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BY Nevin E. Adams, JD 7/10/2017
Another “mega” university 403(b) plan finds itself in the excessive fee crosshairs of a participant-plaintiff suit.The latest is a suit (Short v. Brown Univ., D.R.I., No. 1:17-cv-00318, complaint filed 7/6/17) brought by three participants (Diane G. Short, Judith Daviau and Joseph Barboza)...
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BY Nevin E. Adams, JD 7/10/2017
A 401(k) account was involved in an elaborate bankruptcy/wire fraud scheme by the participant’s spouse.Patricia Bippus-Allen, 58, has been sentenced to 60 months of imprisonment by U.S. District Judge Richard L. Young after pleading guilty to conspiracy to commit bankruptcy fraud, subornation of...
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BY Nevin E. Adams, JD 7/10/2017
Exchange-traded funds, or ETFs, crop up from time to time as being a product whose time has (nearly) come. But are you using them in your practice? And are you seeing others do so?The Investment Company Institute (ICI) reports assets of all exchange-traded funds rose in May by $59.77 billion (2.1...
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BY Nevin E. Adams, JD 7/7/2017
The Labor Department’s pullback on its support for the Best Interest Contract’s (BIC) condition restricting class-action waivers has revived another fiduciary regulation litigant’s attention.Last fall Thrivent Financial for Lutherans filed suit in the U.S. District Court for the District of...
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BY Nevin E. Adams, JD 7/7/2017
A recent survey found the biggest one-year increase in Roth contribution offerings among its clients in 2016, and another recently chronicled the potential impact of a switch to Roth for 401(k)s. What are NAPA Net readers’ reactions?For more than one in five (21%) of this week’s respondents, the...
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BY Ted Godbout 7/7/2017
While the most commonly used advisor compensation method remained flat basis points, more plans are electing a tiered method, according to a new report by Ascensus.The report, “Inside America’s Savings Plans,” shows that flat basis points declined by four percentage points, from 91% in 2011 to 87%...
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BY Paul D'Aiutolo 7/5/2017
Editor's Note: This is the first quarterly message from Paul D'Aiutolo, NAPA's 2017-2018 President. It appears in the Summer issue of NAPA Net the Magazine, published in June, and is available in pdf form here.First and foremost, I want to say thank you to Sam Brandwein, NAPA’s Immediate Past...
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BY NAPA Net Staff 7/5/2017
Discretion is said to be the better part of valor – but that’s not necessarily the case with discretionary accounts and the fiduciary regulation.And, according to a recent blog post, if you’re not sure how the Best Interest Contract Exemption (BIC) applies differently to discretionary accounts and...
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BY Ted Godbout 7/5/2017
Like their large corporation counterparts, small business 401(k) plans are increasingly implementing best-in-class design features to improve the retirement readiness of their employees, Vanguard says in a recent report.The growing use of automatic enrollment, target-date funds, employer...
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BY John Iekel 7/5/2017
The IRS has made some changes to how it deals with pre-approved plans, hoping to encourage employers to switch from individually designed plans to the pre-approved format.In Revenue Procedure (Rev. Proc.) 2017-41, issued June 30, the IRS set forth procedures for issuing opinion letters on the...
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