Five questions
Five Questions with Amelia “Amy” Klein: Klein recently joined Direct Retirement Solutions as vice president and general counsel. She has 28years of private legal experience, most recently working with Bond, Schoeneck & King in Albany.
1What is Direct Retirement Solutions?
We’re an independent investment advisor and retirement plan consulting firm. Our focus is on managing 401(k) and 403(b) retirement plans for employers and providing fiduciary investment advice to the employer and its retirement plan participants, meaning that we take on the responsibility for the selection of investment funds appropriate for the plan and its participants. We also help our clients with such matters as nondiscrimination testing. Larger wealth management firms dabble in retirement plan management, but, for us, that’s our singular focus. We currently help over 65 corporate clients, representing well over $275million in retirement plan assets and over 4,000participants. Our clients are from almost every industry, including large medical practices, construction companies and school districts.
2What is your background?
My first full-time job out of college (I am a UAlbany alumna) was in the Employee Benefit Trust Department at The Bank of New York (now BNY Mellon). That experience set me on the path to providing employee benefit legal services as a career. I went to Fordham University School of Law, in its evening division, while working at BNY full time, four nights of law school classes each week for four years. I’ve been an employee benefits attorney — some people call it an ERISA attorney — for 28years, starting in New York City and most recently as a member in the Albany office of Bond, Schoeneck and King. At Direct Retirement Solutions, I make sure that the services we provide comply with the dizzying array of ever-changing legal requirements.
3What do you find most challenging about this industry?
We are constantly being presented with new laws and regulations. For instance, the Trump administration recently directed the U.S. Department of Labor to review and possibly ease the fiduciary rules that were scheduled to be implemented in April. Then, there are court actions — recently there has been a rush of class action lawsuits challenging investment fees in 401(k) and 403(b) plans as excessive. As an industry, it’s our job to keep up with everything that changes and help our clients avoid liability. Recently, New York Life Insurance settled a case involving its profiting from excess fees in one of its proprietary funds for $3 million. That gives us lots of incentive to make sure we’re serving our clients as best we can. 4What do you like most about your job?
I most enjoy helping a client understand not just the
answer to a benefits compliance issue, but the “why” behind that answer. I’m a teacher at heart, and outside of my profession, I’ve been an adjunct professor at Albany Law School and I write and speak about employee benefits topics every chance I get. I look forward to spending more of my time researching and writing blog posts and articles through Direct Retirement Solutions’ website and other outlets.
5What are your interests outside of work? I love to cook, and feeding people is one of my passions. My church is a host congregation for Family Promise of the Capital Region, which is an interfaith program to re-house homeless families. When it’s our week to host, I plan the menu for the week and get the other volunteers together for a big cooking party. Even people who don’t normally cook enjoy this because I break down all the steps, we have a lot of laughs and, at the end of the afternoon, we have delicious, healthy meals for our guests. I recently received a very appropriate T-shirt that says “This is who I am — I cook, and I know things.” Yes, that’s me.
“My church is a host congregation for Family Promise of the Capital Region, which is an interfaith programto re-house homeless families. When it’s our week to host, I plan the menu for the week and get the other volunteers together for a big cooking party.”