Tag Archives: 401(k) Plans

Survey says: Pounds Over Dollars for 2013 Resolutions

No, this post isn’t about resolutions by hedge funds or currency traders. It’s finance of an individual sort: the results of the annual New Year’s Resolution Survey from Allianz Life Insurance Company of North America. The survey respondents said they are most likely to keep the following resolutions: Exercising and dieting: (44%) Managing money better … Continue Reading

Risk Management Strategies for Business Owners for New Department of Labor Fee Disclosure Rules

Today our firm and Mike Cavanaugh and Tim Webb, Registered Investment Advisors at Know Your Options, Inc., sponsored a special briefing for corporate attorneys on the new fee disclosure regulations impacting their clients. Our briefing at the University of Chicago Gleacher Center was provided  to help them provide their clients with the guidance and strategies … Continue Reading

“Don’t Worry, Be Happy” shouldn’t be the theme song of 401(k) fee disclosures

Don’t Worry, Be Happy, is, of course, the title of Bobby McFerrin’s 1988 hit song. Since then, it’s seeped into our culture. If you want to fully incorporate it into your life, you can download the ring tone. I’m suggesting, however, that it shouldn’t be the attitude of employers who have received 408(b)(2) service provider … Continue Reading

IRS announces 2012 dollar limits on contributions and benefits

Each year the Internal Revenue Service announces the cost-of-living adjustments applicable to qualified retirement plans for the following year. Unlike 2001 in which most limits did not change from the prior year, most limits increased: Following are the key retirement plan limits announced yesterday by the IRS: The 401(k) and 403(b) limit for employee contributions … Continue Reading

Book Review: THE VIGILANT INVESTOR: A Former SEC Enforcer Reveals How To Fraud Proof-Your Investments

My blogging buddy security lawyer Bill Singer on his blog, Broke and Broker, An Irreverent Wall Street Blog (always a good read), posts frequently about investment scams and scoundrels. In one of his latest, Bill writes that Feds Bust Bank Guarantee Scam. But the Feds don’t have the manpower and resources to get to all … Continue Reading

Meet the “ERISA Account”, the newcomer to the small 401(k) plan scene

Let me introduce you to the “ERISA Account”, a relative newcomer to the small 401(k) plan market. It’s been part of the large and medium plan market for some time. Only recently has it migrated down stream because of (yes, you guessed it) the increased regulatory emphasis and fiduciary attention to fee disclosure. Overview ERISA … Continue Reading

Balance Forward Plans: The More Things Change, The More They Stay The Same

If you’re a Bon Jovi fan, you’ll recognize the expression in the headline, “The More Things Change, The More They Stay The Same”. But, of course, that’s not Jon pictured here. It’s Jean-Baptiste Alphonse Karr (November 24, 1808 – September 29, 1890), a French critic, journalist, and novelist, to who was attributed the epigram, “plus ça … Continue Reading

Four misconceptions about fiduciary liability insurance

With the increasing spotlight on fiduciaries and their responsibilities for ERISA plans, many employers are asking themselves whether it’s time to buy fiduciary liability insurance. With personal assets on the line for breach of fiduciary responsibility, there is no “one size fits all” answer. But, if you are a fiduciary considering fiduciary liability insurance, here … Continue Reading

Federal and State agencies “T”ing up employers for worker misclassification

 A "T", or technical foul, is part of the game of basketball. If you’re a fan of the game, you know it’s any infraction of the rules which doesn’t involve physical contact such as unsportsmanlike conduct.  The retirement plan equivalent of a "T" is when an employer misclassifies a worker in situations regarding whether: The worker is … Continue Reading

“When I’m Sixty-Four”… Eh, better make that 75

When I’m Sixty-Four is, of course, one of the classic songs by The Beatles, written by Paul McCartney (credited to Lennon/McCartney) and released in 1967 on their Sgt. Pepper’s Lonely Hearts Club Band.  The theme is about aging with a young man singing to his lover about his plans of them growing old together. It was also one of … Continue Reading

Geraldine Ferraro’s ERISA legacy

Geraldine Ferraro who died yesterday at age 75 was a political trailblazer.  She was, of course, the first woman named to a major-party presidential ticket when Walter Mondale picked her to be his Democratic party running mate in 1984. But while the Mondale-Ferraro ticket lost 49 out of 50 states to the Republican ticket of President … Continue Reading

March Madness in the workplace

Yes, it’s that time of year again when March Madness takes over many workplaces for the next three weeks. Outplacement firm Challenger, Gray and Christmas, Inc. estimates that employees will spend 8.4 million hours watching games from the office.  But let’s not even consider the lost productivity issue. Let’s just compare it to the amount … Continue Reading

The 2% Social Security tax cut: spend, pay down debt, or contribute to 401(k) plan?

That 2% cut in Social Security taxes (from 6.2% to 4.2%) was supposed to stimulate the economy. But according to Martin Crutsinger’s and David Pitt’s recent article on Blomberg BusinessWeek, the tax cut has little impact on the economy in January. Consumers increased spending by only 0.2% in January, the smallest increase since last June. … Continue Reading

IRS announces 50% fee discount to “fix” plans not timely amended for EGTRRA

 Retirement plans can get get pretty complicated also, but "fixing" one doesn’t necessarily have to be. That’s the focus of the recent IRS announcement reaching out to employers who did not timely amend their Plans for EGTRRA. Here’s the background. Most retirement plans had to be amended and restated no later than April 30, 2010 to … Continue Reading
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