Posts by Adam C. Pozek
Recent articles
It’s rare that updates to the Form 5500 warrant little more than a yawn, if anyone other than those who prepare the forms even notice. That is NOT the case with changes issued by the Department of ...
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Ever since creating the ACA, EACA, and QACA as part of the Pension Protection Act of 2006, Congress has acted like automatic enrollment is the greatest thing since sliced bread when it comes to ...
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Adam C. Pozek | 02/02/23 Yeah, we know that’s not how the saying goes, but it appears Congress doesn’t.
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Congress seems to be in a continual love fest with two retirement concepts – automatic enrollment and Roth contributions – and SECURE 2.0 (S2) continues the trend for both. I guess it’s not ...
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You have likely already heard and read plenty about SECURE 2.0, signed into law on December 29, 2022. Rather than write yet another recitation of what’s in the new law in chronological order, we are ...
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Earlier this week, the House of Representatives passed SECURE 2.0. The bill (actual name is Securing a Strong Retirement Act of 2022) passed by the nearly unanimous margin of 414 to 5. It doesn’t get ...
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In the wee hours of this morning, Congress passed a spending bill to end the most recent government shutdown that had just begun at midnight. Although the bill was focused on funding the government ...
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Whether we’re talking fashion or music or architecture or barber shops, it seems things that have faded from existence eventually come back around. See if this cycle looks familiar: cutting edge ...
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At the end of August, I made my first trip to Burning Man, an annual event held in the Black Rock Desert of northern Nevada. With 10 guiding principles, it involves art, music and free-spiritedness. ...
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The TJX Companies, Target, and AT&T are just three of the big names to have been victims of massive data breaches in which sensitive personal and financial information was compromised. Although ...
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When I was kid, I used to love Schoolhouse Rock during the commercial breaks of Saturday morning cartoons. Even now, I have them all on DVD as well as a CD of covers by various rock musicians, and I ...
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If you’ve spent any time working with retirement plans, you know how complicated they can be. It seems like every rule has an exception and an exception to that exception. It is no wonder that ...
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Ever see the movie Men In Black? One of my favorite lines is when Tommy Lee Jones says to Will Smith, “Fifteen hundred years ago, everybody knew the Earth was the center of the universe. Five hundred ...
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Back in March, Assistant Secretary of Labor Phyllis Borzi testified before a Senate committee, expressing concern about whether open MEPs can be treated as single plans under ERISA since there is no ...
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In Part 1 of this post, I discussed some of the DOL rules that can make real estate not all it’s cracked up to be as a 401(k) investment. Here in Part 2, we will take look at some IRS wrenches that ...
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“Real estate doesn't interest me. It's no doubt a great flaw in my personality, but I can't think in terms of boundaries. Those imaginary lines are as unreal to me as elves and pixies.” -- Kurt ...
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It’s funny how the human brain (or maybe it’s just my brain) forms associations with words or phrases. Whenever I hear the word “revoked,” I immediately think of a scene from one of the Lethal Weapon ...
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My good friend and benefits attorney Ilene Ferenczy sends out an e-newsletter from time-to-time. The Ferenczy Flash always includes timely, practical information for plan sponsors and service ...
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I was recently asked to write an article on ERISA Section 404(c). As I contemplated how to approach the article, I recalled many situations in which I have heard 404(c) pitched as the mythical silver ...
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An article appeared yesterday on CFO.com entitled “New 401(k) Obligations Heaped on CFOs” and it carried a tagline stating “New disclosure rules abound, but pay close attention or you could be sued ...
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I must confess that I have been very surprised by the vocal opposition to the new Preparer Tax Identification Number (PTIN) requirements.
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Over the last several years, the answer has been a little of both. Beginning with the 2009 effective date of the IRS overhaul to the 403(b) regulations, it was establised that 403(b) plans could, ...
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Qualified plans are complicated beasts regardless of size or design. This truth is sometimes forgotten at this time of year when sponsors and service-providers are busy dealing with nondiscrimination ...
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Over the last few weeks, I have spoken with at least four plan sponsors who just became aware that they missed the April 30, 2010 deadline to restate their plan documents for EGTRRA. For those in ...
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2009 was a tough year for the 401(k) plan. From the Time cover story [Stephen Gandel, "Why It's Time to Retire the 401(k)," Time, 174(15): 28–34] to the pages of this journal [Teresa Ghilarducci, "If ...
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As the EGTRRA restatement window closes for pre-approved DC plans and begins to open for pre-approved DB plans, I thought I would pontificate on the importance of the plan document. Qualified plans ...
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Several weeks ago, I had a lengthy conversation with a prospective client (we’ll call her Alice) and her investment advisor. After the standard dialogue about fees, service guarantees, etc., the ...
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Crikey! We’ve just discovered the rare non-ERISA 403(b) plan meandering along, oblivious to such details as filing Form 5500 or worrying about fiduciary responsibility. Wait…could it be this harmless ...
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In the last few days, there have been several new media reports of professional wrongdoing. One describes a CPA suspended for preparing a false tax return. Another alleges a TPA firm provided ...
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As an industry, we have spent a great deal of time over the last 2 years discussing issues like investment advice, default investments and fiduciary responsibility ostensibly for the purpose of ...
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The recent market downturn has stirred much debate about the ability of the 401(k) plan to provide adequate retirement income. One proposed solution to the perceived failure of the country’s most ...
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This was the subject of quite a lengthy debate in an online, 401(k)-related discussion group a little while back. It quickly amassed quite a few comments. While the discussion took a few twists and ...
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