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Nevin E. Adams, JD
By Nevin E. Adams, JD | 5/20/2019
As the Memorial Day holiday (and, as tradition holds, summer vacation, generally) approaches, it’s time once again to pick the best song(s) about retirement.
We’ve done this for several years now – and each year has brought together a different playlist. So, as you crank up the tunes – in your car...
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By Nevin E. Adams, JD | 5/17/2019
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 Key West, Florida, Shonta Bolds, 36, was arrested and charged with assault with a deadly weapon… after an unnamed man reportedly began taking video of her… so, what...
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By Nevin E. Adams, JD | 5/17/2019
There has been a lot of litigation in recent months alleging excessive fees and an imprudent reliance on proprietary funds by asset manager’s own 401(k) plans. But a new study finds some interesting differences in plan design and participation.
The findings are captured in a recent white paper...
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By Nevin E. Adams, JD | 5/17/2019
The IRS recently made it easier (and less costly) to fix certain operational issues without the need for an IRS filing or payment of a user fee – but will this have an impact on current usage?
The vast majority (84%) of this weeks’ respondents said their plan sponsor clients that needed to, did...
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By Nevin E. Adams, JD | 5/16/2019
Another excessive fee suit settles just ahead of its scheduled trial date.
In the latest such settlement, SEI Investments Co. struck a deal that would resolve allegations that the firm filled its 401(k) plan with expensive and poorly performing funds that earned fees for the company and its...
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By Nevin E. Adams, JD | 5/14/2019
Mothers give us a lot, not the least of which is life itself. But as I was reading through all the accolades on social media over the weekend, I couldn’t help but be reminded of all my mother gave me.
As is the case in many families, “Mom” was our family’s CFO. See, like many in his generation, my...
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By Nevin E. Adams, JD | 5/13/2019
The IRS recently made it easier (and less costly) to fix certain operational issues without the need for an IRS filing or payment of a user fee. This week, a reader asks: “Do your clients use the DOL and IRS correction programs?”
If you missed it, the IRS made it a truly “good” Friday when, in a...
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By Nevin E. Adams, JD | 5/13/2019
Another fund manager strikes a deal in an excessive fee brought by a former participant – just days before the matter was scheduled to go to trial.
This suit involved MFS and its actions as plan fiduciary with its two defined contribution plans. A notice of settlement states that “the parties...
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By Nevin E. Adams, JD | 5/10/2019
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 Melbourne, Australia, Bradley Vogt, 28, for unknown reasons decided to flood the building where he lived…by opening a fire hydrant…well, more than one fire hydrant,...
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By Nevin E. Adams, JD | 5/10/2019
Last week Secretary of Labor Alexander Acosta appeared to confirm that the Department of Labor will issue a new fiduciary rule. This week, we asked readers to weigh in on that prospect – and its prospects.
Remember that after the 5th U.S. Circuit Court of Appeals struck down the DOL’s previous...
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By Nevin E. Adams, JD | 5/8/2019
The parties in a suit brought against Eaton Vance by a participant in its $434 million plan for loading up its 401(k) plan with relatively expensive proprietary investment options that allegedly performed poorly have announced the terms of their settlement.
The suit, filed in October 2018 in the U...
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By Nevin E. Adams, JD | 5/8/2019
A $24 million settlement – including an $8 million attorneys’ fee for plaintiffs’ counsel – has been approved in an excessive fee suit.
Judge Catherine C. Eagles of the U.S. District Court for the Middle District of North Carolina signed the final approval order in the case involving BB&T and...
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By Nevin E. Adams, JD | 5/7/2019
The 2019 Retirement Confidence Survey (RCS) found a continued increase in retirement confidence – but some were more likely to be confident than others.
Confidence about retirement is one thing, of course, and preparation something else, though the two are logically intertwined. That said, for...
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By Nevin E. Adams, JD | 5/7/2019
The successful appeal of an excessive fee suit dismissal has triggered a review of another decision.
The suit, involving the University of Pennsylvania Matching Plan, was given new life following an appellate court’s remand following dismissal by the district court.
In 2015, Investment manager...
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By Nevin E. Adams, JD | 5/6/2019
“In the interest of efficiency and to avoid wasting the resources of the Court and the parties,” just five days before their trial date, the parties in an excessive fee suit have come to terms.
This time it’s the investment advisor to the plan AON Hewitt Investment Consulting, Inc. – and their...
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By Nevin E. Adams, JD | 5/3/2019
A reader notes, “the MEP topic at the NAPA 401(k) Summit sparked some interesting discussion among advisors during the peer session” – and did so again in this week’s NAPA-Net Reader Poll.
MEPs, or multiple employer plans – more specifically “open” MEPs – have long been touted as at least a...
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By Nevin E. Adams, JD | 5/3/2019
The plaintiffs in an excessive fee case have managed to keep their case alive on appeal – in a case that also has an intriguing dissenting opinion.
The suit was not only one of the first of the university 403(b) excessive fee suits to be filed, the district court decision, in favor of the...
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By Nevin E. Adams, JD | 5/2/2019
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 Millbrook, Alabama, Amber Lewis, 33, called police to report a burglary in progress at her home… except, as it turns out, there was no burglar… but you’ll never...
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By Nevin E. Adams, JD | 4/30/2019
Plan sponsors often gloss over the reality that they are ERISA fiduciaries – or think that if they have hired an advisor, they’ve basically hired a stand-in for that responsibility. But there’s another mistake that even the most well-intentioned make – with remarkable frequency, based on what I...
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By Nevin E. Adams, JD | 4/30/2019
Plan sponsors and service providers already take seriously their responsibilities to protect participant data, but where are the lines of responsibilities and accountability in the event of a breach?
That was the focus of a workshop at the Plan Sponsor Council of America’s 2019 National Conference...
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