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Nevin E. Adams, JD
By Nevin E. Adams, JD | 7/25/2019
If you think you’ve had a bad week, just remember – it could have been worse. Check out what happened to these guys (and gals)…
In Huntingburg, Indiana, Andrew Masterson, 27, was charged with two counts of criminal mischief, two counts of criminal trespass, two counts of operating a motor vehicle...
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By Nevin E. Adams, JD | 7/23/2019
A key university 403(b) suit remains alive, as the fiduciary defendants lost their bid to have a rehearing of the case rejected.
The case – one of the first of the university 403(b) suits filed in 2016 – and brought by participants in the $3.8 billion University of Pennsylvania Matching Plan...
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By Nevin E. Adams, JD | 7/23/2019
A recent federal court decision should remind us all of the importance of plan committee education.
The case involved a suit by participants in the SunTrust 401(k) plan (see Is Fiduciary Responsibility Retroactive?) that challenged the initial selection of, and subsequent acquiescence with, an...
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By Nevin E. Adams, JD | 7/22/2019
Target-date funds continue to proliferate – and though a mere handful of firms dominate that space, the retirement assets of an entire generation seem headed in that direction. Are your recommendations focusing on “to” or “through” retirement – and with the markets at all-time highs, has that...
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By Nevin E. Adams, JD | 7/22/2019
Participants have accused plan fiduciaries of “stuffing cash into a mattress” while at the same time forcing participants “to play the fool’s game” by offering only “high-cost actively managed funds.”
Plaintiffs Gloria G. Ferguson and Cassandra McClinton “individually and as representative of a...
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By Nevin E. Adams, JD | 7/19/2019
While there’s likely a rocky confirmation road ahead, President Trump has announced (via tweet) his choice as the next Secretary of Labor.
“I am pleased to announce that it is my intention to nominate Gene Scalia as the new Secretary of Labor,” Trump tweeted Thursday evening. “Gene has led a life...
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By Nevin E. Adams, JD | 7/18/2019
A federal judge has weighed in on a question relevant to new plan committee fiduciaries: When and how does their liability for the decisions of previous committee members begin?
This case (Fuller v. SunTrust Banks, Inc., N.D. Ga., No. 1:11-cv-00784-ODE, 7/16/19) arises out of a suit brought by...
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By Nevin E. Adams, JD | 7/18/2019
If you think you’ve had a bad week, just remember – it could have been worse. Check out what happened to these guys (and gals)…
In Daytona Beach, Florida, Antonio Jamal Gearing, 29, was on trial, accused of robbing a Dollar General store at gunpoint… and absconding with $687… but then he made a...
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By Nevin E. Adams, JD | 7/18/2019
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.” So, what do NAPA-Net readers think – and do?
Asked which measures of...
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By Nevin E. Adams, JD | 7/17/2019
When it comes to ERISA litigation, we often only get to hear one side of the story – the plaintiffs’. But one of the defendants in an excessive fee case is fighting back.
The plaintiffs in this case are five employees of the Massachusetts Institute of Technology (MIT) and participants in the MIT...
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By Nevin E. Adams, JD | 7/16/2019
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...
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By Nevin E. Adams, JD | 7/16/2019
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...
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By Nevin E. Adams, JD | 7/15/2019
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...
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By Nevin E. Adams, JD | 7/12/2019
If you think you’ve had a bad week, just remember – it could have been worse. Check out what happened to these guys (and gals)…
In Dixon, Illinois, Jennifer A. Janus Yeager, 49, was pulled over by police for driving with an inflatable pool on the roof of her car… but it’s what was in the pool...
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By Nevin E. Adams, JD | 7/12/2019
Baseball season is in full swing (get it?) – in fact, this week, the 90th Major League Baseball All-Star game was played. But a reader has asked for some help in identifying the best movie about the national pastime – and we heard from a record number of NAPA-Net readers!
Speaking of the All-Star...
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By Nevin E. Adams, JD | 7/12/2019
A relatively small ($500 million) plan has found itself the target of an excessive fee suit – but that’s not the real news.
This particular suit (Enos v. Adidas Am., Inc., D. Or., No. 3:19-cv-01073-YY, complaint 7/10/19) was filed by Paul Enos and David Freitas (individually and as representatives...
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By Nevin E. Adams, JD | 7/11/2019
An ERISA excessive fee class action settlement has been challenged by a self-described “pure public-interest non-attorney litigant.”
The settlement in question isn’t particularly large by excessive fee suit standards; $3.175 million[1] and some releases contained in the settlement agreement (a non...
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By Nevin E. Adams, JD | 7/9/2019
There have been many different solutions put forth over the years to remedy the nation’s retirement ills, but regardless of your perception of the coming crisis (including those who believe such notions are overblown), there is a constant in every estimation of our retirement future.[1]
Yes, I’m...
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By Nevin E. Adams, JD | 7/8/2019
Baseball season is in full swing (get it?) – in fact, this week, the 90th Major League Baseball All-Star game will be played. A reader has asked for some help in identifying the best movie about the national pastime – so, batter(s) up!
It will be the sixth time that the Cleveland Indians have...
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By Nevin E. Adams, JD | 7/8/2019
Having been named in at least three separate suits regarding its FundsNetwork platform structure, Fidelity has filed a response.
The suits have been brought by participants in various 401(k) plans served by Fidelity (including the Publicis Benefits Connection 401(k) Retirement Savings Plan, the...
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