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View More Press Releases by Millenium Investment & Retirement Advisors, LLC

Press release:

Millennium & The Rosenbaum Law Firm P.C. Launch Nation’s First Comprehensive 401k/403B Fiduciary Outsourcing Solution

Issued by: Millenium Investment & Retirement Advisors, LLC

Date: Apr. 2, 2012

CHARLOTTE, NC, April 1, 2012: MILLENNIUM INVESTMENT & RETIREMENT SERVICES (MIRA) AND ROSENBAUM LAW FIRM P.C. are pleased to announce Fiduciary Freedom Solutions (FFS), the first full service fiduciary solution for plan sponsors. FFS will provide all three levels of fiduciary protection under ERISA: 402(a) Named Fiduciary, 3(16) Plan Administrator, 3(38) Investment Fiduciary and fifty (50) hours of retained ERISA legal counsel for one flat fee. A principal benefit of FFS is that plan sponsors can now outsource the 200 to 400 hours of labor their employees spend on managing their plans to a team of licensed, insured and expert fiduciaries.

“Fiduciary tasks like reviewing and signing IRS Forms 5500s, monitoring service providers and determining excess compensation paid by employees to providers is our bailiwick” says MIRA’s Principal Rick Canipe, EA, QKA. “Across the country fiduciaries at companies have been forced to do far more with fewer employees and limited capital resources. Given 1) business liability insurers increased scrutiny of fiduciaries on applications, 2) the new Dodd-Frank rules and 3) enhanced compliance requirements coming July 1, 2012, we believe the retirement plan participants will find overly burdened HR officers unable respond to the new ERISA 404a5 disclosures at the end of the summer. While understandable, existing laws reinforced by new Labor Department regulations going into effect this summer not only proscribe that option but will add to the resource burden. Fiduciary Freedom Solutions was specifically created to outsource these functions to an “expert team” relieving most of the CFOs/HR Director’s labor and as much liability as allowed by law. “

MIRA’s Director of Business Development, James Holland added “Not everyone who becomes a fiduciary is an expert or has the necessary tools to properly serve as a retirement plan fiduciary. Reviewing recordkeepers and brokers triennially or benchmarking investments from among over 20,000 options requires skill and time. Unfortunately, many fiduciaries implicitly acknowledge this by relying on the advice given to them by their non-fiduciary service providers. As a result, they have unknowingly accepted ‘conflicted advice’ and allowed excessive compensation to be paid by their participants. It is a sad reality that most plans we consult with pay fees so exorbitant to providers who accept no real contractual liability that on a plan with fewer than 500 lives we can now offer FFS with its attorneys, CPAs and IRS Enrolled Agents to do the work yet still reduce costs by perhaps four (4) or more times our $5,000 quarterly cost.” Ary Rosenbaum: “Too many plan sponsors thought they couldn't afford this type of plan fiduciary and legal assistance, until now.”

The DOL mandates that fiduciaries must seek help if they are not able to fulfill their duties themselves: “Unless they possess the necessary expertise to evaluate such factors, fiduciaries would need to obtain the advice of a qualified independent expert.” (DOL Reg. §2509.95-1(c)(6)). As qualified independent experts, MIRA and Rosenbaum Law Firm P.C. may also present solutions through plan design and other methods that can maximize the retirement plan benefit. Holland states: “Because retirement plans are not a ‘one size fits all’ benefit our value proposition doesn’t just include labor and liability reduction. The dynamics of a manufacturing plant are significantly different than a medical practice and their plans should be tailor-made to account for those differences.”

“By acting in the sole interest of the participant and by bringing parity to pay and performance, we had the freedom to reinvent the service model solution for retirement plans”, Canipe concluded. “Three levels of fiduciary protection, one contact, one flat fee, one solution, zero conflicts and wholly accountable for all decisions and actions. Retirement plans are our business and FFS allows employers to redirect their resources back to running theirs, and employees to once again pursue their retirement dreams and destinations.”


Ary Rosenbaum is an ERISA/retirement plan attorney for his firm, The Rosenbaum Law Firm P.C. At a flat fee, Ary helps plan sponsors reduce their plan cost, facilitate administration, and limit their fiduciary liability. Ary has been quoted as an expert in retirement plans in Long Island Business News, PlanSponsor.com, DailyFinance.com, American Express Open Forum, Marketwatch.com, Pittsburgh Post-Gazette, the Wall Street Journal, and FiduciaryNews.com.


MIRA is a boutique pension consulting firm serving retirement plans, non-profits and individuals. MIRA is not affiliated with any broker/dealer or insurance company and does not accept any compensation from third parties. The firm acts as an ERISA-defined independent fiduciary for its 403b and 401k plan clients and advises them based solely on the interests of the participants in their plans. Please call James Holland at 704.743.3335 to learn more about MIRA's services or go online at www.ReduceLiability.com.


View More Press Releases by Millenium Investment & Retirement Advisors, LLC

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