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Nevin E. Adams, JD
By Nevin E. Adams, JD | 12/5/2019
The parties in another excessive fee suit have come to terms – on the day they were scheduled to go to trial.
The suit, filed in January 2016 in the District of Colorado by the law firm of Schlichter Bogard & Denton, alleged that Oracle allowed the plan’s recordkeeper (Fidelity) to be paid...
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By Nevin E. Adams, JD | 12/3/2019
Shopping for a new provider is not something one would normally equate with a Black Friday foray or a Cyber Week scramble. But if you have a plan sponsor — or plan sponsor prospect — who’s thinking about shopping for a new provider, here are some ideas to share.
Make a list — and yes, check it...
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By Nevin E. Adams, JD | 12/3/2019
Seven months ago, the United States Supreme Court asked the Solicitor General of the United States to weigh in on a case with significant implications for the burden of proof in ERISA lawsuits. Now they have.
In a 28-page “friend of the court” brief (Putnam Investments, LLC v. Brotherston, U.S.,...
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By Nevin E. Adams, JD | 12/2/2019
It’s a question I get asked all the time – this week, I’d like to know what your plan sponsor clients think – and do – when it comes to the balances of former participants.
Over the years, I’ve read – and heard – conflicting opinions. The “rational” side seems to argue that you should encourage...
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By Nevin E. Adams, JD | 11/26/2019
The nation’s highest court has turned down a plaintiff’s petition to reconsider an appellate court’s decision in a class action suit involving 270,000 plan participants across more than 13,000 plans.
The suit was filed in 2015 by plaintiff John Teets, a participant in the Farmers’ Rice Cooperative...
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By Nevin E. Adams, JD | 11/26/2019
Thanksgiving has been called a “uniquely American” holiday, and while that may be something of an overstatement, it is unquestionably a special holiday, and one on which it seems appropriate to reflect on all for which we should be thankful.
So, as I look back at this past year:
I’m thankful that...
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By Nevin E. Adams, JD | 11/26/2019
Noting that “many employers would like to offer a 401(k), but the private market doesn’t offer low-cost, hassle-free options,” Democratic candidate for President (and current South Bend, IN mayor) Pete Buttigieg has unveiled a “Public Option 401(k).”
According to a 19-page white paper issued by...
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By Nevin E. Adams, JD | 11/26/2019
Not quite two months ago, a federal judge had granted a motion to dismiss an excessive fee suit, but left the door open for the plaintiff to amend their complaint – and now, those parties have come to terms.
The defendant in this case is Invesco – and the suit, filed in 2018 by participant-...
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By Nevin E. Adams, JD | 11/26/2019
Think you’ve had a bad week? It could have been worse. Check out what happened to these guys (and gals)…
In Aurora, Illinois, Daniel Smorczewski, 25, was in his backyard… using a bow and arrow to practice shooting… at a fake deer… and then, to quote Henry Wadsworth Longfellow, he “shot an arrow...
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By Nevin E. Adams, JD | 11/25/2019
On Nov. 22, the American Retirement Association provided information to the Labor Department on the general disclosure framework under the Employee Retirement Income Security Act of 1974 (ERISA), focusing on “design, delivery, and content.”
The Request for Information (RFI) accompanied a proposal...
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By Nevin E. Adams, JD | 11/25/2019
On Nov. 22, the American Retirement Association weighed in on the Labor Department’s e-delivery proposal.
The proposal – which fulfills a key component of President Trump’s August 2018 retirement security Executive Order – would allow plan administrators who satisfy specified conditions to provide...
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By Nevin E. Adams, JD | 11/22/2019
Perhaps no function is as integral to the successful operation of a plan as that of the recordkeeper – both good, and bad. This week we asked NAPA-Net readers to weigh in on the good, the great, the bad… and the ugly.
Indeed, nothing can so completely or rapidly sour a relationship as bad...
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By Nevin E. Adams, JD | 11/21/2019
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… Iowa… guess how many drivers were cited for speeding in the Hawkeye State this year… so far… for going over… how fast?
In Upton, Massachusetts, as reasons for...
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By Nevin E. Adams, JD | 11/21/2019
Based on industry feedback, we’ve decided to change the timing for our newest industry list.
Since its launch in 2017, we’ve published the list in the fourth quarter, and that has meant that we had to rely on mid-year asset valuations.
However, based on requests from advisors, advisor teams and...
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By Nevin E. Adams, JD | 11/19/2019
I’ve been on the road a lot over the past several weeks – and I’ve noted a remarkably diverse range of prices in gasoline across various locales.
I think it’s fair to label gasoline a “commodity[i]” – what the dictionary describes as “a reasonably interchangeable good or material, bought and sold...
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By Nevin E. Adams, JD | 11/18/2019
Perhaps no function is as integral to the successful operation of a plan as that of the recordkeeper – both good, and bad. This week we’d like to know about your experience(s) – and how that has changed, if at all, over the past two years.
Indeed, nothing can so completely or rapidly sour a...
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By Nevin E. Adams, JD | 11/15/2019
A new participant lawsuit claims that an asset allocation program “was not a model of asset allocation but a model of plan mismanagement.”
The plaintiffs in the case are participants in the AutoZone 401(k) plan, which has some $545 million in assets and approximately 15,000 participants, according...
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By Nevin E. Adams, JD | 11/15/2019
Last month, the Department of Labor released a proposed rule that would provide the ability to default participants into electronic disclosure of certain required participant documents. This week, we asked readers what they – and their plan sponsor clients – thought of the proposal.
As currently...
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By Nevin E. Adams, JD | 11/14/2019
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 Anaheim, California, an unnamed man was trying to persuade his children that it was safe to walk across a rope bridge at Disneyland’s Tarzan’s Treehouse attraction…...
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By Nevin E. Adams, JD | 11/12/2019
You can count on pretty much any survey or research paper that criticizes the 401(k) garnering media attention – and the latest was no exception.
Provocatively (if somewhat pejoratively) titled “Why Are 401(k)/IRA Balances Substantially Below Potential?”, the report was coauthored by Alicia...
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