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Portal Conductor, Columnist: Nevin E. Adams, JD
Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry’s most prolific writers, these days he’s “retired,” which means he writes less, but continues to keep his eye on developments in, and threats to, the nation’s private retirement system.
In addition to helping guide the agenda development for the NAPA 401(k) Summit, he’s also the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent, but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals.
Article Index
By Nevin E. Adams, JD 3/12/2024
An excessive fee suit decision that starts out noting that the “defendants are fiduciaries of a 401(k) plan that, between 2016 and 2022, substantially reduced the recordkeeping fees charged to plan participants” doesn’t bode well for the plaintiffs.
And in fact, the very next sentence—from U.S....
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By Nevin E. Adams, JD 3/8/2024
Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals…
In Las Vegas, Nevada, the Bellagio paused its famous fountains as it welcomed one of “the most exclusive guests”…
In Kennesaw, Georgia, an unnamed woman had an unspecified...
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By Nevin E. Adams, JD 3/5/2024
I’m not sure how old I was when I first saw “Night of the Living Dead”—but I have long been intrigued by stories of a zombie apocalypse—where mindless beings inexplicably rise from the dead, with no memory of their past, just a relentless (and apparently insatiable) hunger for…well, “us.”
That is...
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By Nevin E. Adams, JD 3/5/2024
The parties in yet another 401(k) excessive fee suit have come to terms after two years of litigation.
The suit in question involved the fiduciaries of the $5.2 billion L3Harris Retirement Savings Plan—a suit that in March 2022 claimed the participant-plaintiffs had exhausted their administrative...
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By Nevin E. Adams, JD 3/1/2024
Well, here we are again at the end of yet another workweek … and another month … yet, just look at what happened to these guys and gals…
In Ave Maria, Florida, an unnamed couple encountered a whole new (and uniquely Floridian) golf hazard … and yes, we have video…
Why do we do leap day?
While...
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By Nevin E. Adams, JD 2/29/2024
The ink was barely dry on the denial of a motion to dismiss the suit, when American Airlines filed a motion of summary judgement, claiming that “there is no genuine issue as to any material fact and the [movant] is entitled to judgment as a matter of law.”
Where We’ve Been
Participant-plaintiff (...
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By Nevin E. Adams, JD 2/28/2024
A big plan has struck a big cash settlement in an excessive fee suit involving the use of proprietary investment products in its 401(k) plan.
The suit was brought by a number of plaintiff-participants relating to the management of the New York Life Insurance Company Employee Progress-Sharing...
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By Nevin E. Adams, JD 2/27/2024
Last week we explored the reasons why small businesses DON’T offer a retirement plan to their workers. But there are quite different—and positive—reasons for choosing to do so.
The obstacles that keep most small businesses from offering a retirement plan to their workers are an assortment of...
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By Nevin E. Adams, JD 2/27/2024
Litigation that involved a multiple employer plan (MEP), merging plans, a 3(38) investment advisor, a plan sponsor—and at one point an advisor (NFP)—has been resolved in favor of the fiduciary defendants, while reminding us of the value and importance of a prudent process in target-date fund...
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By Nevin E. Adams, JD 2/23/2024
Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals…
In Milwaukee, Wisconsin, a recent collision between an Amazon van….and an Amtrak train…got caught on video… nobody hurt (incredibly—driver missed by INCHES), but some shocking...
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By Nevin E. Adams, JD 2/23/2024
Looks like an American Airlines participant-plaintiff who argued that plan fiduciaries didn’t act in participants’ best interests in including funds managed by firms that allegedly favored ESG interests will get his day in court.
Participant-plaintiff (and pilot) Bryan P. Spence filed suit in the...
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By Nevin E. Adams, JD 2/23/2024
Yet another plan has been sued for breaching its fiduciary duties by using forfeitures to offset company contributions, rather than allocating those to remaining participant accounts.
The target this time is Tetra Tech Inc. The suit filed on behalf of participant-plaintiff Tamara Yagy by Hayes...
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By Nevin E. Adams, JD 2/20/2024
The Department of Labor (DOL) has gone to court to protect retirement plan assets in a case of alleged embezzlement by a TPA.
The DOL says that an emergency temporary restraining order (TRO) has been issued by the U.S. District Court for the Western District of Pennsylvania against RiversEdge...
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By Nevin E. Adams, JD 2/20/2024
The solution to the coverage gap lies through small business—but only about a third have been approached in the past year about offering one, according to a new survey.
That’s not exactly a new revelation—any number of surveys and government data throughout the years indicates that the vast...
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By Nevin E. Adams, JD 2/16/2024
Well, here we are again at the end of yet another workweek …and yet, just look at what has happened to these guys and gals…
In Hendersonville, North Carolina, Charlotte the stingray has turned up pregnant…but, as it turns out, there are no male stingrays in her tank…so staff is thinking that the...
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By Nevin E. Adams, JD 2/16/2024
A federal appellate court has affirmed the decision of a district court in rejecting fiduciary breach claims in the selection/retention of proprietary funds—noting evidence of a "robust process" in reviewing plan investments.
The Claims
Back in September 2022 fiduciaries of the $7.5 billion...
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By Nevin E. Adams, JD 2/15/2024
Another suit has been filed against a large employer for allegedly not acting in participants’ best interest in their use of forfeitures—but with some twists in the arguments.
The target this time is the fiduciaries of the Honeywell 401(k) plan who, according to participant-plaintiff Luciano...
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By Nevin E. Adams, JD 2/14/2024
The parties in an excessive fee suit—that also raised issues regarding an arbitration clause—are “…pleased that after years of hard-fought litigation, they are able to present for preliminary approval a proposed settlement.”
That settlement includes a cash payment of $4,000,000.00 (four million...
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By Nevin E. Adams, JD 2/13/2024
How well do you (think you) know your significant other?
The passage of time—shared experiences and the process of getting to know each other reveals much—and yet I learned something new about my partner of some four decades just last week!
That brought to mind one of the favorite game shows of...
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By Nevin E. Adams, JD 2/9/2024
Well, here we are again at the end of yet another workweek …and yet, just look at what has happened to these guys and gals…
According to “dozens of published studies,” people who frequently pick their noses may be at a higher risk of…what?
In Aurora, Colorado, a trash collector had barely...
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