley, LLC on

The Secure 2.0 Act of 2022 authorizes numerous new provisions that employers can choose to include or exclude in the retirement plans they sponsor. Recently, retirement plan vendors (vendors) have been sending communications...more

Seyfarth Shaw LLP

Washington Saves; Washington State’s New State-Mandated Retirement Program

Seyfarth Shaw LLP on

On March 28, 2024, Washington State’s Governor, Jay Inslee, signed into law a bill that creates a new state-run retirement program called “Washington Saves.” Under the program, “covered employers” must give “covered...more

Pullman & Comley, LLC

The State of Connecticut Wants Information About Your Retirement Plans by September 1, 2023

Pullman & Comley, LLC on

In a June 7, 2023 press release, State of Connecticut Comptroller Sean Scanlon applauded the passage of House Bill No. 6930, which aspires to develop best practices for governance structures of municipal retirement plans....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You need the right partner

Whether it’s a partner in your business or a business partnership with another plan provider, it needs to be the right fit. I worked for two third-party administrators (TPAs) where partnership mismatches helped doom them....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Millennium Trust to add auto portability option

Millennium Trust announced that they will add an optional auto-portability function to its automatic rollover IRA solution. They expect this add-on feature to be ready for client testing later this quarter and available in...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure the title means something

When I was Synagogue Vice President, the Hebrew school PTA presidents were there for so long, one of them actually didn’t have kids at the school anymore. That was odd, but what was even worse is they did nothing with their...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Participants still think it’s free

I once said that I thought I lived in a great community until I joined the Facebook community newsgroups. You just can’t imagine what people think. The same can be said about some of these polls of plan participants, which...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SeaWorld Litigation will continue

A class action lawsuit brought by former SeaWorld employees that alleged participants in the SWBG LLC 401(k) plan were harmed will continue. The former employees’ arguments sustained the fiduciary breach of the duty of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

AI is here for 401(k) review

I’ve been long in this business to remember no participant websites, so I’m amazed by technological breakthroughs. Artificial Intelligence (AI) tools BenchMine is billed as the first-ever AI 401(k) comparative analysis...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

More immediate eligibility for salary deferrals

New Vanguard data shows that 72% of plan sponsors allowed for immediate eligibility of retirement saving deferrals in 2021, which is an increase over the 58% in 2012, according to own research. Although not every Vanguard...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

One Digital makes another practice purchase

One Digital announced it has acquired - 401K Resources and The Clear Group 401K Resources was founded by Renee Scherzer, the President-Elect of the National Association of Plan Advisors (NAPA). The Clear Group, founded by...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The deferral rate is important as to plan health

While the past 11 years, 401(k) plan sponsors have been concerned with cost since mandatory fee disclosure, I think there is one diagnostic that they should focus on and rarely do. The diagnostic is the deferral rate of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Trust is the underpinning behind any plan provider relationship

When working with other plan providers, trust is the biggest underpinning. Without it, you have nothing else. If you can’t trust the plan provider you’re working with, then why are you in business with them?...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure it’s really Roth and not pre-tax and vice versa

As more and more employees are deferring on a Roth after-tax basis, there will be more errors on whether the contributions are made after-tax or pro-tax and vice versa. Changing Roth to pre-tax and ore-tax to Roth is a giant...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

CAPTRUST buys Houston RIA

CAPTRUST announced its purchase of Monroe Vos Consulting, a Houston-based registered investment advisor (RIA) with $5.8 billion in assets. Monroe Vos provides advisory services for retirement plan sponsors, endowments, and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hate ESG funds? Don’t offer them

The ESG rule issued by the Department of Labor (DOL) has incensed anyone who believes that the selection of retirement plan investments should be based solely on total return. It’s incensed 25 state attorney generals to sue...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRA assets swell, thanks to rollovers

Individual retirement accounts (IRAs) remain the biggest segment of the retirement plan market, hitting almost $14 trillion in assets, thanks to 401(k) rollovers. Over the past 10 years, IRA market share has increased...more

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