ERISA Attorney Offers Multiple-Employer Plan

Ary Rosenbaum, a New York-based Employee Retirement Income Security Act (ERISA) attorney, is introducing a new 401(k) plan for small- to mid-sized employers.

401(k) Freedom, offered by 401(k) Freedom Inc., allows multiple businesses around the country to offer a retirement plan under the umbrella of a single, qualified retirement plan. It will provide a complete, customizable plan design that is suited for small- to mid-sized companies. As the plan sponsor for 401(k) Freedom, 401(k) Freedom Inc., a New York corporation assumes fiduciary responsibility and liability.  

Any employer can apply to be part of 401(k) Freedom. Once established as an adopting employer, the company can use its financial adviser or broker to assist and select an ERISA §3(38) investment manager from 401(k) Freedom’s panel of investment managers to provide further liability protection.  

The employers in a multiple-employer plan are not required to be related or affiliated in any way. Once an employer is accepted to be part of the plan, the plan will design an adoption agreement that will allow the employers to design 401(k) Freedom to fit their needs and demographics. Participants in the 401(k) Freedom plan will be able contribute dollars pre-tax or on a Roth basis.  

ASPire will serve as the plan’s recordkeeper, and DCS Retirement Group will be the third-party administrator. MillenniuM Investment & Retirement Advisors has been selected as the first investment manager (as defined in Section 3(38) of ERISA) to 401(k) Freedom’s panel of fiduciaries with responsibility for fund selection and ongoing monitoring of the plan lineup for the employers that select MillenniuM.  

More information on The Rosenbaum Law Firm, P.C. is available at