Category Archives: Retirement Plans

Every football team needs a backup quarterback. You hope you never need him, but you better have one ready because eventually the starter is going to miss a play, a game, or maybe a season. Your 401(k) plan needs the … Continue reading →

Every year, your TPA probably asks you for census information, and every year, someone at your company probably treats it like another annoying administrative task. It isn’t. The census is more important than you think because so much of your … Continue reading →

Your 401(k) plan document might say one thing while your payroll system does something completely different. That’s a problem. One of the most overlooked areas of 401(k) plan administration is the definition of compensation. Your plan document specifies what compensation … Continue reading →

The number of 401(k) millionaires has reached another record, with Fidelity reporting 769,000 accounts worth at least $1 million. Good. I love stories like this because they prove something I’ve been saying for years: when it comes to retirement savings, … Continue reading →

Every retirement plan provider seems to have amazing technology. At least that’s what the sales presentation says. There are dashboards, mobile apps, payroll integrations, artificial intelligence, automated enrollment, participant engagement tools, and portals that supposedly do everything except make your … Continue reading →

There is always someone willing to do it cheaper. That’s why I’ve never understood retirement plan providers who build their entire business around being the lowest-priced option. Price matters. I’m a flat-fee ERISA attorney, so I’m certainly not suggesting that … Continue reading →

One of the biggest mistakes retirement plan providers make is believing that every client is worth saving. They’re not. I understand why providers obsess over retention. Losing clients doesn’t look good. Nobody wants to explain why ten plans left last … Continue reading →

When business owners establish a 401(k) or profit-sharing plan, one of the first questions they usually ask is: “How much can I put away?” I understand. The tax deduction and retirement contribution are often major reasons they established the plan … Continue reading →

A typical 401(k) plan may have a TPA, recordkeeper, financial advisor, payroll provider, accountant, investment manager, and ERISA attorney. That’s a lot of cooks in the kitchen. The problem isn’t having multiple providers. Each provider can play an important role. … Continue reading →

One of the biggest problems with administering a 401(k) plan is that sometimes all the knowledge about the plan resides with one employee. Then that employee quits. Suddenly, nobody knows how contributions are transmitted, who sends the census to the … Continue reading →