The Rosenbaum Law Firm P.C. Blog

Final regulations updating the the rules governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of ERISA, the Internal Revenue Code and the Federal Employees’ Retirement System might be released soon.

The White House Office of Management and Budget’s (OMB) indicated that a final rule updating the prohibited transaction exemption procedures was submitted for

The proposed amendment will help clarify the types of information and documentation required for a complete application.

My latest article for JDSupra.com can be found here.

My latest article for JDSupra.com can be found here.

Ascensus said it will begin offering the Ascensus American Funds Pooled Employer Plan on its independent, open-architecture recordkeeping platform beginning in spring 2024.

The new investment solution is focused on creating a unique portfolio that matches a participant’s financial needs more closely than a traditional target date fund allocation determined only by age. Wilshire will serve as the 3(38) fiduciary.

Ameritas has announced a new pooled employer plan (PEP) for organizations sponsoring ERISA 403(b) plans.

The 403(b) PEP is a retirement plan where instead of a nonprofit sponsoring their own plan, they can become an adopting employer. This removes many burdens for nonprofits, allowing them focus on their mission.

The 403(b) PEP will have Ameritas serve as the recordkeeper, LeafHouse as the 3(38) investment fiduciary and FiduciaryxChange as the pooled plan provider.

intellicents has selected The Standard to roll intelli(k) PEP, which is a pooled employer plan that offers a solution for businesses with broad and flexible design capabilities.

The intelli(k) PEP bundles 3(38) investment governance and 3(16) administrative governance into a seamless packaged solution.

Thanks to litigation, the Securities and Exchange Commission will likely approve a few Bitcoin-centric exchange-traded funds. That begs the question, will those ETFs be allowed as investments within 401(k) plans?

My answer: probably yes. ETFs eliminate some of the issues that the Department of Labor had with cryptocurrency, namely volatility and custodial security. Time will tell if I’m right.

It was harmless and I still think 15 years later, it was always harmless. Working at that semi-prestigious law firm, I reached out to former clients of mine that I worked with, at a third-party administration (TPA) firm. My old bosses got wind of it and sent a letter through their attorneys to the attorney who headed our New York City office.

I was supposed to go to the New York Comic-Con and attend a special breakfast for customers of Diamond Comics, which I was one of. There was going to be special giveaways. Instead, I had to go to our Garden City office to get yelled at, by the Managing Attorney, Lois. Lois blew what I did out of proportion, and started to namedrop the political children of some of the law firm partners, which included an accidental Governor and a guy who lost re-election by 436 votes with $2 million in the bank. Lois who had an ego of the size of Texas was also pissed that my former employer’s attorneys thought the head of our New York office was the managing attorney.

So when I see employees get canceled by posting antisemitic gibberish on social media, I have no sympathy. Zero. If you want to post freely on social media, start your own business, and you will suffer repercussions for that too.

It’s a fairly simple rule: if a father owns 100% of a business, the son is considered as owning it as well, thanks to the rules of attribution. Yet, people get that wrong. They either get it wrong because they’re ignorant of the rules or they’re withholding information from their plan providers.

Whatever it is, an Internal Revenue Service audit that determines that there is a controlled group or not, a screwed up control group analysis, could force additional contributions to satisfy coverage.

My latest article for JDSupra.com can be found here.