Posts Tagged ‘Peter Macaluso’

EXPOSED…Exactly What A TPA Does And What A Payroll Provider Shouldn’t Do!

Thursday, June 21st, 2012

By Peter Macaluso, Vice President, FMi

It’s amazing to me in this new digital world, where data is so readily available, that there’s also such a wealth of misinformation on subjects that can significantly affect our lives. In my many years with FMi, I’ve found this to be all-too true in the world of retirement planning. So you can imagine how enjoyable it was for me to read an article devoted to this subject.

In Solving The Mystery Of What A TPA Does, Ary Rosenbaum, Esq. does an excellent job of answering this question. For those as yet unfamiliar with his writings, Rosenbaum correctly states that a TPA — Third-Party Administration firm — “serves as the backbone of the qualified {retirement} plan industry”. He goes on to say that “plan sponsors need to hire quality TPAs and review their work to ensure competence…”

At FMi, I’ve seen first-hand the consequences experienced by those who didn’t follow this advice. Fortunately in these cases, we were able to remedy the situation at minimal expense, and provide the professional expertise to develop the right plan for their businesses.


Congratulations to our Man of the Year, Peter Macaluso!

Friday, May 18th, 2012

FMi would like to congratulate its Vice President, Peter Macaluso, for being named the Leukemia & Lymphoma Society’s Man of the Year!!!! Several great candidates from the Long Island chapter were able to raise over $230,000 together with Peter leading the way with over $40,000. FMi is so proud of Peter and all of the candidates.

“I would like to thank all who helped, supported, volunteered, and of course donated,” Peter mentioned as he thanked his co-workers for all their support. He also wanted everyone to know that he could not have done it without his friends and family.

FMi has always been a big supporter of the Leukemia & Lymphoma Society and we hope our partners will join us in our support!!


Monday, April 9th, 2012

Ask anyone at FMi, and he or she will tell you that if there’s one thing their Vice President Peter H. Macaluso is not a practitioner of, it’s self-promotion. In fact, he’s not much of a talker at all, except when it comes to his business, and just as importantly, his efforts on behalf of the Leukemia Lymphoma Society (LLS). That’s why everyone at the company is supporting Peter’s fundraising efforts, and helping him earn some well-deserved recognition as the Society’s “Man Of The Year” by making it possible for him to bring in the largest amount of donations.

Both Peter and his brother — and FMi President — Eric have been strong supporters of the LLS for many years. Their commitment and dedication have grown out of personal experience, as their father and FMi founder Peter L. Macaluso struggled for years with

Chronic Lymphocytic Leukemia (CLL), eventually losing his battle in 2004. Like his father, Eric has been a long-time, active executive board member and nationally-certified cycle coach for the LLS’ Team in Training (TNT). The largest sports endurance program of its kind in the country, TNT helps train athletes 16 years of age and older, including both brothers, to compete in century (100-mile) rides, hikes, walking events, and various marathon events for the purpose of raising needed funds for LLS.

Peter has shown a desire to do practically anything to raise money in the effort to find a cure for leukemia and lymphoma, from golf outings and his competitive endeavors with TNT to sliding into a vat of frozen cherry gelatin at a fundraising event on Long Island. His tireless work gained him a nomination last year for the Society’s Man (or Woman) Of The Year award, and the entire FMi family wants 2012 to be Peter H. Macaluso’s year to shine.

Right now happens to be an extremely important, and exciting, period in the history of cancer research. The emergence of “Smart Drugs”, and other advanced therapies — beginning with the drug Gleevec®, developed with the help of LLS funding and introduced in 2001 — is moving the world ever closer to finding a cure. In the words of noted researcher Charles Sayer of the Howard Hughes Medical Center at UCLA, Gleevec® was “a kind of blueprint for what’s going to happen against other cancers”. Which, according to Peter and many others, is why now is such an important to keep the engines of research running at peak capacity.

“I’m a retirement specialist,” notes Peter; “and I love helping our clients provide for the long-term comfort and security of their employees. My greatest joy, though, would be to see Leukemia and Lymphoma eradicated so that all the amazing people at LLS could retire from this cause, and put their immense skills and talents toward another equally worthy challenge.”

