Monthly Archives: May 2024

I will never understand a TPA asset based fee

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

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Make sure your custodian knows who the trustees are

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

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I’m not making money off referrals

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

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DOL releases new fiduciary rule

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

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DOL wants help on retirement plan lost and found

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

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Paychex sued over distribution checks

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

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Vanguard to exit small business plan administration space

Ascensus has entered into an agreement to acquire Vanguard’s Individual 401(k), Multiple Participant SEP (Multi-SEP), and SIMPLE IRA plans business. Ascensus will assume recordkeeping and client servicing for Vanguard’s SIMPLE, Multi-SEP, and Individual 401(k) retirement plans, and Ascensus wilk increase … Continue reading

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CPAs have the best plans?

According to the latest Judy Diamond Report, certified public accountant firms have the best-performing 401(k) plans. CPA firms ranked first among 27 industry groups that were evaluated on seven metrics of plan performance, including average account balances, participation rates, and … Continue reading

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Survey shows lack of interest of retirement plan as an employee benefit

A survey conducted by the 401(k)-platform, Guideline, found that while employers and employees both agree that retirement benefits are valuable, some companies underestimate their value in retaining and recruiting employees. While 93% of participants in the survey note that a … Continue reading

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Participants and plan sponsors need to be on guard for the scams

A law firm partner sends an email to another partner that he’s in trouble, and that the other partner should go to Walgreens and buy gift cards and send over the information for the gift card number and pin. The … Continue reading

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