Monthly Archives: November 2019

Associations and MEPs

I have worked with several associations in setting up a multiple employer plan (MEP) and even more, that didn’t want to start one. As I often discuss, starting a MEP isn’t easy because of the times it takes to grow … Continue reading

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Make sure what you sell works

At home, I have Verizon FIOS for TV and the Internet and that was after having my cable provider, Optimum for about 13 years. A few months back, I was enticed to re-sign with Optimum and their new Altice converter … Continue reading

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Get the best person for the job, period.

I’m a long-suffering fan of the Mets and over the past two years, I’ve had to deal with the underwhelming leadership of Mickey Callaway as the team’s manager. Callaway was never a manager and it showed. He was a successful … Continue reading

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The thing about stealing plan assets

I have been an ERISA attorney for 21 years now and the biggest thing that amazes me is when a fiduciary to a plan steals money from a 401(k) plan. I’ve seen plan sponsors do it, I’ve seen employees do … Continue reading

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Let’s be honest about teachers and their 403(b) plans

Non-ERISA 403(b) plans are the last stand for poorly run, highly expensive retirement plans. It is still the wild, wild West because, without ERISA coverage, there is no Department of Labor support in fee disclosures and avoiding other abuses. Thanks … Continue reading

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Goldman Sachs sued for using proprietary funds in their 401(k) plan

Goldman Sachs has been sued for the alleged “unlawful” management of its company 401(k) plan for using their in-house actively managed proprietary mutual funds. A participant in the $7.5 billion 401(k) plan sued Goldman Sachs, claiming the firm breached its … Continue reading

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Warren gets assailed by ARA for 401(k) tax

As far as an industry watchdog group, let’s just say that the American Retirement Association (ARA) does its job. Regardless of party affiliation, the ARA takes on politicians with proposals that are harmful to the retirement plan industry and plan … Continue reading

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2020 Limits Announced

As I’m sure you heard, the Internal Revenue Service released their 2020 Cost of Limit Adjustment limits for qualified plans and individual retirement accounts. The salary deferral limit for participants in 401(k), 403(b), most 457 plans, and the federal government’s … Continue reading

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Be clear

In communications with other plan providers, clients, and potential clients, you have to be clear. There isn’t much room for miscommunication. When dealing with clients, miscommunications can lead plan sponsors to some huge mistakes. Everything you write or say must … Continue reading

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Correct the late deferral issue correctly

Correcting your late deferrals by depositing them and making a contribution to make up for lost earnings in your 401(k) plan isn’t enough. Why? Well, Form 5500 requires you to truthfully answer whether you have late deferrals. If you answer … Continue reading

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