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 attorney not only acts as an advisor on the continued qualification of the plan, they also serve as a trusted advisor on plan design issues to maximize contributions, as well as an ombudsman to help out with issues resulting from other plan providers. The value of a good ERISA attorney is like the use of insurance. While it may be considered costly, it is an effective way to minimize liability and avoid a greater financial harm later. In life, you usually get what you pay for.
For unbiased, legal representation, there is no substitute for an independent ERISA attorney.