Time for a Retirement Plan Tune-Up?

May 25, 2010 (PLANSPONSOR.com) – Is your retirement plan due for a tune-up?

Having served as an ERISA attorney for third party administration firms (TPAs) for nearly nine years, Attorney Ary Rosenbaum – through The Rosenbaum Law Firm P.C. – now offers The Retirement Plan Tune Up; a national legal review of the plan’s documents, design, administration, administrative cost, and investments.

According to a press release, the review will include a memorandum that will reveal any potential compliance issues for the plan, as well as good practices to optimize the goals of the plan and minimize the employer’s liability in sponsoring it.

Rosenbaum often compares retirement plans to cars and states there is a need to “lift up the hood” of a retirement plan to ensure it’s properly running and avoiding hidden liability as a plan fiduciary. While plans that have more than 100 participants which require an audit will often spot these issues, retirement plans with less than 100 participants rarely have an impartial review to determine whether the plan is compliant, according to the firm.

While this review should be undertaken annually, Rosenbaum says that there is further value to the Tune-Up when it is in tandem with a conversion to a new TPA, or as a tool for the plan’s investment advisor to determine whether the current administrator is properly administering the plan, as well as an impartial view of their practices as investment advisor.

 In addition, plans that undergo the Tune Up will be afforded an opportunity to get a preferred rate on fiduciary liability insurance from a number of property and casualty firms.

Additionally, this $750 legal review of a company’s retirement plan can be paid from plan assets, according to the press release.

To find out more about Garden City, New Jersey-based Rosenbaum Law Firm call 516-594-1557 or go to www.TheRosenbaumLawFirm.com