Category Archives: Retirement Plans

I started my own practice almost sixteen years ago because I was tired of working for other people. Not because I couldn’t work for others—but because too many of the places I worked were mismanaged, short-sighted, and transactional when it … Continue reading →

As a retirement plan attorney, I can tell you this with certainty: TPAs are rarely sued because they miscalculated a contribution by a few dollars. Math errors happen. The industry knows how to fix them. Lawsuits don’t come from arithmetic—they … Continue reading →

The retirement plan industry loves to talk about value, but it keeps pricing itself as if value doesn’t matter. Nowhere is this more obvious than in the constant race to the bottom on provider fees. TPAs, recordkeepers, and bundled providers … Continue reading →

Something meaningful is happening in the retirement plan world, and it has nothing to do with another round of Roth versus pre-tax debates. Some of the biggest names in private markets — Blackstone, Apollo, and Ares — are making a … Continue reading →

One of the first people I met at Stony Brook was a kid I’ll call Avi. We met at orientation, became friends, and for two years were even suite mates. At the time, he was just another college friend. It … Continue reading →

Chief Justice John Marshall famously wrote in McCulloch v. Marylandthat “the power to tax is the power to destroy.” In today’s retirement plan business, I’d argue there’s a modern parallel: the power to assign a financial advisor to a particular … Continue reading →

Every few years, a new investment trend arrives with the same promise: higher returns, innovation, and the fear of being left behind. Bitcoin is the latest example, and while it may have a place in speculative portfolios, its volatility should … Continue reading →

PEPs were sold to the retirement plan industry as the answer to everything—lower costs, better governance, and less fiduciary risk for employers. What doesn’t get enough attention is the new layer of conflicts that PEPs can introduce, especially when the … Continue reading →

If there’s one thing plan sponsors should never forget, it’s this: innovation doesn’t suspend fiduciary responsibility. With all the recent buzz about private equity, private credit, and other alternative investments creeping into 401(k) plans, regulators are reminding the industry that … Continue reading →

Some plan sponsors believe that holding committee meetings automatically makes them good fiduciaries. I’ve sat through enough meetings to know that’s not true. A calendar invite doesn’t fulfill fiduciary duties. What matters is what actually happens in the room—and what … Continue reading →