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New law will affect plans.
 Every year in the retirement plan business brings its challenges and its concerns. As a 401(k) plan sponsor, you need to understand what some of the concerns are because you're a plan fiduciary. If you're prepared for some of the challenges and focus points out there, it will make your job easier. So this article is all about what you should be expecting for 2020 as a 401(k) plan sponsor.
To read this article, please click here.
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What Plan Sponsors Need To Know About The SECURE Act.
New year, new law.
 I once had a law school professor who joked that we change the bankruptcy laws to give business to bankruptcy attorneys. So I joke often that the laws concerning retirement plans changes to give ERISA attorneys like me something to do. The SECURE Act which changes many retirement plan provisions were just signed into law with many changes effective in 2020. This article is about what you need to know about the SECURE Act and its affect on your retirement plan.
To read the article, please click here.
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Great 401(k) Ideas At The Time That Look Bad Now.
They looked good back then.
 The 1970s were known as a decade of disaster movies. They were a really popular genre thanks to the classics Airport, The Poseidon Adventure and The Towering Inferno. It was a money-making genre until producer Irwin Allen ran it into the ground with The Swarm, Beyond The Poseidon Adventure, and When Time Ran Out (where I ended up rooting for the volcano, it was so bad). The movies were great because it had a lot of drama, cheesy special effects, and it was a great payday for some well-known actors of the day (Gene Hackman, Charlton Heston, William Holden, and Steve McQueen. As a plan sponsor, your 401(k) plan can turn into a disaster movie except there is no script and no cheesy special effects, just you getting into trouble as a plan sponsor and plan fiduciary.
For the article, click here.
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Great 401(k) Features That Aren't A Fit For Every Plan Sponsor.
There is no fit for everyone.
 When you're trying to buy a product or service, many times you're being oversold things that you don't need like that extended service warranty on a cheap Blu-ray player or etched glass on a new cae. Well, retirement plan sponsors are sold services that many times they really don't need. The problem is that unlike the etched glass, plan sponsors really don't whether a service for the retirement plan is necessary for their needs. As I often say, there isn't a retirement plan solution that is appropriate for every plan sponsor out there. Everything that a retirement plan sponsor should get is something that actually fits their needs. This article is the many services offered for retirement plan and when plan sponsors should say no thanks.
To read the article, please click here.
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Signs of an unhealthy plan
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Get help is your plan is unhealthy.
 When it comes to your health, there are certain symptoms you should look out for that could be a harbinger of something wrong. The same can be said of your 401(k) plan. Here are some things to consider:
- Late deposit of salary deferrals.
- Low average account balances.
- No ERISA bond in place.
- Low deferral participation rate.
- Compliance testing failures, corrective contributions made.
- Too many hardship requests.
- Too many defaulted plan loans.
- No benchmarking of fees.
- No review of plan providers.
- No formal fiduciary process followed.
If you just have one of these symptoms, your plan needs a checkup.
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Check out That 401(k) Podcast.
The podcast you should listen to if you have the time.
 Please check out That 401(k) Podcast, where I co-host with Dan Venturi of Bright Worxx. We tackle important 401(k) subjects for both plan sponsors and plan providers. In addition, we talk about all the events I'm hosting. as well as important cultural allusions.
Find it
here and on Apple Podcasts
here.
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The Rosenbaum Law Firm Review, January 2020
734 Franklin Avenue, Suite 302
Garden City, New York 11530 Phone 516-594-1557 Fax 516-368-3780
Attorney Advertising. Prior results do not guarantee similar results.
Copyright 2020, The Rosenbaum Law Firm P.C. All rights reserved.
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