by Thomas E. Clark Jr. – April 14, 2014 On Friday April 11, 2014 the parties in Healthcare Strategies v. ING Life Insurance and Annuity Co. filed a motion indicating they have settled their lawsuit and are now seeking approval of the district court. In total, ILIAC agreed to pay $14,950,000 in damages and agreed to significant changes to its business …
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The question on the minds of many third party administrators (TPAs) these days is whether to take on full legal responsibility for administrating employer sponsored retirement plans, in other words, providing ERISA 3(16) plan administrator fiduciary services.
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What does it take to find 17 prospects? How many bad lunches does it take to get 17 prospects to listen to your story? How much travel and expense does it take to get 17 prospects to listen to your story. How many prospects do you have to interrupt in order to get 17 to listen to your story.
We recorded our first radio show yesterday and had 17 separate listens in 24 hours. Any questions?
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Moving money from one record keeper to another so hard that some clients give up and stay put.
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Join us today as I discuss the recent wave of ERISA litigation with Dr. Greg Kasten CEO of Unified Trust, NA. Dr. Kasten and I will discuss the reasons for and some particiluar outcomes of recent cases and their impact on the 401k industry. Today many vendors seem to market fiduciary services, yet in litigation their legal filings reveal how they disavow fiduciary status and place blame back on the plan sponsor. It’s important that advisors understand which services are broad and which services are narrow in scope, especially when viewed from court filings. In the early 1980’s Dr. Gregory Kasten, Founder and CEO of Unified Trust, was a successful anesthesiologist. When it came time for his own financial planning he became dissatisfied with the investment advice he was getting so he began learning about investing and financial planning and, before long, he found himself helping his colleagues manage their portfolios. Dr. Kasten’s innovative ideas and analysis proved to be so successful that in 1985 he launched his own advisory business. Today Unified Trust Company, headquartered in Lexington, KY, helps investors manage over $3.6 billion in total assets.
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In this increasingly high risk regulatory environment, plan sponsors are seeking new ways in which they can delegate to others some of their ERISA fiduciary …
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