401(k) Specialist Issue 2 - 2023 - 16

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ISSUE 2 2023 | 401kSpecialist.com
Strange but true: Many retirement plan sponsors
still implement and operate a 401(k) plan without
utilizing the services of an independent ERISA
attorney.
They don't know what they don't know.
Qualified retirement plans like 401(k)s must adhere
to the laws of the Internal Revenue Code and
the Employee Retirement Income Security Act
(ERISA)-which any retirement plan advisor can
tell you is an incredibly complex body of law.
ERISA-the federal law that sets minimum
standards for most voluntarily established
retirement and health plans in private
industry to provide protection for individuals
in these plans-is big business. There
are plenty of law firms focused on bringing
lawsuits on behalf of " wronged " participants
for issues like charging excessive fees or
any number of other issues stemming from a
participant believing their plan sponsor has
violated their rights under ERISA.
These lawsuits can be costly and
time-consuming, and employers must be
prepared to defend themselves against any
allegations of wrongdoing. That's why
it's essential for employers to work with
experienced ERISA attorneys to ensure the
retirement plan is in compliance with the
law and to minimize the risk of litigation.
There is no substitute for an independent
ERISA attorney when it comes to minimizing
liability and helping a retirement plan
avoid potentially significant financial harm.
While the industry has a number of
high-profile " rock star " ERISA attorneys
like Faegre Drinker's Fred Reish, Marcia
Wagner of The Wagner Law Group and
Ary Rosenbaum of The Rosenbaum Law
Firm P.C., just to name a few, there is no
shortage of law firms with considerable
expertise in this area. And there is an
up-and-coming generation of talent that is
taking on new challenges presented by the
changing business climate of workplace
retirement plans.
One firm that has long specialized in
this area is Washington, D.C.-based Groom
Law Group, which has built success over
decades of solving complex ERISA/employee
benefits challenges in the public and
private sectors.
Arsalan Malik
" As a general matter, our practice
evolves in concert with the regulatory and
legal landscape and the retirement services
marketplace itself, " offers Groom Law
Group Associate Arsalan Malik, who regularly
counsels clients through Department
of Labor investigations and other regulatory
enforcement actions. " Inevitably, our
practice is also shaped by broader trends-
namely, the state of the economy and the
labor market-since macro trends directly
impact our clients' needs and decisions. "
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401(k) Specialist Issue 2 - 2023

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