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Nevin E. Adams, JD
By Nevin E. Adams, JD | 10/18/2014
As you may have heard (but may not), this is National Save for Retirement Week. Of course, there’s no “magic” to a week dedicated to a focus on saving for retirement — even one that Congress has seen fit to acknowledge with a resolution. That said, saving for retirement — which seems far away for...
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By Nevin E. Adams, JD | 10/11/2014
Before target-date funds were “cool” (or widely available), I had steered my mother toward an asset-allocation fund as a good place to invest her retirement plan rollover balance. The logic was, I thought, impeccable: A professional money manager would be keeping an eye on and rebalancing those...
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By Nevin E. Adams, JD | 10/10/2014
As you head out on your next road trip — or that daily commute — you might want to keep an eye in that rearview mirror. You may have heard about the recent insure.com survey of the states with the rudest drivers. You may not have been surprised by the high (low?) rudeness ratings for drivers...
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By Nevin E. Adams, JD | 10/9/2014
A new study says that it’s lack of awareness, not lack of interest, that is fueling the advice industry’s talent shortage among Millennials. According to Fidelity Investments’ “Recruiting Redefined” study, there are three key recruiting myths that may be hindering those recruiting efforts: Myth No...
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By Nevin E. Adams, JD | 10/7/2014
Differences in workforce composition — not costs — appear to be a primary driver of the lower rate at which small employers sponsor retirement plans, according to a new report from the Investment Company Institute (ICI). As a group, the characteristics of small-firm employees differ substantially...
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By Nevin E. Adams, JD | 10/3/2014
“At the end of the day,” are you tired of finding people “out of pocket” when you’re trying to “circle back” and have a “dynamic,” “forward-thinking” “deep dive” to “think outside the box”? Or are you just tired of hearing it described that way? More than 600 human resources managers at U.S. and...
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By Nevin E. Adams, JD | 10/3/2014
Is there a retirement crisis or not? Though you may have missed it, last week a Wall Street Journal op-ed (subscription required) claimed that there was an “imaginary” retirement income crisis that was being pushed by some who want to boost Social Security benefits and reduce tax...
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By Nevin E. Adams, JD | 10/2/2014
Another of the so-called “excessive fees” cases has been tossed by a federal appellate court. In Santomenno v. John Hancock Life Insurance Company, No. 13–3467, 2014 WL 4783665 (3d Cir. Sept. 26, 2014), the plaintiffs had argued that, as a service provider to their 401(k) plan, John Hancock was a...
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By Nevin E. Adams, JD | 9/29/2014
If you work with a plan in, or with certain connections to, the state of Florida, you may have a compliance problem with your plan loans. An update from Bryan Cave, LLP notes that under its revenue laws, Florida imposes a document tax on loan transactions that are made, signed, executed, issued...
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By Nevin E. Adams, JD | 9/28/2014
We’re now about a month away from the announcement of the 2015 limits — but not so far away that we can’t speculate. The annual cost of living adjustments (COLAs) for most limits are measured using the CPI-U announced by the Bureau of Labor Statistics (BLS) for July, August and September. Those...
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By Nevin E. Adams, JD | 9/26/2014
A plan sponsor’s decision to eliminate an option to transfer DC account balances to a DB floor-offset plan didn't violate ERISA’s anti-cutback rules, according to a federal appeals court. In Randal Andersen et al. v. DHL Retirement Pension Plan et al., case number 12-36051, the U.S. Court...
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By Nevin E. Adams, JD | 9/26/2014
Janus Capital Group Inc. has announced that legendary fixed-income manager William H. Gross will be joining Janus Capital Group, where he will manage a recently launched Janus Global Unconstrained Bond Fund and related strategies. According to a news release announcing the move, he will...
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By Nevin E. Adams, JD | 9/25/2014
There is a growing interest among policymakers and regulators about the potential for gamification — the use of game thinking and game mechanics in non-game contexts to engage users in solving problems — to enhance and expand savings in DC plans. If you’ve had experience with this approach,...
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By Nevin E. Adams, JD | 9/25/2014
Politics stinks. Yes, literally, it seems. According to a study published recently in the American Journal of Political Science, it seems that people can literally sniff out ideology. Researchers led by Brown University political scientist Rose McDermott found that, to a small but...
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By Nevin E. Adams, JD | 9/24/2014
The Securities and Exchange Commission is investigating whether bond giant PIMCO artificially boosted the returns of the $3.6 billion PIMCO Total Return exchange-traded fund, according to The Wall Street Journal. Citing people familiar with the matter, the Journal report (subscription...
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By Nevin E. Adams, JD | 9/23/2014
While there are plenty of cautionary tales about the way(s) in which you can unintentionally become a plan fiduciary, a recent court case highlights another potential trap for company officials. In Thomas E. Perez v. Geopharma, Inc., et al., Geopharma’s CEO, Mihir Taneja, brought a motion to...
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By Nevin E. Adams, JD | 9/22/2014
Our industry has long maintained that a greater focus is needed on decumulation — the process/pattern for drawing down the retirement savings that the traditional focus on accumulation has nurtured. Arguably, a variety of annuity or annuity-type products already exists, some of which are...
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By Nevin E. Adams, JD | 9/22/2014
We know that the IRS imposes a specific timeframe on when distributions of retirement savings from qualified plans must start — but what might happen if those requirements were removed? A recent study considers that question, taking advantage of data from the one-time suspension of the...
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By Nevin E. Adams, JD | 9/19/2014
Congress is heading out of town, but that hasn’t stopped a consortium of unions and consumer groups from sending a “Dear Member of Congress” letter lending their support to the Department of Labor’s revision of the fiduciary rule. The letter, which basically restates the position already...
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