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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 4/10/2020
Without question, this has been another rough week—all of us affected in one way or another, and many suffering loss of life and loved ones. I hope you’re well, and safe—and offer the following in hopes that it will provide a brief respite in your day at this critical time…
In Las Cruces, New...
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By Nevin E. Adams, JD 4/10/2020
Almost overnight we’ve moved from learning about the retirement-related provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to acting on it. It’s early yet, but this week we asked about what you’re hearing—and how your plan sponsor clients are responding to the new options...
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By Nevin E. Adams, JD 4/10/2020
A number of recordkeepers/TPAs are already reaching out to plan sponsors on decisions regarding the optional provisions of the CARES Act, notably COVID-19 related distribution and loan options—but while some are waiting for instructions, others have—at least initially—made some assumptions. ...
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By Nevin E. Adams, JD 4/9/2020
The parties from three different participant suits against a major financial services institution have come to terms.
The case, pending before Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York, had in 2018 issued a one-paragraph order allowing most of the...
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By Nevin E. Adams, JD 4/7/2020
We are living through an extraordinary time in human existence—and, sadly, some aren’t living through it.
Americans deal with personal natural tragedies every day—wildfires, tornadoes, hurricanes, floods, and earthquakes. We’ve also dealt with volatile markets, terrifying periods like the 2008...
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By Nevin E. Adams, JD 4/7/2020
A federal judge has found that a provider breached its fiduciary duty of overseeing its own 401(k) by failing to monitor proprietary funds and its recordkeeping expenses—though it was not obligated to consider options other than mutual funds.
The suit was filed in October 2018 by plaintiffs Kevin...
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By Nevin E. Adams, JD 4/6/2020
Almost overnight we’ve moved from learning about the retirement-related provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to acting on it. It’s early yet, but this week we’d like to know what you’re hearing—and how your plan sponsor clients are responding to the new...
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By Nevin E. Adams, JD 4/3/2020
Without question, this has been a rough week—all of us affected in one way or another, and many suffering loss of life and loved ones. I hope you’re well, and safe—and offer the following in hopes that it will provide a brief respite in your day at this critical time…
In Seattle, Washington, an...
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By Nevin E. Adams, JD 4/3/2020
Most of us have spent the past couple of weeks in some form of sheltering in place, working from home in all likelihood, unable to travel, and separated by “social distancing” from your customary contacts. This week we asked readers to share their experience—and what lesson(s) they’ve learned.
A...
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By Nevin E. Adams, JD 4/3/2020
An ERISA preemption challenge to the CalSavers Retirement Savings Program is gearing up for another go at it.
The Howard Jarvis Taxpayers Association has filed a notice in Howard Jarvis Taxpayers Ass’n. v. Calif. Secure Choice Ret. Sav. Program, E.D. Cal., No. 2:18-cv-01584, notice of appeal 4/1/...
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By Nevin E. Adams, JD 3/31/2020
The legislation is less than a week old, and amidst the scramble for answers and action(s)—well, it’s inevitable that some things will get overlooked, and other important things will be misconstrued.
Here are five things you’ll want to keep straight.
The Coronavirus-related distribution is not ...
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By Nevin E. Adams, JD 3/30/2020
Most of us have spent the past couple of weeks in some form of sheltering in place, working from home in all likelihood, unable to travel, and separated by “social distancing” from your customary contacts. This week, we’d like to know how you’re doing—and what lesson(s) you’ve learned.
Sure, it’s...
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By Nevin E. Adams, JD 3/27/2020
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 Beaver, Utah, police were summoned by a dispatch call reporting an attempted break-in to an elderly couple’s house about 4:30 am… When the police arrived, the house-...
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By Nevin E. Adams, JD 3/27/2020
We are getting reports from a number of our members that employers—struggling with the impact of business closings, a lack of customers, or other economic impacts due to the pandemic—are looking for some help. Based on results to a member survey, the impact could be catastrophic!
We received just...
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By Nevin E. Adams, JD 3/27/2020
An excessive fee suit that highlighted an apparent split between the nation’s courts in establishing who bears the burden of proof in ERISA litigation has settled—without resolving the issue(s).
The defendants here—Putnam Investments, LLC—had prevailed at the district court level, only to have...
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By Nevin E. Adams, JD 3/26/2020
Another financial services firm finds itself in the cross-hairs of allegations of breaching their fiduciary duties by participants in their very own 401(k) plan.
This time the target is Oklahoma’s BOKF NA. The plaintiffs here—Suzanne West, Jeremy McMillan, and Ivan Herrera—all Oklahoma residents...
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By Nevin E. Adams, JD 3/26/2020
If you’ve been wondering about the potential impact of the U.S. Supreme Court’s recent “actual knowledge” decision, wonder no more.
That Intel ruling, handed down in a unanimous ruling in February, held that you don’t need more than a dictionary to know the meaning of “actual knowledge” when it...
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By Nevin E. Adams, JD 3/26/2020
A federal appellate court has ruled in favor of the fiduciaries of a university 403(b) plan excessive fee lawsuit.
This was the second of the 403(b) university excessive fee suits to go to trial—and the second in which the university defendants prevailed, back in May 2018.
The original suit, ...
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By Nevin E. Adams, JD 3/24/2020
I have long been enamored of so-called “end of the world” fiction—the kind where society as we know it is confronted by the aftermath of some cataclysmic event. And while “this” doesn’t seem to be that—there’s likely to be some significant changes ahead.
Here’s a half dozen to consider…
More...
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By Nevin E. Adams, JD 3/23/2020
We are getting reports from a number of our members that employers—struggling with the impact of business closings, a lack of customers, or other economic impacts due to the pandemic—are looking for some help.
Many are looking to suspend contributions, or at least defer them—some are reportedly...
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