Monthly Archives: September 2010

There are stupid 401(k) questions

Whoever said there are no dumb questions is right, stupid questions are another story. I am outspoken against the idea of a one stop shop where a third party administration firm (TPA) has its own registered investment advisory (RIA) business. … Continue reading

Posted in 401(k) Plans, Retirement Plans | 7 Comments

Retirement Plans Should Be Tailored Like Suits

Too many retirement plan sponsors leave money on the table by just selecting a financial advisor and setting up a plan vanilla 401(k) or SIMPLE IRA or SEP without consulting an ERISA Attorney and the consultants at a third party … Continue reading

Posted in 401(k) Plans, Retirement Plans | 8 Comments

Another day, another TPA fire (error)

Retirement plans with more than 100 participants 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 than 5% of the Plan’s assets are … Continue reading

Posted in 401(k) Plans, Retirement Plans | 7 Comments

My Life as a TPA attorney vs. now

There two major differences that I see in being an attorney that works for a third party administration firm and my role at my law firm. First, I now offer an attorney-client relationship with my clients rather than protecting my employer’s … Continue reading

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Semi-amusing observations on 401(k) self directed brokerage accounts

Is it my imagination or does every 401(k) plan that wants to offer a self directed brokerage account option for participants is either a law practice or medical practice? In 12 years as an ERISA attorney, I cannot recall a … Continue reading

Posted in 401(k) Plans, Retirement Plans | 7 Comments

A Simple Rule on TPA Errors

If my experience working for, with, and sometimes against third party administrators (TPAs) can be summed up about plan errors is the following. The best TPAs make mistakes rarely and when they do, they take the blame and correct it. … Continue reading

Posted in 401(k) Plans, Retirement Plans | 3 Comments

Read those 401(k) Provider Contracts

If you are making a move to a new third party administration firm in 2011, please be advised to review all your agreements with the current administrator and stable value provider to determine any de-conversion fees, surrender charges, and market … Continue reading

Posted in Retirement Plans | 2 Comments

401(k) Mutual Fund Alphabet Soup

Growing up as a kid in the 70’s and the 80’s, there only seemed to be one variety of Tide detergent. These days, there seems to be a couple dozen varieties of Tide detergent with different fragrances and features. The … Continue reading

Posted in 401(k) Plans, Retirement Plans | 2 Comments

What Fee Disclosure Means to Me

What is fee disclosure? What should be a simple answer to a simple question gets a little tricky when it comes to the administration of 401(k) plans. While the Department of Labor will require fee disclosure in 2011, it is … Continue reading

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The Retirement Plan Tune-Up Does It Again

Thanks to my firm’s legal review of retirement plans, called The Retirement Plan Tune-Up, a plan sponsor discovered that they were being overcharged over $4,000 a year in administration fees. Big deal? They were paying more than 300% than what … Continue reading

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