Author Archives: admin

As a plan fiduciary, I still can’t believe it. A Third Party Administrator (TPA) we terminated was trying to hold us up for valuations and a Form 5500 we paid for, as part of, annual administration. It was $80,000. We … Continue reading →

Friday, I was supposed to attend the New York Comic Con for a special session since I had a wholesale account with the leading comic book distributor. I’m sure the breakfast would have had some free giveaways and I was … Continue reading →

Most plan screwups happen when either the plan provider doesn’t ask and/or the plan sponsor doesn’t volunteer. It either involves another plan or another affiliated or similarly owned company. As a plan provider, you could ask and the plan sponsor … Continue reading →

When it comes to health and fitness, you constantly hear studies about what foods fight or cause cancer. Of course, those studies are then debunked. I remember how oat bran was cited to cut down on cholesterol and how margarine … Continue reading →

Retirement plans with more than 100 participants with account balances 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 … Continue reading →

We always tell plan sponsors to keep ERISA records for 7 years. In this day and age of scanning and PDFs, should mean you don’t need to throw anything out if it’s saved online. The reason I hate for plan … Continue reading →

There have been 25 cases where plan sponsors have been sued over their right to use forfeitures to reduce employer contributions. 7 cases have had motions for summary judgments made by the plan sponsors. 2 cases have survived the motion … Continue reading →

People like to read, and so do I. They also like to read articles and find out information, especially if it can save them money. So they read about the opportunity where through a 401(k) plan, they could put away … Continue reading →

For the last two months, I had two phone call conversations with plan providers that I haven’t talked to, in some time. The reason I didn’t talk to either person for a long time, was because they were working for … Continue reading →

In a further consolidation of the retirement plan business, Voya Financial, Inc. announced that it has completed its acquisition of the OneAmerica Financial, Inc. full-service retirement plan business. Thanks to the September 2024 purchase, Voya now serves approximately 60,000 retirement … Continue reading →