Expert’s Corner

The list of universities sued under the Employee Retirement Income Security Act (ERISA) by allowing plan participants to pay excessive investment and administration fees reads like an institutional “Who’s Who.” Over the last year, 16 private universities were hit with lawsuits alleging breaches of financial duty with respect to 403(b) plan fees and investment options. These are Brown University, Columbia University, Cornell University, Duke University, Emory University, New York University, Johns Hopkins University, Massachusetts Institute of Technology, Northwestern University, Princeton…

By Trisha Brambley, Founder of Retirement Playbook, Inc.™ Today, 75% of Plan Sponsors use the services of an Investment Advisor for their retirement plan[1]. Many of these plans (up to 75%) do not have a specialized Retirement Advisor while others may have outgrown the Advisor they do have. The providers too are seeing an increase in companies looking for that “best fit” Advisory Firm. A high quality firm can offer outstanding investment and retirement plan expertise. Plan Sponsors are looking…

By Ary Rosenbaum, Esq. The value of a good ERISA attorney is rooted in the fact that an independent ERISA attorney can serve as a check and balance on the other retirement plan providers. An independent ERISA attorney would keep an eye on the administrative practices of the TPA and whether the financial advisor is complying with the processes that they agreed to with the plan sponsor and trustees. As part of the retirement plan provider puzzle, an independent ERISA…

by David R. Dacey, CPA Company A’s employee benefit plan is undergoing an independent  audit of its financial statements. As part of that audit, the auditor reviewed a series of deposit transactions of employee withholdings of retirement 401(k) monies. The auditor selected eight transactions for review of a total of 24 transactions during the year.  For those transactions selected, the auditor noticed that the number of days to deposit the retirement plan withholdings ranged from a low of two business…

Ted Benna responds, No I don’t agree. The private retirement system was far from perfect years ago even for employees who had traditional pension plans. My first job was in the home office of an insurance company. They had a traditional pension plan. You had to be age 30 to become a participant if you were a male and age 35 if you were a female. You did not earn a vested pension unless you stayed with the company until…

The list of universities sued under the Employee Retirement Income Security Act (ERISA) by allowing plan participants to pay excessive investment and administration fees reads like an institutional “Who’s Who.” Over the last year, 16 private universities were hit with lawsuits alleging breaches of financial duty with respect to 403(b) plan fees and investment options. These are Brown University, Columbia University, Cornell University, Duke University, Emory University, New York University, Johns Hopkins University, Massachusetts Institute of Technology, Northwestern University, Princeton…

By Trisha Brambley, Founder of Retirement Playbook, Inc.™ Today, 75% of Plan Sponsors use the services of an Investment Advisor for their retirement plan[1]. Many of these plans (up to 75%) do not have a specialized Retirement Advisor while others may have outgrown the Advisor they do have. The providers too are seeing an increase in companies looking for that “best fit” Advisory Firm. A high quality firm can offer outstanding investment and retirement plan expertise. Plan Sponsors are looking…

By Ary Rosenbaum, Esq. The value of a good ERISA attorney is rooted in the fact that an independent ERISA attorney can serve as a check and balance on the other retirement plan providers. An independent ERISA attorney would keep an eye on the administrative practices of the TPA and whether the financial advisor is complying with the processes that they agreed to with the plan sponsor and trustees. As part of the retirement plan provider puzzle, an independent ERISA…

by David R. Dacey, CPA Company A’s employee benefit plan is undergoing an independent  audit of its financial statements. As part of that audit, the auditor reviewed a series of deposit transactions of employee withholdings of retirement 401(k) monies. The auditor selected eight transactions for review of a total of 24 transactions during the year.  For those transactions selected, the auditor noticed that the number of days to deposit the retirement plan withholdings ranged from a low of two business…

Ted Benna responds, No I don’t agree. The private retirement system was far from perfect years ago even for employees who had traditional pension plans. My first job was in the home office of an insurance company. They had a traditional pension plan. You had to be age 30 to become a participant if you were a male and age 35 if you were a female. You did not earn a vested pension unless you stayed with the company until…