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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 3/16/2023
A $1.6 billion 403(b) plan has settled an excessive fee suit for $6 million.
The suit — brought by participants Susan McNeilly and Carla Martz of the Spectrum Health System 403(b) plan and represented in that action by the law firm Capozzi Adler[i] — had made the “usual” assortment of allegations...
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By Nevin E. Adams, JD 3/14/2023
You may have missed it, but there was a mini-financial panic over the weekend — and it may not be over yet.
I’m referring, of course, to the travails of Silicon Valley Bank, or SVB, as it’s been generally referred to. By most accounts, it’s something of an anomaly in banking — catering to tech...
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By Nevin E. Adams, JD 3/14/2023
An excessive fee suit targeting a $5.9 billion 401(k) plan has been dismissed — with prejudice.
Fending off this particular lawsuit was Kroger and the fiduciaries of the Kroger 401(k) Retirement Savings Account Plan — the suit brought by participant Lisa A. Sigetich (a Customer Service...
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By Nevin E. Adams, JD 3/13/2023
We’ve got a couple of things to weigh in on this week — your thoughts on an upcoming plan sponsor panel at Summit — and your preferences regarding participant outcomes — in March Madness!
That’s right — we’re reprising one of the most popular general sessions at the 2023 NAPA 401(k) Summit — our...
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By Nevin E. Adams, JD 3/13/2023
The terms in an excessive fee suit settlement announced last fall have finally been revealed.
The plaintiffs here — Douglas G. Bailey, Jason J. Hayes and Marianne Robinson — who are two former and one current participant of the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust — have filed...
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By Nevin E. Adams, JD 3/10/2023
Well, here we are again at the end of yet another workweek—and the beginning of a new month—but just look at what happened to these guys and gals…
First, some odds and ends…
In San Manuel, Arizona, an unnamed homeowner returned home from work to find quite the surprise lounging on a dog bed…...
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By Nevin E. Adams, JD 3/10/2023
Noting that “its implementation would disproportionately harm those saving for retirement,” the Chair and Ranking Member of the U.S. House of Representatives' Financial Services Subcommittee on Capital Markets have expressed concerns about a recent Securities and Exchange Commission proposal that...
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By Nevin E. Adams, JD 3/10/2023
Beginning with the so-called Great Resignation, and fast-forward to today, employers are experiencing a challenging, tight labor market — requiring employers put a greater emphasis on creative benefit structures to attract and retain key talent. This week — and ahead of two great sessions at the...
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By Nevin E. Adams, JD 3/9/2023
A number of recent excessive fee suits have failed to state a “plausible” claim to move past a motion to dismiss — but a federal judge in Massachusetts embraced what seems to be a lower threshold and is allowing one of those cases to proceed to trial.
This suit involved participants in the MITRE...
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By Nevin E. Adams, JD 3/7/2023
So, if you had a court hearing with the same judge on the same day, ruling on suits involving identical allegations — what result would you expect?
Well, if you said the same result — you’d be correct. The suit here was brought by Michael Tullgren, an employee of Booz Allen Hamilton Inc. and a...
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By Nevin E. Adams, JD 3/7/2023
This weekend most of America will undergo a rather painful change.
I’m talking about the legally mandated move to Daylight Saving Time (for most of us). That’s right, at 2 a.m. on March 12, clocks around the nation will “spring ahead” to 3 a.m., reversing course from last fall when the move was to...
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By Nevin E. Adams, JD 3/6/2023
Beginning with the so-called Great Resignation, and fast-forward to today, employers are experiencing a challenging, tight labor market — requiring employers to put a greater emphasis on creative benefit structures to attract and retain key talent. So, what ARE those levers?
We’ve got a special...
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By Nevin E. Adams, JD 3/6/2023
The plaintiffs in one of a dozen suits challenging the use of BlackRock Lifepath target-date funds has once again gone down in flames.
Last December U.S. District Judge Michael S. Nachmanoff had dismissed a suit alleging a fiduciary breach brought by employee and former plan participant Andre Hall...
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By Nevin E. Adams, JD 3/3/2023
Well, here we are again at the end of yet another workweek — and the beginning of a new month — but just look at what happened to these guys and gals…
First, some odds and ends…
In Cheltenham, UK, Cindy Lao purchased a Crucian carp from a local fishmonger while visiting friends in London for...
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By Nevin E. Adams, JD 3/3/2023
Plan fiduciaries that had come close to settling a suit that accused them of mismanaging plan assets—twice—have managed to prevail because the plaintiffs waited too long to sue.
In this case, participant-plaintiffs Daniel Draney and Lorenzo Ibarra brought suit against the plan fiduciaries of...
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By Nevin E. Adams, JD 3/3/2023
We’re now just over 30 days away from the 2023 NAPA 401(k) Summit — and as strong as the entire conference lineup is, some might say we’ve saved the best for “last.” Here’s what readers said.
We’ve already heard from a number of you that the pick between one session and another is going to be…...
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By Nevin E. Adams, JD 2/28/2023
As you have (hopefully) heard by now, as of tomorrow (March 1), I am entering a new phase of life, one still affectionately referred to as “retirement.”
Not retirement in the traditional sense, though I do hope to work less hours, forego trips to the office, and spend more time doing the things I...
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By Nevin E. Adams, JD 2/28/2023
The parties in one of the first university 403(b) excessive fee suits—by participant-plaintiffs represented by the Schlichter law firm—have unveiled the terms of a big settlement.
The suit, filed way back in August 2016, involved two plans sponsored by the University of Southern California (the...
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By Nevin E. Adams, JD 2/27/2023
We’re now just over 30 days away from the 2023 NAPA 401(k) Summit—so which workshop(s) are you most excited about?
We’ve already heard from a number of you that the pick between one session and another is going to be …tough. That said, and as we begin making room assignments, we’d like your input...
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By Nevin E. Adams, JD 2/27/2023
Amidst a number of excessive fee suit settlements, and decisions, a plan fiduciary who won their case in court has now filed to recover their costs of defending against the suit.
The defendants in this case are the fiduciaries of the $8.2 billion Eli Lilly plan (as well as the company itself, and...
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