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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 11/7/2023
Daylight saving time doesn’t really live up to its name—but as you’re resetting clocks, anxiously awaiting the realignment of circadian rhythms and changing smoke detector batteries, it might be a good time to (re)consider the following.
Do you have fiduciary liability insurance?
I’m NOT talking...
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By Nevin E. Adams, JD 11/7/2023
Another multi-billion-dollar 401(k) plan finds itself in the crosshairs of an excessive fee suit.
This time it was participant-plaintiffs Shauna Winkelman, Michael Lenon, Scott Cenna, Kalea Nixon, Robert Goldorazena, Chad Diehl and Ross Nanfeldt, by and through their attorneys (Capozzi Adler PC[i...
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By Nevin E. Adams, JD 11/6/2023
A federal appellate court has determined that a lower court “abused its discretion” in assessing a $1.5 million sanction against the Schlichter Bogard law firm.
The Suit
The suit—which was dismissed in August 2020—was actually two suits, brought by participants (Obeslo, Hall and Gorrell-Deyerle)...
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By Nevin E. Adams, JD 11/3/2023
Well, here we are again at the end of yet another workweek…and yet, there’s (still) no shortage of…well, just look at what happened to these guys and gals…
In Ontario, Canada, Henry D'Angela has applied to Guinness World Records…to have his zucchini certified as the longest in the world…so, how...
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By Nevin E. Adams, JD 10/31/2023
Ahead of today’s anticipated rollout of a new fiduciary rule, the Biden Administration has issued a fact sheet previewing its content—including an issue of long concern to the American Retirement Association.
The fact sheet focuses on the issue of conflicted advice, specifically calling out what...
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By Nevin E. Adams, JD 10/31/2023
Halloween is the time of year when one’s thoughts turn to trick-or-treat, ghosts and goblins, and things that go bump in the night. But what keeps—or should keep—plan fiduciaries up at night?
Well, there are the things like…
Re-enrollment
Automatic enrollment has long been shown to transform the...
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By Nevin E. Adams, JD 10/27/2023
Well, here we are again at the end of yet another workweek (and nearly another month) …and yet, there’s (still) no shortage of…well, just look at what happened to these guys and gals…
In Westford, Massachusetts, Melissa Krygowski has created a unique homage (and raised money for a good cause) to...
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By Nevin E. Adams, JD 10/26/2023
A group of 26 “red state” attorneys general has filed a notice of their appeal of a federal court’s judgement rejecting their challenge to the Labor Department’s ESG rule.
The notice of appeal (Utah v. Walsh, N.D. Tex., No. 2:23-cv-00016, notice of intent to appeal, 10/26/23)—filed Thursday in the...
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By Nevin E. Adams, JD 10/24/2023
A recent analysis of world pension systems gave America a passing grade, but not a good one.
The latest—the Mercer CFA Institute Global Pension Index[i]—gave the United States a C+ (though a B in adequacy!) ranking our retirement “system” well down (22nd) in the list of 47 retirement income...
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By Nevin E. Adams, JD 10/20/2023
Well, here we are again at the end of yet another workweek …and yet, there’s (still) no shortage of…well, just look at what happened to these guys and gals…
First, some odds and ends…
In Cape Coral, Florida, and unnamed driver for reasons undisclosed lost control of his Dodge Challenger…...
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By Nevin E. Adams, JD 10/20/2023
Two more suits in two different California federal district courts have just challenged the use of plan forfeitures to offset company contributions as not being in the best interests of plan participants.
The latest (McManus v. Clorox Co., N.D. Cal., No. 4:23-cv-05325, complaint 10/18/23) is none...
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By Nevin E. Adams, JD 10/17/2023
It might not have made it to your calendar, but today happens to be National TPA Day.
The timing is no accident—yesterday would have been for many calendar-year ERISA plans the (extended) deadline for filing the annual ERISA 5500 form.[i] Like April 15 for CPAs, that date—and timing—are of...
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By Nevin E. Adams, JD 10/13/2023
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 Australia, Charlie Eggins, 14, managed to set a new world record at the Australian Nationals 2023…shaving 0.68 seconds...
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By Nevin E. Adams, JD 10/12/2023
The nation’s highest court has decided not to decide the applicability of an arbitration clause in fending off an ERISA suit.
The case that had been appealed to the United States Supreme Court was decided in favor of the participant-plaintiffs by the United States Court of Appeals for the 10th...
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By Nevin E. Adams, JD 10/10/2023
Social media routinely reminds me that I’m teetering on the brink of overlooking key remembrances—days in the year to honor sons, daughters, puppies, dogs, kittens, and…well, you name it. And we have whole months set aside to acknowledge the contributions of women, black history, and Hispanic...
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By Nevin E. Adams, JD 10/10/2023
The parties in a suit that claimed a $7.3 billion plan “stocked the Plan’s investment menu with their own proprietary index funds”—while “participants got the short end of the stick” have come to terms.
As it turns out, the plaintiffs in this case (are Rita Kohari, John Radolec and Mohani Jaikaran...
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By Nevin E. Adams, JD 10/9/2023
In what is said to be “the largest ever in an ERISA case alleging a retirement plan improperly offered proprietary funds,” the parties have struck a settlement.
The suit—filed back in 2017—was brought on behalf of participants[i] in the GE Retirement Savings Plan (f/k/a General Electric Savings...
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By Nevin E. Adams, JD 10/6/2023
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 Glen Falls, New York, the local Fire Department received a call about a “confirmed structure fire”…following which...
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By Nevin E. Adams, JD 10/6/2023
For the second time in a month, a law firm has brought suit challenging the use of forfeitures in a 401(k) plan.
The lawyers are from Hayes Pawlenko LLP, a South Pasadena, CA-based duo (who met in law school, according to their website) positioning themselves as an employment litigation firm “...
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By Nevin E. Adams, JD 10/3/2023
There’s an oft-repeated line from that 1967 classic movie “Cool Hand Luke” about a “failure to communicate.”
Now, most of us aren’t trying to convey the consequences of violating prison rules, but there are messages where mere words sometimes fall short of their purpose. There are literal...
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