Nevin E. Adams, JD

Yale Prevails in 403(b) Excessive Fee Suit

By Nevin E. Adams, JD | 6/29/2023

One of the first excessive fee suits filed against university 403(b) plans has (finally) come to a conclusion with a jury verdict in favor of the fiduciary defendants—with an odd twist (or two). The suit against Yale University was one of the first to be filed in this area—and by Schlichter Bogard... READ MORE

Jerry Schlichter Bags $9.5 Million Settlement in CIT Suit

By Nevin E. Adams, JD | 6/28/2023

Collective investment trusts (CITs) have often been touted as superior (less expensive) alternatives to mutual funds in excessive fee suits—but a settlement has been struck in a case alleging excessive fees and poor performance of those alternatives. Just weeks before the case was slated to go to... READ MORE

Independence Gaze

By Nevin E. Adams, JD | 6/27/2023

A week from today the nation will celebrate Independence Day—though of course independence didn’t actually occur on July 4. Let’s face it, the Declaration of Independence[i] was little more than that—a declaration. One that had yet to be backed by anything beyond the artfully crafted and narrow... READ MORE

Plaintiffs Target a Different Target-Date Fund

By Nevin E. Adams, JD | 6/26/2023

Another target-date fund family has been…targeted…in a fiduciary breach suit that claims plan fiduciaries failed to prudently review—and remove—underperforming target-date funds. The target-date funds in question this time are the JPMorgan SmartRetirement series, while the plans in question are... READ MORE

What’s on the Agenda for the 2024 NAPA 401(k) Summit—Part 3?

By Nevin E. Adams, JD | 6/26/2023

You’ve heard us say that the agenda for the NAPA 401(k) Summit is put together for advisors by advisors—well, here’s your opportunity to weigh in (again)—this time on team building topics! That’s right, once again this year we’ve teed up a good assortment of potential topics for you to consider... READ MORE

TGIF…No, Really.

By Nevin E. Adams, JD | 6/23/2023

Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals… First, some odds and ends… Remember that iconic scene in Ferris Bueller’s Day Off where the parking attendants go for a joyride? Well, near Bristol, UK—and more precisely at the... READ MORE

Will Rollovers or Retirement Income Rule the Roost?

By Nevin E. Adams, JD | 6/23/2023

We’ve gotten nearly 5,000 votes to date on proposed topics for the 2024 NAPA 401(k) Summit—in two major categories. Lest you forget—the 2024 NAPA 401(k) Summit will be held April 7-9 in Nashville, Tennessee. You’ll definitely want to mark your calendars for this one! As for the agenda for that... READ MORE

What’s on the Agenda for the 2024 NAPA 401(k) Summit—Part 2?

By Nevin E. Adams, JD | 6/20/2023

You’ve heard us say that the agenda for the NAPA 401(k) Summit is put together for advisors by advisors—well, here’s your opportunity to weigh in! That’s right, once again this year we’ve teed up a good assortment of potential topics for you to consider and vote on via our unique “cage match”... READ MORE

Baby ‘Steps’

By Nevin E. Adams, JD | 6/20/2023

I recently ran across a survey that claimed 7 in 10 DC plan sponsors were “taking steps” to solve the retirement income challenge… but that looks to have been “aspirational.” While the survey’s[i] intro cautioned that there was more to be done, that struck me as a remarkably high (and reassuring)... READ MORE

Judge Finds Fault in Fee Comparisons, Dismisses Suit

By Nevin E. Adams, JD | 6/20/2023

Finding that, as in baseball, “three strikes and you’re out,” an excessive fee suit has been dismissed—with prejudice. Participant-plaintiff Drew Mateya[i] had filed suit against Cook Group Incorporated and Cook Group Profit Sharing Plan Advisory Committee for violating 29 U.S.C. § 1104(a)(1)(B)—... READ MORE

TGIF…No, Really.

By Nevin E. Adams, JD | 6/16/2023

Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals… First, some odds and ends… Have you got one of those drawers in your kitchen where you warehouse condiment packets? It could be worth some $$$... In Lakeland, Florida,... READ MORE

What Will the Retirement Industry of 2030 Look Like?

By Nevin E. Adams, JD | 6/16/2023

Things have changed a lot in the past decade—what does YOUR crystal ball look like for the future? We’ve gotten nearly 3,000 votes to date on proposed topics for the 2024 NAPA 401(k) Summit—and “Retirement Industry of 2030” is leading the list at the moment. Don’t forget—the 2024 NAPA 401(k)... READ MORE

Another BlackRock TDF Suit Bites the Dust

By Nevin E. Adams, JD | 6/15/2023

Another of the suits alleging that plan fiduciaries “chased” low fees and disregarded poor performance has been dismissed, though not with “prejudice.” These suits have also been filed on behalf of participants in the 401(k) plans of Citigroup Inc., Cisco Systems Inc., Genworth, Stanley Black... READ MORE

MEP Excessive Fee Suit…Dropped

By Nevin E. Adams, JD | 6/14/2023

After a lot of comings and goings, filings and amended filings, an excessive fee suit brought against a $7.9 billion multiple employer plan has faded into the sunset… The suit was filed in May 2020 in the U.S. District Court for the District of New Jersey by McCaffree Financial Corp.,[i]... READ MORE

A Father’s Footsteps

By Nevin E. Adams, JD | 6/13/2023

“A father is a man who expects his children to be as good as he meant to be.” – Carol Coats Like many, perhaps most, of you, as a parent I’ve tried to compensate for the ways in which I felt that my parents could have done . . . “better.” My parents led mostly through example—and powerful as... READ MORE

What’s on the Agenda for the NAPA 401(k) Summit?

By Nevin E. Adams, JD | 6/12/2023

Suit Says Plan Paid Twice Too Much for ‘Fungible’ Services

By Nevin E. Adams, JD | 6/12/2023

A participant in yet another mega 401(k) plan claims participants paid nearly twice what they might have for “fungible” recordkeeping services. This time it’s participant-plaintiff Matthew A. Miller[i] positioned as a representative of a Class of Participants and Beneficiaries of the $22 billion... READ MORE

TGIF…No, Really.

By Nevin E. Adams, JD | 6/9/2023

Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals… First, some odds and ends… The Russian Ministry of Defense has released a video that it claims shows Ukrainian armored vehicles… including at least one German-made Leopard tank…... READ MORE

Plaintiffs Prevail in Persuading Judge to Dismiss Motion to Dismiss

By Nevin E. Adams, JD | 6/9/2023

A federal judge has dismissed a multi-billion plan fiduciaries motion to dismiss an excessive fee/fiduciary breach suit. The defendants in this case—filed in the U.S. District Court for the Eastern District of Michigan in early 2021—are the fiduciaries of the Magna Group of Companies Retirement... READ MORE

DOL Defends ESG Rule, Rationale for Update

By Nevin E. Adams, JD | 6/8/2023

The Department of Labor has pushed back on a lawsuit filed by a coalition of 25 state attorneys general that challenged its so-called ESG regulation. The coalition,[i] led by Texas Attorney General Paxton, said in a January 2023 press release that the 2022 Rule “undermines key protections for... READ MORE

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