Monthly Archives: May 2024

When it comes to building a retirement plan practice, networking is an important component. Whether you are a financial advisor or a third-party administrator or an auditor, placing an advertisement in the local newspaper or the yellow pages (if they … Continue reading →

For me, one of the worst things that any business can have is a sense of complacency; I have spent too many years working at places that were just way too complacent in their work, where so much time was … Continue reading →

A plan provider once asked me if I had written a full-blown article on why trustee directed 401(k) plans are better than participant-directed plans. I haven’t even if I believed in it (which I do), but it’s not going to … Continue reading →

I use the expression “garbage in, garbage out” if an end of year census report is done incorrectly and the third party administrator (TPA) doesn’t pick up the error. When given that census request at the beginning of the new … Continue reading →

I’m stubborn and there are just some things I don’t understand, so hear me out. I got a call not too long ago from a financial advisor about my practice and how I price my work on a flat fee … Continue reading →

If you’re a closely held business or not, changes do happen. Whether it’s leadership or who serves as your plan’s trustee, change will likely happen. The problem sometimes is when the plan document has been updated to reflect who the … Continue reading →

Maybe I’m like Larry David, but I have a lot of pet peeves. I hate when people whistle or sing in public. I hate when people talk on the phone in line. I also don’t deal well with working with, … Continue reading →

What is old is new again. Again, the Department of Labor (DOL) is trying to unveil a new fiduciary rule. The DOL finalized the new rule, which updates the definition of an investment advice fiduciary adopted in 1975 under the … Continue reading →

The Department of Labor (DOL) issued a proposed information collection request (ICR) to help implement a lost-and-found database to assist former plan participants with locating missing retirement accounts. Section 303 of the SECURE 2.0 Act of 2022 requires the DOL … Continue reading →

Paychex is fighting a lawsuit by a participant claiming their distribution check was stolen in New York state court. Wisely, Paychex is trying to move the case to Federal court since this is an ERISA matter and a federal question. … Continue reading →