As stated above, there’s absolutely no vanity in Peter Macaluso’s desire to be named LLS Man Of The Year:

“There’s only one reason I want to win this award” emphasizes Peter; “because the person who does will have raised the most money to support the Leukemia & Lymphoma Society’s search for a cure. Of course, if everyone else and myself all raise a lot of money, and it just happens we all have the same amount, that’s cool, too.”

If you would like to make a donation to help the millions of Americans who struggle with this disease, please click here

The Facts and FMi’s Position on the New Fee Disclosure Ruling

Friday, February 10th, 2012

Since July 16th of last year, millions of people from industry professionals to employers and employees have been awaiting the final ruling on 401(k) fee disclosure. At the beginning of February 2012, the Department of Labor issued their final regulation — notably 408(b)(2) and 404(a)(5), which covers fee disclosure to Plan Fiduciaries and Plan Participants, respectively — to bring full transparency of fees to light. This final ruling supersedes all past ‘interim final’ regulations, and will require full employer fee disclosure by July 1st of this year, and complete employee fee disclosure by August 30th, 2012 (for calendar year plans), which will be seen on the third-quarter statements.

More simply put, now employees must be informed about every fee they’re paying regarding their 401(k) accounts, and employers must know about every fee being charged to the plan, and to the company. In other words, according to FMi Vice President Peter Macaluso, the final ruling mandates a practice his company has always followed.

“FMi has always promoted total transparency and full fee disclosure,” he says. “The ruling is still very important, because it puts everyone on notice to be ready to comply with it by July 1st. For our company, it’s more of an alteration than a change. This is a practice already well-established at FMi; the Department of Labor is now requiring the information we already provide to be presented in a specific format. So we’ll be ready and in full compliance when the July deadline arrives.”

This final ruling spells out specific responsibilities for both employers and employees. “I urge everyone to read the information below to learn how this new regulation effects their company and 401(k) plans,” adds Macaluso. “The more you know, the more control you have over your financial future. As I stated before, FMi has always had a policy of total fee disclosure. If any of our clients desire information regarding fees on their 401(k) plans, our representatives are just a phone call away with the full picture.”


It is the responsibility of employers to ask any company providing services to the plan these questions:

1. What services will you provide for the plan?
2. What is the cost for these services?
3. Are you compensated in any other way?
4. Will you provide all necessary fee disclosures?

Employers must make sure the fees being charged to the plan are reasonable (this does not mean they have to be the cheapest, simply competitive and fair). Typically this will involve an RFP every few years or some sort of plan benchmarking service.

Most covered service providers will disclose the list of services provided and the corresponding fees to the employer through their service agreement, contract, or other notice. It is the covered service provider’s responsibility to provide all compensation required to be disclosed, but it will always be the employer’s responsibility to ask.


Employees have no responsibility when it comes to fee disclosure, but it would be easier for them if they understood what to expect. Commonly, it is employers who take on the legal role of Plan Administrator, and the Plan Administrator is responsible for ensuring all fee disclosure requirements are met for the employee’s sake. This is similar to the responsibilities of testing and 5500 (the plan’s tax) filing, and these duties are usually outsourced to a third-party administrator or plan provider. We expect the same to happen for employee fee disclosure. In other words, employers are hiring their current providers to do this on their behalf.

Most, if not all, fee disclosures will appear on the employees’ quarterly benefit statement. Anything not on the quarterly statements will be given in the form of an annual notice similar to the Safe Harbor or QDIA notices. Many fees which may or may not have been on the quarterly statement before will now be very conspicuous:

• Asset-based fees will now be a line item, and will be shown both as a percentage and a dollar amount per $1,000, for example: Advisor Fee — 0.50% or $5.00 per $1,000.
• Dollar-based or fixed fees will be shown as a line item with a brief description, and the dollar amount charged to the employee.
• Any fees billed to the employer are not required to be disclosed on the employees’ statements.

While the fees have not changed, employees may just become aware of them. We expect the employees to have many questions. So be prepared.


View the Fact Sheet

View the Employee Benefits Security Administration Rule

View the Changes to Final Fee Disclosure Rule