Nevin E. Adams, JD

Is Your Work/Life Balance Out of Balance?

By Nevin E. Adams, JD | 9/8/2023

Much is made of the importance of work/life “balance”—so how is it playing out in your practice(s)? Somewhat problematically, there seems little consensus on exactly what that “should” be—more just a general sense that it might shift from time to time, and that there does, in fact, need to be some... READ MORE

TGIF…No, Really.

By Nevin E. Adams, JD | 9/8/2023

Well, here we are again at the end of yet another workweek …and yet, there’s no shortage of…well, just look at what happened to these guys and gals… First, some odds and ends… While there are some general tips on dealing with a bear encounter (“alert the bear to your presence, get back, stay calm... READ MORE

AT&T Files for Rehearing on Prohibited Transaction ‘Call’

By Nevin E. Adams, JD | 9/7/2023

Noting that “where ERISA is concerned, nationwide uniformity isn’t just an ideal—it’s an imperative,” AT&T has appealed a recent ruling by the Ninth Circuit Court of Appeals. In petitioning for a rehearing (Bugielski v. AT&T Servs., Inc., 9th Cir., No. 21-56196, rehearing petition 9/1/23... READ MORE

Plaintiffs Land Excessive Fee Settlement with Cruise Line

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

Less than a year after being sued for the standard series of alleged missteps, the parties in an excessive fee suit have struck a “deal.” The plaintiff bringing suit just a year ago (September 2022) was Grace Angelo (she was later joined in the action by Kerstin Thompson as a second class... READ MORE

A Day to Remember

By Nevin E. Adams, JD | 9/5/2023

It’s hard for me to believe that next week we’ll mark the 22nd anniversary of the 9/11 attacks. Harder still to comprehend that there are individuals now in the workplace who weren’t even alive on that day, and others so young that they have no memory of it. Other significant dates on the... READ MORE

Another 401(k) Excessive Fee Suit Gets Dismissal Recommendation—with Prejudice

By Nevin E. Adams, JD | 9/5/2023

A federal magistrate judge—who has been tasked with a number of recommendations regarding dismissals of late—has recommended that an excessive fee suit be dismissed, this one with prejudice. In outlining the controversy (Genna B. Laabs v. Faith Technologies Inc. et al., case number 1:20-cv-01534,... READ MORE

TGIF…No, Really.

By Nevin E. Adams, JD | 9/1/2023

Well, here we are again at the end of yet another workweek—and another month…and yet, there’s no shortage of…well, just look at what happened to these guys and gals… First, some odds and ends… In Halton, Canada (near Toronto), a pickup truck spilled its cargo here…officers quickly responded…... READ MORE

Nestle Notches (Another) Win in 401(k) Excessive Fee Suit Dismissal Recommendation

By Nevin E. Adams, JD | 8/31/2023

A federal magistrate judge has—again—recommended tossing an excessive fee suit against a $4 billion 401(k) plan—this time with prejudice. While the recommendation still requires the signoff of a district judge, U.S. Magistrate Judge Stephen C. Dries—who considered the case last November and... READ MORE

401(k) Crypto Case Crumbles in Federal Court

By Nevin E. Adams, JD | 8/30/2023

While a federal judge found some merit in the arguments alleging that the Labor Department’s compliance assistance release on cryptocurrency had an impact on a recordkeeper’s business, it wasn’t enough to warrant the relief requested. The History Back in June 2022, recordkeeper ForUsAll filed... READ MORE

Happy Birthday, ERISA!

