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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 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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By Nevin E. Adams, JD 2/24/2023
Well, here we are again at the end of yet another workweek—but just look at what happened to these guys and gals…
First, some odds and ends…
In Tokyo, Japan, a startup company has announced plans to launch commercial space viewing balloon flights that it hopes will bring an otherwise...
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By Nevin E. Adams, JD 2/24/2023
Last week we asked you to weigh in on which of a series of two workshop tracks (nine workshops) you were most excited about (and/or most likely to attend). This week—the next set—and there are a lot of “close” calls.
We’ve already heard from a number of you that the pick between one session and...
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By Nevin E. Adams, JD 2/23/2023
“For Americans of all races, creeds, and political stripes, the American dream includes the prospect of a comfortable retirement.” So begins a second lawsuit challenging the Labor Department’s so-called ESG rule.[i]
However, while that one was brought by roughly half the Attorneys General in the...
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By Nevin E. Adams, JD 2/22/2023
The parties in an excessive fee suit have struck a deal—mere months after the suit was filed.
The plan fiduciaries here are Springfield, Massachusetts-based Baystate Health Inc.—and they were sued just last Nov. 17 by participant-plaintiffs Michael Chechile and Sonia Lopez (who were represented by...
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By Nevin E. Adams, JD 2/21/2023
In recent days—notably at the State of the Union address—Social Security is back in the headlines.
Granted, its invocation seems largely intended as a political dividing rod, but it seems today that the vast majority (and despite the veiled insinuations, perhaps the entirety) of Congress and the...
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By Nevin E. Adams, JD 2/21/2023
We’re now less than 60 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 2/17/2023
Well, here we are again at the end of yet another workweek—but just look at what happened to these guys and gals…
First, some odds and ends…
Snakes can…what?
Near Harrisburg, Pennsylvania, a multi-vehicle crash closed down Interstate 83…due to a leak from a tractor-trailer… ah, and what a leak...
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By Nevin E. Adams, JD 2/17/2023
We’re now less than 60 days away from the 2023 NAPA 401(k) Summit—and more than 1,100 advisors have already signed up. So this week, we asked them which workshop(s) readers were most excited about?
We’ve already heard from a number of you that the pick between one session and another is going to...
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By Nevin E. Adams, JD 2/17/2023
Apparently the third time’s a “charm,” at least for one excessive fee case “…after arms-length negotiations, which involved highly experienced lead attorneys who have litigated many similar cases, and neutral mediators.”
This time it’s a suit—actually three suits at different times by different...
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By Nevin E. Adams, JD 2/16/2023
U.S. Sen. Tommy Tuberville (R-AL) is reintroducing the Financial Freedom Act—targeting the Labor Department’s previous compliance assistance regarding cryptocurrency investments in 401(k) plans.
The legislation—first introduced about a year ago—would reverse the March 10, 2022, regulatory guidance...
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By Nevin E. Adams, JD 2/15/2023
The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs—asserting that the district court made a bad call on the burden of proof.
The case under appeal involves Home Depot, and a decision last fall by Judge Steven D. Grimberg in the U.S. District Court...
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By Nevin E. Adams, JD 2/14/2023
Today is Valentine's Day—and, as usual, there’s been the typical seasonal promotions for flowers, candy, and even pajamas.
I’ve been pretty good over the years remembering those type events—anniversaries (wedding AND dating), birthdays and, yes—Valentine’s Day. But sometimes the time gap between...
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By Nevin E. Adams, JD 2/13/2023
We’re now less than 60 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 2/13/2023
A federal appellate court has affirmed the decision of a lower court—blocking the use of an arbitration clause in a plan document to forestall an ERISA fiduciary suit.
The court in question was the United States Court of Appeals for the Tenth Circuit—which affirmed the decision of the district...
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By Nevin E. Adams, JD 2/13/2023
The U.S. Department of Labor’s Employee Benefits Security Administration is resoliciting comments on its Voluntary Fiduciary Correction Program for input on changes mandated by the SECURE 2.0 Act of 2022.
Also cited were comments to the proposed amendment to Prohibited Transaction Exemption 2002-...
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By Nevin E. Adams, JD 2/10/2023
Well, here we are again at the end of yet another workweek—but just look at what happened to these guys and gals…
Is there no end to the silliness on eBay?
In Tulsa, Oklahoma, Jesse O’Dell popped into a local Starbucks around 7:30 a.m. one recent morning (he’s apparently been doing so almost...
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By Nevin E. Adams, JD 2/10/2023
The data suggests that this year’s Super Bowl will feature two very good and evenly matched teams—and that’s just how NAPA-Net readers see thing.
It’s been a wild and crazy set of playoffs—featuring a crop of some of the youngest and most exciting quarterbacks we’ve seen in a long time (sorry...
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By Nevin E. Adams, JD 2/10/2023
Citing a recent Seventh Circuit decision, a federal judge has dismissed yet another 401(k) excessive fee suit.
More specifically, U.S. District Judge Jane Magnus-Stinson granted Eli Lilly’s motion to dismiss the suit with prejudice—at least participant-plaintiff Jennifer Probst's claims against...
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By Nevin E. Adams, JD 2/9/2023
Another of the suits challenging plan fiduciaries’ retention of the BlackRock LifePath target-date funds has been dismissed—but with an opportunity to remedy its shortcomings.
This one had been filed against Microsoft back in August, alleging, as the other dozen or so[i] such suits, that the plan...
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