Monthly Archives: September 2020

I once referred a 401(k) plan to an advisor. He did a terrible job and there were issues regarding his ability to do the work. Making a lousy referral is even worse than doing poor work of your own because … Continue reading →

I like choice and I like the idea that there is something called Pooled Employer Plans (PEPs) in 2021 because I always liked the idea of Open Multiple Employer Plans (MEPs). Another great aspect of it is the discussion and … Continue reading →

If you look at the stock market, you wouldn’t know unemployment is 10% and that 180,000 Americans died. Small and medium-sized businesses have born the brunt of the closings mandate by state governments around the country, while the Wal Marts, … Continue reading →

A new report from the Government Accountability Office looks at the barriers that participants and their former spouse face when seeking to obtain a Qualified Domestic Relations Order (QDRO). In a report, the GAO examined what is known about the … Continue reading →

I always talk about how plan sponsors need to work with experienced financial advisors, third party administration (TPA) firms, and ERISA attorneys on their plan needs. Like with reasonable fees, I believe that the term “experienced” is vague. Experience doesn’t … Continue reading →

As I have stated before, I am loath to hire employees because I was an employee once too. That pretty much means that I never met an employee who thought they were overpaid. For that matter, I never met an … Continue reading →

I always talk about my open-door policy with financial advisors and third party advisors where I will help these plan providers out without me actively seeking their business. I kind of have that liberty because it’s my law practice and … Continue reading →

The Secure Act created a new small employer automatic enrollment credit of up to $500 per year to employers to defray startup costs for new 401(k) plans and SIMPLE IRA plans that include automatic enrollment. The new credit applies to … Continue reading →

Under the SECURE Act, 401(k) plan sponsors will be required to have a dual eligibility requirement under which an employee must complete either a one-year-of-service requirement (with the 1,000-hour rule) or three consecutive years of service where the employee completes … Continue reading →

A little known proposal from the Joe Biden campaign concerning 401(k) plans is giving many in the industry pause for concern. The Biden proposal would replace the tax deduction that workers get when they contribute to their workplace retirement plan … Continue reading →