By Nevin E. Adams, JD | 8/29/2023

Pensions were not on my mind in 1974, certainly not on Labor Day of that year. While I was pondering my new college textbooks (and trying to figure out how I was going to pay for $.55/gallon gasoline), President Gerald R. Ford, less than a month in that role—and, appropriately enough on Labor Day... READ MORE

Plaintiff Pushes Back on ESG Claims in American Airlines 401(k) Suit

By Nevin E. Adams, JD | 8/29/2023

In response to a motion to dismiss his suit regarding ESG investments—and ESG-friendly investment managers—in his 401(k), an American Airlines participant has expanded the information in his initial suit—and contradicted the claims of the plan fiduciaries. Participant-plaintiff (and pilot) Bryan P... READ MORE

Another Excessive Fee Suit Settlement Struck

By Nevin E. Adams, JD | 8/28/2023

The allegations are familiar, as are the attorneys representing the plaintiffs—but this settlement proposal involves more than just money. The proposed settlement comes in an action brought by plaintiffs Sarah Gamble, David Covington, Tansy Wilkerson, and Daisy Santiago (represented by Miller Shah... READ MORE

TGIF…No, Really.

By Nevin E. Adams, JD | 8/25/2023

Well, here we are again at the end of yet another workweek—and yet, there’s no shortage of…well, just look at what happened to these guys and gals… First, some odds and ends… You may have missed it, but apparently August 24 is (was?) the day of the year on which Americans are most likely to…call... READ MORE

Allianz Strikes Another Settlement in Second Excessive Fee Suit

By Nevin E. Adams, JD | 8/23/2023

Just four years after striking an excessive fee settlement, a fund company has been sued again—and settled again—for allegedly not making the changes to its 401(k) lineup the original settlement contemplated. The defendants in the case are Allianz Asset Management of America (AAM), and the (new)... READ MORE

What’s Top of Mind for Retirement Plan Advisors?

By Nevin E. Adams, JD | 8/22/2023

One of my favorite parts of the NAPA 401(k) Summit is a comprehensive annual survey we do of advisors in attendance at the Summit I call the Summit Insider. It’s a unique opportunity to get the perspective of hundreds of retirement plan-focused advisors in a unique window of time. A chance, if you... READ MORE

(How) Are Advisors Using Pooled Employer Plans (PEPs)?

By Nevin E. Adams, JD | 8/21/2023

One of the most-anticipated provisions in the SECURE Act was the advent of a new brand of multiple employer plan—now labeled a pooled employer plan, or PEP. Created by the SECURE Act in 2019 and first approved for use in 2021, a PEP is a type of 401(k) plan that allows unrelated businesses to... READ MORE

TGIF…No, Really.

By Nevin E. Adams, JD | 8/18/2023

Well, here we are again at the end of yet another workweek—and yet, there’s no shortage of…well, just look at what happened to these guys and gals… First, some odds and ends… In Savannah Georgia, apparently the mur.der hornet has a cousin… Can you get a DUI for riding a horse while drunk? ... READ MORE

Which TPA Service(s) Matter Most?

By Nevin E. Adams, JD | 8/17/2023

The third-party administrator, or TPA (bear in mind that a recordkeeper is also a TPA) can be a key advisor ally—or, if expectations aren’t aligned—the bane of a customer relationship. What’s most important in an advisor/TPA relationship? Now, it has been well-established in previous Summit... READ MORE

Plaintiff Finds an Open Ear—and Gets a Trial Date—in Excessive Fee Suit

By Nevin E. Adams, JD | 8/16/2023

Despite “uncertain” claims regarding alleged fiduciary breaches, “thin” methodology, and opinions that bordered on “conclusory,” a federal judge has denied the plan fiduciaries’ motion to dismiss—and set a trial date in an excessive fee suit. The defendants are the fiduciaries of Genentech’s $7... READ MORE

The True ‘Cost’ of ‘The True Cost of Forgotten 401(k) Accounts’

By Nevin E. Adams, JD | 8/15/2023

An update of a so-called “study” has been making the rounds—again—and its authors have doubled-down (and then some) on the assumptions in an updated version. I’m referring to something called “The True Cost of Forgotten 401(k) Accounts (2023)”—an update to a report circulated about a year ago of... READ MORE

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