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NAPA Net Daily

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An excessive fee suit has been dismissed on relatively unique grounds. This suit (Stanley v. George Washington Univ., 2019 BL 259889, D.D.C., No. 1:18-cv-00878-JDB, 7/15/19) – another of the suits filed against university 403(b) plans – claims that the fiduciaries of George Washington University’s... READ MORE
While I am sure there was a period in my youth when I wanted to be a fireman, a cowboy, or maybe even a professional athlete, my earliest memories are of wanting to be an astronaut.  Never mind that my odds of becoming a professional athlete were, even then, considerably better than those of... READ MORE
American Retirement Association Chief Government Affairs Officer Will Hansen and past ASPPA President Stephen Dobrow offered testimony concerning benefit plan audits and how they may be improved at the June 25 meeting of the Department of Labor’s ERISA Advisory Council. The Council held the public... READ MORE
The IRS and the Department of Labor should establish a formal way of collaborating on oversight of prohibited IRA transaction exemptions, the Government Accountability Office (GAO) has recommended. The GAO undertook the study that led to its report, “Individual Retirement Accounts: Formalizing... READ MORE
A new multinational survey finds that retirement benefits are considered a top factor among individuals when deciding on a job offer, and a separate multinational survey contends a company’s workplace culture is just as important.   Survey results from Accenture covering 5,000 employees across 10... READ MORE
  The wealth management industry is facing a generational crisis, and the support younger advisors want to develop a successful practice looks very different from that of earlier generations, a new study emphasizes.    According to J.D. Power’s 2019 U.S. Financial Advisor Satisfaction Study, the... READ MORE
A reader comments: “Too often we get caught up in the complexities of financial wellness, etc. without improving the basics, such as the number of people who have even signed up for online access to their retirement account.” This week, we’d like to know: Are you tracking the basics with your plan... READ MORE
  Patrick Pizzella, the current Deputy Secretary of the Department of Labor, will take over as the Acting Labor Secretary in the wake of Alexander Acosta’s July 12 resignation.   Pizzella, who has served as the Deputy Secretary since April 2018, will likely serve as the Acting Secretary until a... READ MORE
Most DC plan sponsors feel a high level of responsibility for participants’ financial wellness, but a new survey finds that many are not taking proactive measures to position them for success.   J.P. Morgan Asset Management’s fourth biennial survey of U.S. defined contribution plan sponsors finds... READ MORE
Secretary of Labor Alex Acosta has resigned in the wake of controversy regarding a plea deal he negotiated more than a decade ago with wealthy financier Jeffrey Epstein. Acosta made the announcement to reporters while standing next to President Donald Trump outside the White House. Trump said that... READ MORE

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